2022 q4 Pensions Report

2022 PENSIONS
Q4 REPORT +263 (242)443358/59/61

+263 772 154 281-4
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For the Year -Ended

31 December 2022
DISCLAIMER
Disclaimer
This report including enclosures and attachments, has been prepared by the Insurance and
Pensions Commission (IPEC) solely for informative purposes to the pension industry
This report, including enclosures and attachments, has been prepared by the
stakeholders, and may not be reproduced, redistributed, communicated to a third party or
Insurance and Pensions Commission (IPEC) solely for informative purposes to the
relied upon by any other person for any other purpose without the Commission’s prior written
pension industry stakeholders, and may not be reproduced, redistributed,
consent. The Commission does not accept any liability, if this report is used for any other
communicated to a
purposes other than third
the party or relied
above-mentioned upon by
intended any other person for any other
purpose.
purpose without the Commission’s prior written consent. The Commission does not
This report highlights major developments in the pension industry and does not cover the
accept any liability, if this report is used for any other purposes other than the
public-sector pension scheme and the National Social Security Authority (NSSA). The report is
above-mentioned intended purpose.
based on unaudited nancial statements of insured, stand-alone self-administered funds, as
well as self-administered funds under insurers and professional fund administrators.
This report highlights major developments in the pension industry and does not
cover the public-sector pension scheme and the National Social Security
Authority (NSSA). The report is based on unaudited financial statements of insured,
stand-alone self-administered funds, as well as self-administered funds under
insurers and professional fund administrators.
Tle of
CONTENTS
1. Executive Summary 1
2. Economic Overview 2
3. Regulatory Developments 5
1. Executive Summary ........................................................................................................................... 1
4. 2. Registered
The Pension
Insurance Funds 7
and Pensions Commission at a Glance .............................................................. 2
5. 3. Terms of ReferenceIndicators 10
Key Performance ............................................................................................................................ 2
4. Economic Developments ................................................................................................................. 2
6. Membership 12
5. Regulatory Developments for the Period Ending 30 June 2021 .............................................. 11
7. Assets 13
6. Key Circulars Issued and Statutory Instruments Drafted ............ .............................................. 12
8. 7. Industry Overview ............................................................................................................................ 13
Income 16
8.Insured Schemes .............................................................................................................................. 21
9. Expenditure 17
9. Self-Administered Funds ................................................................................................................. 25
10. Financial Soundness 17
10. Stand-Alone Pension Funds ....................................................................................................... 28
11.Annexure
Unclaimed Benefits Industry Statement of Comprehensive Income for the 6 months
1: Consolidated 19
ended 30 June 2021 ................................................................................................................................ 31
12. Suspended Pensioners 22
Annexure 2: Consolidated Industry Statement of Financial Position as at 30 June 2021 .......... 32
13.Annexure
Non-resident Pensioners 23
3: Consolidated Statement of Comprehensive Income for Insured Schemes per
Insurer for the 6 months ended 30 June 2021 ..................................................................................... 33
14. Commutations 25
Annexure 4: Consolidated Statement of Financial Position for Insured Schemes per Insurer as
15.at 30Pensions
June 2021 ......................................................................................................................................... 34
Complaints 26
Annexure 5: Consolidated Statement of Comprehensive Income for Self- Administered
16. Pension Fund Administrators 27
Pension Funds for the 6 Months ended 30 June 2021........................................................................ 35
17.Annexure
Annexures 28
6: Consolidated Statement of Financial Position for Self- Administered Funds as at 30
June 2021 ................................................................................................................................................... 36
Annexure 7: Consolidated Statement of Comprehensive Income for Stand- Alone Funds for
the 6 Months ended 30 June 2021........................................................................................................ 37
Annexure 8: Consolidated Statement of Financial Position for Stand-Alone Funds as at 30 June
2021 ............................................................................................................................................................. 38
1. 1.
Executive
Executive
Summary
Summary
1.1.1.1.
There
There
were
were
981981
registered
registered
occupational
occupational
pension
pension
funds
funds
as as
at 31
at 31
December
December
2022
2022
compared
compared
to 985
to 985
funds
funds
as at
as 31
at December
31 December
2021.
2021.
1.2.1.2.
TheThe
decrease
decrease
waswas
duedue
to to
transfer
transfer
of of
self-administered
self-administered
funds
funds
to to
participating
participating
employers
employers of already
of already existing
existing umbrella
umbrella funds
funds as well
as well as dissolution
as dissolution of funds.
of funds.
1.3.1.3.
Of these
Of these
981981
funds,
funds,
504504
were
were
active,
active,
accounting
accounting
for for
51%51%
of the
of the
industry's
industry's
funds.
funds.
TheThe
remaining 477477
remaining funds were
funds inactive
were as as
inactive they were
they either
were paid
either up up
paid or undergoing
or undergoing
dissolution.
dissolution.
1.4.1.4.
TheThe
industry’s
industry’s
total
total
membership,
membership,
including
including
beneficiaries,
beneficiaries,
increased
increased
by by
1.03%
1.03%
to to
953,886
953,886 from
from 944,161
944,161 reported
reported as 31
as at at December
31 December 2021.
2021. TheThe increase
increase waswas largely
largely
attributable to new
attributable entrants
to new from
entrants newly
from registered
newly funds
registered andand
funds existing pension
existing funds.
pension funds.
1.5.1.5.
TheThe
value
value
of the
of the
industry's
industry's
assets
assets
waswas
ZW$1.11
ZW$1.11
trillion
trillion
resulting
resulting
in ainnominal
a nominal
increase
increase
of of
248% from
248% ZW$318.96
from billion
ZW$318.96 reported
billion in the
reported prior
in the year.
prior Notwithstanding
year. thethe
Notwithstanding nominal
nominal
increase, thethe
increase, industry assets
industry declined
assets to US$1.65
declined billion
to US$1.65 from
billion US$2.94
from billion.
US$2.94 TheThe
billion.
nominal increase
nominal in the
increase asset
in the base
asset waswas
base mainly driven
mainly by by
driven investment property
investment andand
property
quoted equities.
quoted equities.
1.6.1.6.
Investment
Investment
property
property
hadhad
a nominal
a nominal
increase
increase
of 401%,
of 401%,
to ZW$486.23
to ZW$486.23
billion
billion
from
from
ZW$96.74
ZW$96.74 billion
billion at the
at the same
same period
period thethe previous
previous year.
year.
1.7.1.7.
TheThe
nominal
nominal
value
value
of quoted
of quoted
equities
equities
increased
increased
by 99.6%
by 99.6%
from
from
ZW$158.27
ZW$158.27
billion
billion
as at
as at
31December
31December 2021
2021 to ZW$315.90
to ZW$315.90 billion.
billion.
1.8.1.8.
Prescribed
Prescribed
assets
assets
were
were
ZW$73.84
ZW$73.84
billion,
billion,
constituting
constituting
7% 7%
of the
of the
industry's
industry's
total
total
assets
assets
as as at the
at the reporting
reporting date.
date. This,This, compared
compared to ZW$13
to ZW$13 billion
billion reported
reported for for
thethe same
same
period
period in the
in the previous
previous year.
year. Notwithstanding
Notwithstanding thethe 468%
468% increase
increase in the
in the amount
amount
invested
invested in prescribed
in prescribed assets,
assets, thethe prescribed
prescribed asset
asset ratio
ratio is still
is still belowbelow
thethe regulatory
regulatory
minimum of 20%.
minimum of 20%.
1.9.1.9.
TheThe
overall
overall
income
income
for for
thethe
year
year
waswas
ZW$705.36
ZW$705.36
billion,
billion,
up up
from
from
ZW$174.57
ZW$174.57
billion
billion
recorded in the
recorded previous
in the year.
previous Total
year. Income
Total waswas
Income primarily driven
primarily by by
driven fairfair
value gains
value gains
on on
investments, interest
investments, on investments
interest andand
on investments contributions, which
contributions, accounted
which for for
accounted 44%,44%,
31%31%
andand
11%11%
of total income,
of total respectively.
income, respectively.
1.10.
1.10.
Total
Total
expenditure
expenditure
waswas
ZW$89.52
ZW$89.52
billion,
billion,
withwith
76%76%
of the
of the
total
total
amount
amount
going
going
towards
towards
benefits payments.
benefits Total
payments. expenditure
Total growth
expenditure reflected
growth a nominal
reflected increase
a nominal of 404%
increase of 404%
from
from ZW$17.77
ZW$17.77 billion
billion for for
thethe same
same period
period ending
ending December
December 31, 31, 2021.
2021.
1

2 . Economic Overview
2 2.1.
. Economic Overview
Global and Regional Economic Outlook
2 . Economic Overview
2.1. Global and Regional
The Global economic Economic
outlook Outlook
is expected to be weighed down by
2.1. Global and Regional Economic Outlook
elevated
The Globalinflationary
economicpressures,
outlook istightening
expectedglobal
to be financial
weighedconditions
down by
The Global economic outlook is expected to be weighed down by
associated with high pressures,
elevated inflationary interest rate hikes byglobal
tightening most financial
central banks, and
conditions
elevated inflationary pressures, tightening global financial conditions
continued negative
associated with spill over
high interest rateeffects from
hikes by most geopolitical
central banks,tensions.
and
associated with high interest rate hikes by most central banks, and
Furthermore, the disruption
continued negative of new
spill over waves from
effects of thegeopolitical
COVID-19 pandemic
tensions.
continued negative spill over effects from geopolitical tensions.
continues to impact
Furthermore, adversely
the disruption on economic
of new waves of activity in somepandemic
the COVID-19 countries.
Furthermore, the disruption of new waves of the COVID-19 pandemic
The globalto
continues growth
impactis projected
adversely to onmoderate
economic toactivity
2.7% in in
2023,
somemarking the
countries.
continues to impact adversely on economic activity in some countries.
weakest growth
The global growthprofile since 2001,
is projected outside the
to moderate to2009
2.7%global
in 2023,financial
markingcrisis
the
The global growth is projected to moderate to 2.7% in 2023, marking the
and the acute
weakest growthphase
profileofsince
the Covid-19 pandemic.
2001, outside the 2009 global financial crisis
weakest
Table
growth
1: World
profile
Economic
since
Outlook
2001, outside
Projections
the 2009 global financial crisis
and the acute phase of the Covid-19 pandemic.
and the acute phase of the Covid-19 pandemic. 2022 2023 2024
Table 1: World Economic Outlook Projections
World
TableOutput
1: World Economic Outlook Projections 3.2 2.7 3.4
Advanced Economies 2022
2.4 2023
1.1 2024
1.7
World
USA Output 3.2
2022
1.6 2.7
20231 3.4
2024
1.4
Advanced
WorldArea
Euro OutputEconomies 2.4
3.2
3.1 1.1
2.7
0.5 1.7
3.4
2.1
USA
Advanced Economies 1.6
2.4 1
1.1 1.4
1.7
Emerging
Euro Area Markets and Developing Economies 3.7
3.1 3.7
0.5 4.6
2.1
USA 1.6 1 1.4
China
Euro Area
Emerging Markets and Developing Economies 3.2
3.1
3.7 4.4
0.5
3.7 5.1
2.1
4.6
Sub-Saharan Africa 3.6 3.7 4.2
Emerging
China Markets and Developing Economies 3.7
3.2 3.7
4.4 4.6
5.1
Nigeria 3.2 3 2.9
Sub-Saharan
China Africa
South Africa 3.6
3.2
2.1 3.7
4.4
1.1 4.2
5.1
1.6
Nigeria
Sub-Saharan
Zimbabwe Africa 3.2
3.6
4 3
3.7
3.8 2.9
4.2
4.8
South Africa
Nigeria
Source: January 2022 World Economic Outlook Update, IMF Projections2.1
3.2 1.1
3 1.6
2.9
Zimbabwe
South Africa 4
2.1 3.8
1.1 4.8
1.6
Source: January
Zimbabwe 2022 World Economic Outlook Update, IMF Projections 4 3.8 4.8
2.2.Source:
Domestic Economic
January 2022 WorldOutlook
Economic Outlook Update, IMF Projections
2.2. Domestic Economic Outlook

Due to the base effect, global and domestic developments, particularly
2.2. Domestic Economic Outlook
the impact
Due of high
to the base inflation
effect, andand
global resultant
domesticstabilisation measures
developments, on credit
particularly
Due to the base effect, global and domestic developments, particularly
andimpact
the demand, the economy
of high inflation andis estimated to have grown
resultant stabilisation by 4%on
measures incredit
2022,
the impact of high inflation and resultant stabilisation measures on credit
a further
and demand,downward revision
the economy from the to
is estimated 4.6%
haveprojection
grown by(Ministry of
4% in 2022,
and demand, the economy is estimated to have grown by 4% in 2022,
Finance,
a further2022).
downward revision from the 4.6% projection (Ministry of
a further downward revision from the 4.6% projection (Ministry of
In the outlook,
Finance, 2022).the Zimbabwean economy is projected to grow by 3.8%
Finance, 2022).
in 2023,
In compared
the outlook, to the NDS1 target
the Zimbabwean economyof notisless than 5%,
projected toon account
grow of
by 3.8%
In the outlook, the Zimbabwean economy is projected to grow by 3.8%
the
in uncertain
2023, global
compared toeconomic outlook
the NDS1 target ofand
not potential domestic
less than 5%, adverse
on account of
in 2023, compared to the NDS1 target of not less than 5%, on account of
factors.
the In theglobal
uncertain medium term, GDP
economic growth
outlook is projected
and potential to improve
domestic adverseto
the uncertain global economic outlook and potential domestic adverse
about 4.8%
factors. andmedium
In the 5% in 2024 andGDP
term, 2025,growth
respectively.
is projected to improve to
factors. In the medium term, GDP growth is projected to improve to
about 4.8% and 5% in 2024 and 2025, respectively.
about 4.8% and 5% in 2024 and 2025, respectively.
The Insurance and Pensions sector, like many other sectors in Zimbabwe,
continues
The to operate
Insurance under sector,
and Pensions the following economic
like many indicators.
other sectors in Zimbabwe,
The Insurance and Pensions sector, like many other sectors in Zimbabwe,
continues to operate under the following economic indicators.
continues to operate under the following economic indicators.

2
2.3. Exchange Rate Developments
The Zimbabwe dollar depreciated against the US dollar from an average

of US$1:ZW$621.5 as at 30 September 2022 to US$1:ZW$684.3 as at 31
December 2022. The exchange rate depreciation was caused by high
demand for foreign currency as a store of value, as well as forward
exchange rate pricing due to high inflation expectations.
Figure 1: Interbank Exchange Rate December 2021 to December 2022 (US$/ZWL)
End of period
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2.4. Inflation Developments
The year-on-year inflation rate slowed down to 243.7% in December

2022, from 280.4% recorded in September 2022. The month-on-month
inflation rate was 1.3% as at 31 December 2022, down from 2.5%
recorded as at 30 September 2022 on account of the decrease in food
and non-food inflation following the introduction of fiscal and monetary
stabilisation measures. The figure below illustrates the inflation trend from
December 2021 to December 2022.

3
Figure 2: YoY Inflation Profile (%) December 2021 to December 2022
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Source: Zimbabwe National Statistics Agency

2.5. Zimbabwe Stock Exchange Performance
The Zimbabwe Stock Exchange (ZSE) traded in the red in the fourth quarter
of 2022. As a result, the top 10 all share, top15, Medium, and Small Cap
Indices all fell due to low trading during the festive season. The Mining
Index, on the other hand, increased by 27.30% to close the month of
December 2022 at 25,487.77 points, up from 20,021.24 points in June 2022.
Owing to the negative trading exhibited on the local Bourse, coupled with
the de-listing of some counters, the ZSE lost 16.17%, or ZW$394.30 billion
worth of capitalisation to ZW$2,044.87 billion in December 2022, from
ZW$2,439.17 billion in June 2022.
2.6. Victoria Falls Stock Exchange (VFEX) Performance
During the period under review, the Victoria Falls Stock Exchange (VFEX)
displayed bearish sentiment. As a result, the VFEX All Share Index fell
17.82% in December 2022, closing at 94.83 points, down from 115,39 points
in June 2022. Annually, the VFEX All Share fell 13.55% from 109.69 points in
December 2021.

4
3. Regulatory Developments
3.1. For the period 1 January to 31 December 2022, the Commission released the
following regulatory circulars.
Table 2: Circulars Issued During the Year
Document Issue Date Content

Circular 1 of 2022 12 January 2022 2019 Compensation: Criterion for distributing the
USD400,000 Kuvimba Mining House Dividend
Circular 2 of 2022 18 January 2022 Issuance of Investment Guidelines for the Pensions
Industry.
Circular 6 of 2022 11 February 2022 Standards Regarding Direct Remission of Pension
Contributions to Pension Funds.
Circular 7 of 2022 11 February 2022 Standards for the Pensions Industry on Receipt and
Payment of Gifts and Other Items of Value.
Circular 10 of 2022 4 March 2022 Guidance Paper Implementation: Clarification on
the roles of Fund Administrators, Actuaries,
Accountants and Asset Managers.
Circular 11 of 2022 16 March 2022 Standards on reporting requirements for Pension
Fund Administrators
Circular 13 of 2022 18 March 2022 Notification of the Publication of the Insurance and
Pensions (Levy) Regulations and Insurance
(Amendment) Regulations 2022
Circular 16 of 2022 23 March 2022 Registration of Insurance and Pensions Industry
players on the GoAML
Circular 18 of 2022 04 Apr 2022 Annual audited financial reporting requirements
and template for pension and provident funds
Circular 19 of 2022 13 April 2022 Invitation to the industry to a training workshop on
Anti-Money Laundering, Combating the Financing
of Terrorism and Countering Proliferation Financing
(AML/CFT/CPF)
Circular 20 of 2022 03 May 2022 Data request for the mortality tables development
project.
Circular 23 of 2022 16 May 2022 Call and request for monthly, quarterly, and annual
submission of asset managers’ reports to monitor
investment performance
Circular 24 of 2022 01 June 2022 Call for comments on the revised pension fund
reporting requirements.
Circular 25 of 2022 14 June 2022 Guidelines on: -
Transfer of fund business between funds and fund
administrators; and
Revised expenses framework for pension funds
prescribing limits to be observed in defining the
basis and rate of charging expenses.
Circular 27 of 2022 16 June 2022 Standardised template for reporting fund business
by pension fund administrators.
Circular 28 of 2022 11 July 2022 Revised guideline for the classification and
treatment of unclaimed benefits and suspended
pensioners.
Circular 29 of 2022 15 July 2022 Invitation to an engagement workshop with
industry on the 2009 Compensation regulations
and sharing of regulator’s expectations.
Circular 30 of 2022 20 July 2022 Call for comments and input to the guideline on
the establishment, operation, and administration
of in-house funds to ensure sound governance and

5
Document Issue Date Content
promote efficiency in the administration of pension
funds.
Circular 31 of 2022 25 July 2022 Call for comments on the draft regulations for the
pre 2009 compensation.
Circular 32 of 2022 30 August 2022 Call for comments and input on the Guideline for
Fitness and Probity Standards for Trustees.
Circular 34 of 2022 12 August 2022 Revised Guideline for the Pension Industry in
Financial Statements Reporting
Circular 36 of 2022 02 September 2022 Notification of the publication of the new act, the
Pensions and Provident Fund Act
[Chapter 24:32]
Circular 37 of 2022 25 August 2022 Guidance Paper implementation - removal of peer
review requirements and waiver of the June
actuarial valuations.
Circular 38 of 2022 14 September 2022 Request for inputs from the Insurance and Pensions
Industry towards the 2023 National Budget.
Circular 39 of 2022 19 September 2022 The Commission's recommendation to the
Insurance and Pension Industry to invest in gold
coins.
Circular 40 of 2022 19 September 2022 Guideline on Record-keeping Standards,
Determination of Preservation Amounts and
Commutable Benefits and Appointment of Fund
Liquidators for the Insurance and Pensions Industry.
Circular 41 of 2022 22 September 2022 Request for self-assessment Compliance Reports
on the State of Compliance with the new Pensions
and Provident Funds Act [Chapter 24:32].
Circular 43 of 2022 06 October 2022 Request for additional Information as part of
quarterly return submissions.
Circular 46 of 2022 06 December 2022 Early Adoption of the International Financial
Reporting Standards [IFRS] Sustainability Disclosure
Standards Issued by the International Sustainability
Standards Board (ISSB).
Circular 47 of 2022 09 December 2022 Call for input into the pension and provident fund
regulations.
Circular 48 of 2022 14 December 2022 Call to update institutional risk assessments.
Circular 50 of 2022 23 December 2022 Renewal of registration licences for all fund
administrators.
3.2. The industry is urged to ensure compliance with the above-mentioned circulars.
Prescribed Assets
3.3. During the period under review, 13 applications were approved by the Ministry of
Finance and Economic Development. The approved applications were mainly for
agriculture and energy generation purposes as shown in the table below.

6
Table 3: Approved Prescribed Asset Instruments during the Year to 31 December 2022
Amount
Issuer Purpose Date Approved
(millions)
Zororo PA US$45 Solar Energy Project 04 March 2022
Centragrid US$30 Solar Energy Project 04 March 2022
Nhaka Life US$10 Cattle Backed Investments. 07 April 2022
Mangwana Financing of the agriculture, mining

US$5 07 April 2022
Opportunities and tourism sectors.
Equinox US$9 Solar Energy Project. 18 May 2022
ZW$2,000
Agrowth Financing winter cropping season. 24 June 2022
US$5
Proganic Mushroom To establish a button mushroom

US$5 28 July 2022
Project plant
AFC US$154.63 Agriculture financing 19 October 2022
To finance the development of

Frontier Real Estate US$10 27 October 2022
commercial real estate properties.
Harare-Kanyemba road
Heka Bond US$42 17 November 2022
rehabilitation
Agrowth US$10 2022/23 summer contract farming 06 December 2022
ParValue US$46 Solar Energy Project 06 December 2022
Servicing of stands and construction

Fairview US$292.5 20 December 2022
of housing units
ϯ͘ϰ͘ The industry is urged to invest in projects/or financial instruments that suit their
investment objectives in order for them to comply with the prescribed asset threshold.
Furthermore, the above array of approved prescribed assets present an opportunity
for the industry to diversify its portfolio.
4. Registered Pension Funds

4.1. There were 981 registered occupational pension funds as at 31 December 2022
compared to 985 funds as at 31 December 2021.

7
4.2. The decrease was due to a transfer of self-administered funds to participating
employers of already existing umbrella funds as well as dissolutions of other funds.
4.3. Of these 981 funds, 504 were active, accounting for 51% of the industry's funds. The
remaining 477 funds were inactive as they were either paid up or undergoing
dissolution. In addition, 41 pension funds were defined benefit schemes whilst the
remainder were defined contribution schemes.
4.4. Only 14 of the 981 registered funds conduct their own in-house fund administration
business. The remainder, which are insured and self-administered funds, outsource
the services to fund administrators.
4.5. There were 13 fund administrators registered with IPEC as at December 31, 2022. Five
of the 13 administrators were independent administrators, while the remaining eight
were registered life insurance companies.
4.6. The table below shows the allocation of pension funds managed by the respective
administrators: -
Table 4: Distribution of Funds Administered by Professional Administrators.
Name of Administrator 31 December 2022 31 December 2021

Self- Self-
Insured funds Administered Insured funds Administered
funds funds
CBZ Life 6 - 6 -
Fidelity Life 38 1 38 1
First Mutual Life 132 6 129 5
Old Mutual Life 347 19 351 21
Nyaradzo Life - 3 - 3
ZB Life 108 1 109 1
Zimnat Life 166 3 166 2
Econet Life - 2 Ͳ -
Comarton Consultants - 26 26
Bright Employee Benefits - 40 - 40
Minerva Benefit Consulting - 63 - 66
Capitol Insurance Broker - 1 - 1
Zimbabwe Insurance Brokers - 5 - 5
Stand-Alone Funds - 14 - 15
Total 797 184 799 186

8
4.7. During the period 01 January 2022 to 31 December 2022, 10 new pension funds were
registered. Of the 10, nine were full registrations, whilst one was a provisional
registration expiring in January 2023. Going forward, provisional registrations are no
longer provided for in the recently promulgated Pensions and Provident Funds Act
[Chapter 24:32].
4.8. The breakdown of the status of applications and registration of funds is shown in the
table below.
Table 5: Newly Registered Funds
Name of Fund Administrator Application Registration Date

Description
Homestyle Bricks Minerva Full Fund 15 February 2022
Centenary School Old Mutual Full Fund 7 March 2022
Shamva Gold Mine Minerva Full Fund 21 April 2022
Kyle Preparatory School Old Mutual Full Fund 23 May 2022
Insiza RDC Pension Fund Old Mutual Provisional 13 July 2022

Dura Isiphala Micro-Provident Fund Econet Life Full Fund 3 August 2022
Mbuya Dorcas Hospital FML Full Fund 14 September 2022
ACT'V Group of Schools FML Full Fund 20 November 2022
Econet Preservation Econet Life Full Fund 14 December 2022
Blessed Old Age Zimnat Full Fund 14 December 2022
Transfer of Fund Business
4.9. During the period under review, the Commission approved a total of six transfers.
All the approved transfers are still in the process of finalising the actual transfer of
assets and the Commission will continue to monitor the transactions to ensure
compliance with the Act and guideline on transfer of business between funds
and fund administrators.
Dissolutions
4.10. A total of 313 funds were under dissolution by the end of the year. The table
below shows the number of funds undergoing dissolution under the respective
administrators.

9
Table 6: Funds Undergoing Dissolution
Number of Funds Under

Fund Administrator
Dissolution
Bright Employee Benefits 13
Fidelity 18
ZB Life 32
Cormaton 4
First Mutual Life 40
Minerva Benefits Consulting 3
Old Mutual 77
Zimbabwe Insurance Brokers 2
Zimnat Life 124
Total 313
5. Key Performance Indicators

5.1. The key performance indicators for the pensions industry as at 31 December 2022
are shown in the table below: -
Table 7: Key Performance Indicators
Stand-Alone
Self-
Self-
Indicator Insured Funds Administered Total
Administered
Funds
Funds
Number of Funds
797 170 14 981
DB
24 13 4 41
DC
773 154 10 937
Active funds
358 133 13 504
Members (Incl Beneficiaries)

366,128 128,470 437,638 932,236
Members
(Excl Beneficiaries) 363,946 127,180 417,510 908,636
Share of total membership

39% 14% 47% 100%
Total Income (Billion $)

239.06 250.10 216.21 705.36

10
Stand-Alone
Self-
Self-
Indicator Insured Funds Administered Total
Administered
Funds
Funds
Total Contributions (Billion $)

18.58 30.71 31.43 80.71
Rental Income (Billion$)

0.12 2.23 10.82 13.17
Investment Income (Billion$)

219.06 189.92 167.15 576.14
Total Expenditure (Billion $)

20.77 23.87 44.88 89.52
Total Benefits Incurred (Billion $)

16.97 17.65 33.71 68.33
Total Expenses (Billion $)

3.52 6.41 7.58 17.52
Expenses/Contributions
18.97% 20.88% 24.13% 21.71%
Expenses/Total Income
1.47% 2.56% 3.51% 2.48%
Total Assets (Billion $)

351.63 386.82 369.14 1,107.59
Total Assets per member

960,409.90 3,010,967.12 843,487.61 1,188,104.87
Percentage of Total Assets

32% 35% 33% 100.00%
Prescribed Assets (Billion $)

25.82 36.98 11.04 73.8384
Prescribed Assets Ratio

7.34% 9.56% 2.99% 6.67%
Contribution Arrears
(Billion $) 2.59 4.55 19.08 26.21
Notes:
1. Total Investment income is made up of rental income, dividends, interest on investments, profit on
disposal of assets and fair value gains.
2. Total Expenditure for the industry includes benefits paid, transfer to reserves, revaluation losses and
provisions.
3. Expenses are calculated as total expenditure excluding items such as expenditure on benefits, transfers
to reserves and revaluation losses.

11
6. Membership
6.1. The table below shows the distribution of members as of 31 December 2022 and
31 December 2021, respectively.
Table 8: Membership Classes as at 31 December 2022
Self-
Insured Stand Alone December December
Membership Class Administere
Funds Funds 2022 Total 2021 Total
d Funds
New Entrants 3,474 4,436 2,893 10,803 6,587
Active members (excluding new entrants) 97,953 97,919 155,997 351,869 342,556
Pensioners (Excluding beneficiaries) 8,992 3,820 22,390 35,202 35,569
Deferred Pensioners 240,015 31,750 134,779 406,544 368,933
Suspended Pensioners (Excluding beneficiaries) 5,769 2,561 4,031 12,361 12,093
Unclaimed benefits (number) 10,639 7,539 93,364 111,542 151,253
Total Members excluding beneficiaries 366,842 148,025 413,454 928,321 916,991
Total Number of beneficiaries 2,182 3,255 20,128 25,565 27,170

Total members including beneficiaries 369,024 151,280 433,582 953,886 944,161
Total Number of Exits 2,375 854 574 4,218 10,750
6.2. As shown on the table above, there was a 1.24% increase in total membership
(including beneficiaries) from 944,161 to 953,886. This increase was mainly due to
new entrants.
6.3. There was also a notable decline of 26.25% in members with unclaimed benefits
from 151, 253 to 111,542. The decline was mainly driven by transfer of members
to the Guardian Fund as well as reclassification of membership category in line
with Circular 28 of 2022.
6.4. The correct classification of membership saw a re-categorisation of some
members from the unclaimed benefits category to the deferred pensioners,
which contributed to the increase of deferred pensioners from 368,933 to 406,544.
6.5. There was a decline in pensioners of 1.03%, which was attributed to full
commutations processed during the period under review.

12
7. 7.
Assets
Assets
7.1.7.1.
TheThe
industry’s assets
industry’s stood
assets at ZW$
stood 1.11trillion,
at ZW$ which
1.11trillion, waswas
which a nominal increase
a nominal of 248%
increase of 248%
from ZW$318.96
from billion
ZW$318.96 reported
billion in December
reported 2021.
in December TheThe
2021. graphs below
graphs show
below thethe
show
nominal change
nominal of total
change assets
of total in ZW$
assets andand
in ZW$ US$US$
values
values
Figure 3: Asset
Figure Trend
3: Asset Trend
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Notwithstanding thethe
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asset thethe
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value
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is also account of infrequent
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valuation property,
of investment whose
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generally post
done thethe
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Q4 Q4
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reporting TheThe
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of funds 2022 areare
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expected
indicate revalued
indicate investment
revalued property,
investment thusthus
property, calling for pension
calling funds
for pension andand
funds insurers
insurers
to explain thethe
to explain variance between
variance Q4/2022
between returns
Q4/2022 andand
returns thethe
audited accounts.
audited accounts.

13
7.4. The asset composition of the industry is as shown on the figure below:
Figure 4: Asset Composition
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7.5. As shown above, the industry’s assets are concentrated in investment properties
and quoted equities which account for 72% of the industry’s total portfolio.
7.6. Investment property constituted 44% compared to 30% for the same period the
previous year, indicating the industry’s appetite on the asset class. However, the
negative revaluation of listed equities also explains the increase in proportion of
investment property to total assets. This proportion of investment property to total
assets exceeded the regulatory investment threshold of 40% thereby increasing
concentration risk.
7.7. Whilst there was a nominal increase in quoted equity investments by 100% for the
period under review, its share to the industry total assets shrank from 50% to 28%.
7.8. Investments in unquoted equities increased by 567% from ZW$10.95 billion to
ZW$73.03 billion. In addition, its share to total assets also increased from 3% to 7%.
Whilst the asset class share was within the regulatory cap of 15%, the Commission
will continue to monitor developments on the asset class’ performance.

14
7.9. Prescribed assets amounting to ZW$73.84 billion, constituted 7% of the industry’s
total assets. This was a nominal increase of 467.82% from the prescribed assets
investments of ZW$13 billion, which constituted 4.08% of total assets reported in
December 2021. The increase was attributed to the additional investments,
returns and fair value gains in prescribed assets investments.
7.10. Apart from the returns and capital appreciation, there was an increase in
prescribed asset investments following the issuance of gold coins, which have
prescribed asset status.
7.11. As at 31 December 2022, the industry had acquired 1,762 bullion coins of varying
denominations with a value of ZW$2.29 billion up from the initial investment of
ZW$170 million since their introduction in June 2022. The table below shows the
investment in gold coins by the industry.
Table 9: Gold Coin Investments
Denomination Insured Self Admin Stand Alone Total

0.1 Oz - 2 - 2
0.25 Oz - 1 20 21
0.5 Oz 9 35 - 44
1 Oz 27 1254 414 1695
Number of Coins 36 1,292 434 1,762
Value of Gold Coins (ZW$ billions) 0.04 1.69 0.55 2.29
ϳ͘ϭϮ͘ The coins were acquired at an aggregated cost of ZW$1.9 billion and
appreciated in value as a result of increases in the price of gold on the
international market.
Forex Assets
7.13. As at 31 December 2022, foreign currency-denominated assets amounted to
US$193.31 million constituting 11.73% of industry assets. The holding of foreign
currency-denominated assets helps in cushioning the assets from being eroded
by inflation in the current hyperinflationary environment.
7.14. The figure below shows the composition of foreign currency-denominated assets
as at 31 December 2022.

15
Figure 5: Industry Forex Assets
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7.15. As shown in figure 5 above, foreign currency-denominated assets of the industry

were mainly invested in quoted equities, prescribed assets and money market
investments, which collectively constituted 75%.
7.16. The quoted equity investments are mainly on the Victoria Falls Stack Exchange
as well as a few foreign counters.
7.17. The list of investments in prescribed assets is as detailed in table 3 above.
7.18. Contribution arrears in foreign currency stood at US$6.3 million, thus constituting
3.26% of the industry’s foreign currency-denominated assets.
7.19. The Commission calls upon the boards of funds to follow up with sponsoring
employers to ensure that contributions are timeously remitted to the funds to
avoid the prejudice on fund members.
8. Income
8.1. The total income for the period under review was ZW$705.36 billion compared to
ZW$174.57 billion for the same period during the previous year. Of the ZW$705.36
billion, total income earned in foreign currency was US$47.23 million, which is
equivalent to ZW$31.72 billion, thus constituting 4.49% of the industry’s total
income.
8.2. Notwithstanding the nominal increase in income by 304%, in USD terms, there was
a decline of 35%, from US$ 1.61 billion to US$ 1.05 billion.
8.3. The major sources of income were fair value gains on investments, interest from
investments and contributions amounting to ZW$312.72 billion, ZW$222.05 billion

16
and ZW$80.71 billion, respectively. These three had nominal increases of 305%,
313% and 392%, respectively, compared to the prior year.
8.4. On average, the proportion of contribution arrears to contributions was 32%
implying that the income that can be directed towards investments is
significantly reduced since it is tied up in arrears. This means that the opportunity
cost of the investment is forgone.
9. Expenditure
9.1. Total expenditure for the period under review was ZW$89.52 billion. Of that
amount ZW$68.33 billion went towards the payment of benefits, thus 76% went
towards the core mandate of paying benefits to members.
9.2. Total administrative expenses incurred were ZW$17.52 billion and were mainly
driven by administration fees, asset management fees and staff costs, which
constituted 67.84% of the administration expenses. In order to reduce the
expenses, the Commission will continue to enforce compliance with the
Expenses Framework.
9.3. The expense ratios for pension funds as at 31 December 2022 are shown in
Annexure 9.
10. Financial Soundness

10.1. The pensions industry was determined to be at a medium risk level as at 31
December 2022.
10.2. The following risks were assessed in order to come up with the industry’s overall
risk rating:
Solvency Risk
10.3. This applies to defined benefit plans. It is the risk that the pension fund’s assets are
insufficient to meet its liabilities.
10.4. Based on the assessment of the industry’s position, this risk was high on account
of the industry’s weighted average funding level, which was determined to be
lower than the regulatory minimum of 75%.
10.5. The Commission will continue to engage the funds with low funding levels to
ensure that the sponsoring employers inject capital into the pension funds to
offset the actuarial deficit.

17
Market Risk
10.6. Following assessment of the industry’s investments, the risk rating was determined
to be medium.
10.7. This is due to the bulk of the assets being invested in 2 asset classes of investment
property and equities raising the risk that if these two asset classes do not perform
well, then the funds will be negatively affected.
Credit Risk
10.8. This is the risk of default on a debt by debtors of the pensions industry.
10.9. Given that the bonds, rental arrears, contribution arrears and other debts of the
industry are a low proportion of the total assets, the risk was rated as low.
Investment Risk
10.10. This is the risk that investment returns are either negative or lower than inflation.
10.11. Following calculation of the investment performance for the period ended 31
December 2022, the risk was rated as medium. Investment risk was mainly driven
by industry’s two major asset classes, which are investment property and quoted
equities. Whilst investment property outperformed inflation, quoted equities did
not perform well due to the bearish performance of the stock market.
Agency Risk
10.12. This is the risk that costs of services provided to the industry will be high such that
they take a significant portion of the assets, which will result in members being
financially prejudiced.
10.13. The risk was rated to be high as average costs of expenses were above the issued
regulatory thresholds.
Liquidity Risk
10.14. This is the risk of failure by the industry to make payments as they fall due because
of lack of liquid assets that can be easily converted to cash.
10.15. The risk was rated to be low as current liabilities could be met with the available
current assets.

18
Systemic Risk
10.16. Risk of industry assets mainly concentrated in a few funds such that lack of
performance of those funds will have a huge impact on the industry’s reputation
and stability.
10.17. This risk was determined to be medium as 48.14% of the industry assets are under
Communication and Allied Industries, Mining Industry, NRZ and Old Mutual
Insured Funds. This means that if anything happens to these entities, the impact
on the industry will be severe.
11. Unclaimed Benefits

11.1. Total unclaimed benefits as of 31 December 2022 amounted to ZW$7.24 billion
compared to ZW$2.97 billion reported as of 31 December 2021, representing an
increase of 144%. The diagram below shows unclaimed benefits trend for the
period 31 December 2021to 31 December 2022:
Figure 6: Unclaimed Benefits Trend
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11.2. Whilst there has been an increase in the nominal value of unclaimed benefits,
membership for unclaimed benefits declined from 151,253 to 111,542. The
decline was attributed to the transfer of some unclaimed benefits to the
Guardian Fund as well as the reclassification of some benefits following the
issuance of Circular 28 of 2022, which clearly defined the category of members
to be classified as unclaimed benefits.

19
11.3. The figure below shows the aged analysis of unclaimed benefits.
Figure 7: Industry Unclaimed Benefits Age Analysis
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11.4. From the figure above, 59% of the unclaimed benefits are above five years.
Given that all the benefits above five years are supposed to be transferred to the
Guardian Fund, funds are urged to transfer in order for them to comply with the
legal requirements.
Unclaimed Benefits Aging for Insured Funds
11.5. For the period under review, there was a slight upward movement in membership
with a 0.03% increase and a total of 10639 total members. The unclaimed
benefits constitute a 9.44% of the total unclaimed with an outstanding balance
of ZW$1.03 billion. Unclaimed benefits above 5 years constitute a 32% of the
outstanding balance. Transfer of funds to Guardian Funds is still very low and the
Commission urges all entities to comply.
Figure 8: Unclaimed Benefits Aging for Insured Funds
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20
Unclaimed Benefits Aging for Self-Administered Funds
11.6. The membership of unclaimed benefits reduced by 31% due to reclassification

by Comarton after issuance of Circular 28 of 2022.
11.7. Self-administered funds constituted 30% of the monetary value in terms of the
total unclaimed benefits of the industry.
Figure 9: Unclaimed Benefits Aging for Self-Administered Funds
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Unclaimed Benefits Aging for Stand-Alone
11.8. The membership of unclaimed benefits for stand-alone funds rose to 93,364 from
91,165 translating a 2% increase in membership. The sector accounted for 55% of
the total industry’s unclaimed benefits in the period under review.
11.9. The Commission is in continuous engagement with the funds to ensure that the
members are traced and paid their benefits. The Clothing Industry Pension Fund
remains outstanding in unclaimed benefits and membership, which is increasing
each quarter. The Commission is looking forward to an onsite inspection to try
and unveil the challenges at source.

21
Figure 10: Unclaimed Benefits Aging for Stand-Alone
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12. Suspended Pensioners

12.1. The benefits liability for suspended pensioners rose to ZW$1.5 billion, increasing by
ZW$522 million from ZW$988 million reported in September 2022, signifying a 53%
increase in the suspended pensioners’ liability.
12.2. The figure below shows the distribution of suspended pensioners’ amounts during
the quarter under review:
Figure 11: Suspended Pensioners Distribution
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12.3. In terms of membership, there were 12,361 members under suspended

pensioners, signifying an increase of 2% in the number of suspended pensioners.
Insured funds and stand-alone funds continued to have the highest number of
suspended pensioners. The graph below shows the distribution of suspended
pensioners’ membership by type of fund.

22
Figure 12:Suspended Members across all the Administration Models
Figure 12:Suspended Members across all the Administration Models

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12.4. Insured funds had 5,769 suspended members, which was a decrease from 7,330
in Q3/2022, followed by stand-alone funds with 4,031 who also had a decrease
12.4. Insured funds

from 8,156 had 5,769
members suspended
in Q3/2022. members,
The which was
self-administered a decrease
funds from 7,330
had a suspended
in Q3/2022, followed
membership by which
of 2,561, stand-alone
was afunds with 4,031
decrease who
from also in
3,050 had a decrease
Q3/2022. The
from 8,156 members
Commission in to
continues Q3/2022.
monitorThe
theself-administered funds hadwith
industry’s communication a suspended
members
membership of 2,561,
and beneficiaries whosewhich was
benefits areasuspended
decreasefor
from
want3,050
of lifeincertificates.
Q3/2022. The
Commission continues to monitor the industry’s communication with members
and beneficiaries whose benefits are suspended for want of life certificates.
13. Non-resident Pensioners

13.1. The total amount due to non-resident pensioners as at the end of Q4/2022
13. Non-resident
amounted Pensioners
to US$661,259 (ZW$444 million), compared to US$393,181 (ZW$264
13.1. million)
The total amount
reported at due to non-resident
the end pensioners
of third quarter 2022. as at the end of Q4/2022
13.2. amounted to US$661,259

The figure below shows the(ZW$444 million),
cumulative compared
outstanding to US$393,181
non-resident (ZW$264
amounts as at
million) reported
31 December at the end of third quarter 2022.
2022.
13.2. The figure below shows the cumulative outstanding non-resident amounts as at
31 December 2022.

23
Figure 13: Non-resident pension as at 31 December 2022
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ϭϱϬ͘ϬϬ
ϯϬϬ͘ϬϬ
ϭϬϬ͘ϬϬ
ϮϱϬ͘ϬϬ ϮϬϯ͘ϱϵ
ϱϬ͘ϬϬ Ϯϭ͘ϱϯ
ϮϬϬ͘ϬϬ
Ͳ
ϭϱϬ͘ϬϬ
/ŶƐƵƌĞĚ ^ĞůĨĚŵŝŶ ^ƚĂŶĚͲĂůŽŶĞ
ϭϬϬ͘ϬϬ
ϱϬ͘ϬϬ Ϯϭ͘ϱϯ
Ͳ
13.3. Standalone/ŶƐƵƌĞĚ
pension funds had the largest amount
^ĞůĨĚŵŝŶ ^ƚĂŶĚͲĂůŽŶĞof the non-resident pension

arrears, which amounted to US$435,797, thus constituting 66% of total amount
13.3. due. The amount includes US$77,445 for NRZ non-resident pensioners who are
Standalone pension funds had the largest amount of the non-resident pension
always paid bi-annually in arrears.
arrears, which amounted to US$435,797, thus constituting 66% of total amount
13.4. due.
In addition, there was
The amount also an
includes increase for
US$77,445 in non-resident pensioners
NRZ non-resident membership
pensioners to
who are
3,662 from
always paid3,115 reported
bi-annually in the previous quarter. The figure below shows the
in arrears.
distribution of membership for non-resident pensioners.
13.4. In addition, there was also an increase in non-resident pensioners membership to
3,662 14:
Figure from 3,115 reported
Distribution in the previous
of Membership quarter. The
for Non-resident figure below shows the
Pensioners
distribution of membership for non-resident pensioners.
Figure 14: Distribution of Membership for Non-resident Pensioners

ϰϮй
ϱϱй
ϯй
ϰϮй
ϱϱй
ϯй
/ŶƐƵƌĞĚ ^ĞůĨĂĚŵŝŶ ^ƚĂŶĚĂůŽŶĞ
/ŶƐƵƌĞĚ ^ĞůĨĂĚŵŝŶ ^ƚĂŶĚĂůŽŶĞ
13.5. Most non-resident pensioners reported were under stand-alone funds, which
accounted for 55% of the pensioners, followed by insured funds, which
accounted for 42% while self-administered funds accounted for only 3% of the
13.5. Most non-resident pensioners reported were under stand-alone funds, which
non-resident pensioners.
accounted for 55% of the pensioners, followed by insured funds, which

accounted for 42% while self-administered funds accounted for only 3% of the

non-resident pensioners.

24
14. Commutations
14.1. The total amount commuted during the fourth quarter of 2022 was ZW$358.79
million which was paid to 235 members.
14.2. The industry distribution of the commutations by type is shown in the figure below.
Figure 15:Distribution of Commutation by Type
ϮϬϬ
ϭϲϰ
s>h/EtΨD/>>/KE^
ϭϱϬ ϭϯϭ
ϭϬϬ
ϰϱ͘ϳϮ ϱϰ
ϱϬ ϯϲ͘ϰϴ
ϭϰ͘ϵϱ ϭϬ Ϯ͘ϴϰ
Ͳ
WĂƌƚŝĂů &Ƶůů KŶĞͲƚŚŝƌĚ ǆŝƚdŽƉͲƵƉ
KDDhdd/KEdzW
ŵŽƵŶƚ й
14.3. An analysis of the total commutations approved in the quarter under review
revealed that 46% related to partial commutations, followed by full
commutations accounting for 36%.
14.4. A total of ZW$164 million was paid for partial commutations, of which 64% of this
amount (ZW$105 million) went towards educational purposes, whilst ZW$131
million was paid for full commutations, of which ZW$87 million went towards
building and home improvement, accounting for 66% of full commutations.
14.5. The figure below shows the distribution of amounts paid for commutations by
purpose:
Figure 16:Distribution of Commutation Amounts by Purpose
ϭϮϬ
ŵŽƵŶƚƐŝŶtΨDŝůůŝŽŶƐ
ϭϬϬ ϭϭϯ
ϴϬ
ϲϬ ϴϳ
ϰϬ ϱϭ
ϮϬ ϭϮ ϮϬ Ϯϳ ϭϮ ϲ ϲ
Ͳ

25
14.6. The top three reasons for commutations were education, retirement and funding
for building and home improvements.
15. Pensions Complaints

15.1. The Commission received 214 complaints during the fourth quarter of 2022, of
which 71 were resolved, representing 33.18% resolution rate. The table below
summarises the complaints received during the quarter under review:
2019 Commission of
Resolved Other Total Received
Compensation Inquiry
71 25 90 28 214
15.2. The Commission noted the following as the general challenges facing the
pensions industry during the quarter under review:
i. Non-payment of pension benefits.
ii. Low values caused by hyperinflation and dollarisation in February 2009.
iii. Near stagnant monthly pensions that have been eroded by inflation.
iv. Late payment of benefits.
v. Little or no payment of benefits in US dollars.
15.3. Complaints related to low pension values occasioned by the currency
conversion of 2009 accounted for 42% of the complaints received. Some of the
pensioners believe that the US$175 million, which was promised by Government
was already paid to the Commission and should be disbursed immediately.
15.4. The delay in payment of compensation for the 2009 loss of values continues to
be a source of many complaints received by the Commission as shown in the
graph below:
Figure17: Source of Complaints
^ŽƵƌĐĞŽĨŽŵƉůĂŝŶƚƐ
ϭϬϬ ϵϬ ϱϬй
ϴϬ ϰϮй ϰϬй
ϲϬ
ϲϬ Ϯϴй ϯϬй
ϰϬ ϯϭ ϮϬй
ϭϱй ϭϱ ϭϴ
ϮϬ ϳй ϴй ϭϬй
Ϭ Ϭй
ŽŵŵŝƐƐŝŽŶŽĨ hŶƉĂŝĚďĞŶĞĨŝƚƐ >ĂƚĞƉĂǇŵĞŶƚ ϮϬϭϵĐƵƌƌĞŶĐǇ >ŽǁďĞŶĞĨŝƚƐ
/ŶƋƵŝƌǇ ƌĞĨŽƌŵ
EƵŵďĞƌ WƌŽƉŽƌƚŝŽŶ

26
15.5. A total of 31 pensioners (15%), complained about non-payment of benefits whilst
late payment of benefits, accounted for 7%, low benefits had 18 complaints
representing 8% and late payment of benefits had 7% of complaints during the
same period.Fund members and beneficiaries also raised concerns about the
criteria used to identify beneficiaries of the 2019 Compensation as well as when
the next batch will be invited to access their benefits. This category accounted for
28% of the complaints received in the quarter under review.
16. Pension Fund Administrators

16.1. Pension fund administrators earned total income of ZW$11.58 billion as a

result of carrying on fund administration business for the year to 31 December 2022.
Fund administration fees recorded for the period under review was ZW$3.12 billion.
16.2. During the period under review, six (6) out of the 13 administrators recorded
USD business. The forex business transacted amounted to US$1.5 million and
constituted 9% of total income.
16.3. Capitol Insurance Brokers was the only administrator which neither transacted nor
reported any business.
16.4. The major income sources for administrators are shown in the table below:
Table 10: Sources of Income for Administrators
Value in millions
Combined % age of Total
Source of Income USD
Total Income
ZW (ZW Equivalent)
Commission Received 0.35 0.20 0.55 4.68%
Guarantee fee 0.95 - 0.95 8.21%
Fair Value Gain 0.02 - 0.02 0.16%
Fund Administration fees 2.72 0.40 3.12 26.94%
Interest 0.00 - 0.00 0.00%
Investment income 1.53 0.37 1.90 16.44%
Other Income 4.97 0.06 5.03 43.50%
Profit on Disposal 0.00 - 0.00 0.00%
Rental Income 0.01 - 0.01 0.06%
Total 10.55 1.03 11.58 100%

27
16.5. The Commission is investigating the source of “other income” for administrators to
assess if the income is consistent with the activities of pension fund administrators.
16.6. Total expenditure incurred was ZW$13.94 billion, which mainly comprises staff
costs, advertising and rentals, resulting in a loss of ZW$2.36 billion. In spite of the
overall loss made by the administrators, it is worth noting that only 3 out of the 13
incurred losses and the remaining 10 posted profits.
16.7. It was noted that the three administrators that reported losses are part of group
structures, and the Commission has commenced engagement with the affected
entities to ascertain the source of the losses.
16.8. Total assets for independent administrators amounted to ZW$206.07 million and
US$22,069.
16.9. The breakdown of assets for independent administrators is as shown in the
following table:
Table 11: Independent Administrators’ Asset Distribution
ZW$ US$
Property, Plant and Equipment 42,018,522 5,340
Bank and Cash 7,545,005 8,977
Debtors 88,396,698 7,752
Equity Investments 50,294,936
Prepayments 12,501,446
Other 5,317,085
Total 206,073,692 22,069
*Assets of professional administrators
16.10. As shown on the above table, administrators are mainly invested in property, plant
and equipment, money market and cash at bank, debtors and equity
investments.

28
17. Annexures
Annexure
Annexure1:1:Consolidated
ConsolidatedIndustry Statement
Industry of of
Statement Comprehensive Income
Comprehensive for the
Income yearhalf
for the ended 31
December 2022
year ended 31 December 2022
^ĞůĨĚŵŝŶŝƐƚĞƌĞĚ
/ŶƐƵƌĞĚ&ƵŶĚƐ &ƵŶĚƐ ^ƚĂŶĚůŽŶĞ&ƵŶĚƐ dŽƚĂů
/ŶĐŽŵĞ
zĞĂƌƚŽĚĂƚĞŽŶƚƌŝďƵƚŝŽŶƐ;/ŶĐůƵĚŝŶŐĂƌƌĞĂƌƐͿ ϭϴ͕ϱϳϱ͕ϱϬϭ͕ϳϰϯ ϯϬ͕ϳϬϲ͕ϭϳϳ͕ϯϱϰ ϯϭ͕ϰϯϭ͕ϬϮϳ͕ϲϯϬ ϴϬ͕ϳϭϮ͕ϳϬϲ͕ϳϮϴ
/ŶƚĞƌĞƐƚŽŶĐŽŶƚƌŝďƵƚŝŽŶĂƌƌĞĂƌƐ ϯϳϵ͕ϲϳϵ͕ϰϭϯ Ϯϭ͕Ϯϵϴ͕ϱϲϮ ϲ͕Ϭϳϴ͕ϵϵϲ͕ϲϱϰ ϲ͕ϰϳϵ͕ϵϳϰ͕ϲϮϵ
dƌĂŶƐĨĞƌĨƌŽŵŽƚŚĞƌĨƵŶĚƐ ϰ͕ϱϳϰ͕Ϭϯϳ͕ϱϱϬ Ϯ͕ϱϵϱ͕ϬϭϮ͕ϰϯϮ ϱ͕ϮϰϮ͕ϳϵϮ ϳ͕ϭϳϰ͕ϮϵϮ͕ϳϳϰ
dƌĂŶƐĨĞƌƚŽŽƚŚĞƌĨƵŶĚƐ ;ϯ͕ϳϳϵ͕ϱϱϬ͕ϱϭϱͿ ;ϯϳϮ͕ϳϰϲ͕ϮϵϲͿ ;ϭϮϱ͕ϱϱϵ͕ϱϳϵͿ ;ϰ͕Ϯϳϳ͕ϴϱϲ͕ϯϴϵͿ
ZĞŶƚĂů/ŶĐŽŵĞ ϭϭϴ͕ϴϴϮ͕ϭϭϲ Ϯ͕ϮϮϳ͕ϳϳϮ͕ϵϵϭ ϭϬ͕ϴϭϵ͕ϮϮϭ͕ϭϴϭ ϭϯ͕ϭϲϱ͕ϴϳϲ͕Ϯϴϳ
/ŶƚĞƌĞƐƚĨƌŽŵ/ŶǀĞƐƚŵĞŶƚƐ ϮϬϱ͕ϯϯϲ͕ϭϰϱ͕ϵϯϳ ϭϰ͕Ϭϱϰ͕Ϭϰϳ͕ϴϵϲ Ϯ͕ϲϲϭ͕ϵϳϮ͕ϭϵϱ ϮϮϮ͕ϬϱϮ͕ϭϲϲ͕ϬϮϴ
ŝǀŝĚĞŶĚƐĨƌŽŵŝŶǀĞƐƚŵĞŶƚƐ ϯϭϵ͕ϵϳϱ͕ϵϰϱ ϯ͕ϯϭϱ͕ϰϰϲ͕ϭϲϮ ϭ͕ϱϲϰ͕ϴϭϵ͕ϯϱϭ ϱ͕ϮϬϬ͕Ϯϰϭ͕ϰϱϳ
'>WƌĞŵŝƵŵƐƌĞĐĞŝǀĞĚ ϭϲ͕ϯϯϳ͕ϵϱϴ Ϯϱ͕ϰϮϴ͕ϵϭϵ Ͳ ϰϭ͕ϳϲϲ͕ϴϳϳ
'>WƌĞŵŝƵŵƐ;ƉĂŝĚͿ ;ϵϱϭ͕ϴϬϬ͕ϲϵϰͿ ;ϯϰϮ͕ϭϵϬ͕ϳϰϳͿ ;ϮϬ͕ϰϬϱ͕ϯϴϴͿ ;ϭ͕ϯϭϰ͕ϯϵϲ͕ϴϮϵͿ
WƌŽĨŝƚͬ;ůŽƐƐĞƐͿŽŶĚŝƐƉŽƐĂůƐŝŶǀĞƐƚŵĞŶƚƐ ϵϲϴ͕ϲϲϱ͕ϳϱϭ ϭϴ͕ϳϱϵ͕Ϭϴϴ͕ϬϮϰ ϯ͕Ϯϳϱ͕ϲϭϱ͕ϳϱϬ Ϯϯ͕ϬϬϯ͕ϯϲϵ͕ϱϮϱ
&ĂŝƌǀĂůƵĞŐĂŝŶƐ;>ŽƐƐĞƐͿ ϭϮ͕ϯϭϱ͕ϵϬϴ͕ϳϭϯ ϭϱϭ͕ϱϲϴ͕Ϯϵϵ͕ϬϴϬ ϭϰϴ͕ϴϯϮ͕Ϯϵϳ͕ϵϬϰ ϯϭϮ͕ϳϭϲ͕ϱϬϱ͕ϲϵϳ
KƚŚĞƌŝŶĐŽŵĞ͗ϭͿ^ƉĞĐŝĨǇ ϰϴϮ͕ϲϵϬ͕ϰϬϯ ϲ͕ϭϵϵ͕ϲϵϴ͕Ϯϴϯ Ϯ͕ϱϱϰ͕ϱϭϴ͕ϭϱϬ ϵ͕Ϯϯϲ͕ϵϬϲ͕ϴϯϱ
KƚŚĞƌŝŶĐŽŵĞ͗ϮͿ^ƉĞĐŝĨǇ ϮϬ͕ϱϳϮ ϭϵ͕ϰϳϵ͕ϵϬϳ͕ϰϳϵ ϵ͕ϬϬϴ͕ϰϯϲ͕Ϭϵϱ Ϯϴ͕ϰϴϴ͕ϯϲϰ͕ϭϰϲ
KƚŚĞƌŝŶĐŽŵĞ͗ϯͿ^ƉĞĐŝĨǇ ϲϵϵ͕ϭϮϬ͕ϮϮϮ ϭ͕ϴϲϭ͕ϲϯϭ͕ϯϭϱ ϭϮϮ͕ϯϴϱ͕ϳϭϯ Ϯ͕ϲϴϯ͕ϭϯϳ͕Ϯϰϵ
dŽƚĂů/ŶĐŽŵĞ Ϯϯϵ͕Ϭϱϱ͕ϲϭϱ͕ϭϭϰ ϮϱϬ͕Ϭϵϴ͕ϴϳϭ͕ϰϱϯ Ϯϭϲ͕ϮϬϴ͕ϱϲϴ͕ϰϰϳ ϳϬϱ͕ϯϲϯ͕Ϭϱϱ͕Ϭϭϰ
yWE/dhZ
ĞŶĞĨŝƚƐ
zĞĂƌƚŽĚĂƚĞƉĞŶƐŝŽŶďĞŶĞĨŝƚƐ ϯ͕ϰϬϳ͕ϲϮϰ͕ϱϲϲ ϯ͕Ϯϱϵ͕ϱϲϰ͕ϲϴϯ ϳ͕Ϭϴϭ͕ϭϭϵ͕ϲϱϳ ϭϯ͕ϳϰϴ͕ϯϬϴ͕ϵϬϲ
ZĞƚƌĞŶĐŚŵĞŶƚƐĂŶĚƌĞƚŝƌĞŵĞŶƚƐ ϯ͕ϵϭϬ͕ϯϵϴ͕ϬϬϮ ϲ͕ϬϴϮ͕ϵϲϵ͕ϳϭϯ ϵϯϬ͕ϱϰϮ͕ϯϴϵ ϭϬ͕ϵϮϯ͕ϵϭϬ͕ϭϬϰ
ZĞƐŝŐŶĂƚŝŽŶƐ͕ĚŝƐŵŝƐƐĂůƐ ϳ͕ϳϲϲ͕ϱϴϬ͕ϳϱϯ ϱ͕ϱϵϮ͕ϰϰϮ͕ϰϬϱ ϴϬϵ͕ϱϬϴ͕ϭϬϭ ϭϰ͕ϭϲϴ͕ϱϯϭ͕Ϯϱϵ
&ƵůůĐŽŵŵƵƚĂƚŝŽŶƐ ϴϬϱ͕ϭϮϱ͕ϭϵϬ ϱϰϲ͕ϴϭϵ͕ϭϯϰ ϳϰ͕ϰϵϲ͕ϴϵϳ ϭ͕ϰϮϲ͕ϰϰϭ͕ϮϮϭ
WĂƌƚĐŽŵŵƵƚĂƚŝŽŶƐƉĂŝĚĂĨƚĞƌŝŶŝƚŝĂůϭͬϯĐŽŵŵƵƚĂƚŝŽŶƐŽƌƌĞĨƵŶĚ
Ϯϳ͕ϯϲϴ͕ϵϵϯ ϯϮ͕ϰϭϱ͕Ϯϱϭ ϭϮ͕Ϯϵϯ͕ϮϬϵ ϳϮ͕Ϭϳϳ͕ϰϱϮ
ĞĂƚŚďĞŶĞĨŝƚƐ ϵϰϱ͕ϭϲϮ͕ϮϬϯ ϴϯϳ͕ϭϮϯ͕ϯϴϵ ϭϲϲ͕ϯϬϴ͕ϭϭϴ ϭ͕ϵϰϴ͕ϱϵϯ͕ϳϬϵ
ŝƐĂďŝůŝƚǇďĞŶĞĨŝƚƐ Ͳ ϭϭ͕ϵϯϵ͕ϰϬϲ Ͳ ϭϭ͕ϵϯϵ͕ϰϬϲ
'>ĞŶĞĨŝƚƐ ϵ͕ϱϭϭ͕ϱϳϳ ϭ͕ϭϭϮ͕ϰϮϲ͕ϮϬϲ ϱ͕Ϭϴϳ͕ϬϳϬ ϭ͕ϭϮϳ͕ϬϮϰ͕ϴϱϯ

KƚŚĞƌĞŶĞĨŝƚƐ ϴϴ͕ϵϴϴ͕ϴϮϯ ϭϬϲ͕ϯϯϴ͕Ϭϭϱ ϵϬ͕ϯϮϰ͕Ϭϰϯ Ϯϴϱ͕ϲϱϬ͕ϴϴϭ
KƚŚĞƌĞŶĞĨŝƚƐ͗ϮͿ^ƉĞĐŝĨǇ Ͳ ϲϵ͕Ϭϲϰ͕Ϯϵϴ Ϯϰ͕ϱϬϰ͕Ϯϯϱ͕ϲϱϰ Ϯϰ͕ϱϳϯ͕Ϯϵϵ͕ϵϱϮ
dŽƚĂůĞŶĞĨŝƚƐ ϭϲ͕ϵϳϮ͕ϭϱϳ͕ϰϬϮ ϭϳ͕ϲϱϭ͕ϭϬϮ͕ϱϬϬ ϯϯ͕ϳϬϱ͕ϴϮϲ͕ϲϰϵ ϲϴ͕ϯϮϵ͕Ϭϴϲ͕ϱϱϭ
ĚŵŝŶŝƐƚƌĂƚŝǀĞǆƉĞŶƐĞƐ
ŽŵŵŝƐƐŝŽŶƐͬĞĚƵĐƚŝŽŶƐƚŽE Ϯ͕ϵϬϯ͕ϱϭϰ ϭ͕ϲϬϵ͕ϴϱϳ Ϯ͕Ϯϳϭ͕ϰϴϮ ϲ͕ϳϴϰ͕ϴϱϯ
^ƚĂĨĨĐŽƐƚƐ Ͳ ϭϬ͕ϱϴϰ͕ϵϮϱ ϯ͕ϭϵϴ͕Ϯϭϯ͕Ϯϭϵ ϯ͕ϮϬϴ͕ϳϵϴ͕ϭϰϰ
ĚŵŝŶǆƉĞŶƐĞƐ ϭ͕Ϭϲϰ͕ϵϳϭ͕ϱϳϴ ϭ͕ϱϴϴ͕ϬϱϮ͕Ϯϲϲ ϭ͕ϳϬϱ͕ϴϮϳ͕Ϭϵϳ ϰ͕ϯϱϴ͕ϴϱϬ͕ϵϰϭ
/ŶǀĞƐƚŵĞŶƚDĂŶĂŐĞŵĞŶƚǆƉĞŶƐĞƐ Ϯ͕ϯϳϵ͕ϴϵϴ͕Ϭϳϰ ϭ͕ϲϲϯ͕ϰϭϯ͕ϵϳϬ Ϯϳϰ͕ϴϭϵ͕ϯϱϳ ϰ͕ϯϭϴ͕ϭϯϭ͕ϰϬϬ
ĐƚƵĂƌŝĂůĨĞĞƐ ϯϮ͕ϰϭϯ͕ϱϵϲ ϮϮϮ͕ϰϭϴ͕ϲϵϬ ϭϭϯ͕ϭϭϲ͕ϱϴϯ ϯϲϳ͕ϵϰϴ͕ϴϲϵ
ƵĚŝƚĨĞĞƐ Ͳ ϯϬϱ͕ϴϭϬ͕ϳϱϭ ϵϮ͕ϬϬϯ͕ϭϯϮ ϯϵϳ͕ϴϭϯ͕ϴϴϰ
>ĞŐĂůĨĞĞƐ Ͳ ϵϵ͕ϴϳϭ͕ϱϬϵ ϰϰ͕ϬϭϮ͕ϴϰϴ ϭϰϯ͕ϴϴϰ͕ϯϱϲ
ŽĂƌĚǆƉĞŶƐĞƐ ϯ͕ϭϲϰ͕ϰϭϯ ϰϭ͕ϳϬϭ͕ϰϬϵ Ϯϳϯ͕ϬϵϬ͕ϲϭϰ ϯϭϳ͕ϵϱϲ͕ϰϯϲ
/W>ĞǀŝĞƐ ϭϲϯ͕ϭϴϰ͕ϲϳϯ ϭϴϱ͕ϯϱϵ͕ϴϮϵ ϭϵϱ͕ϴϳϭ͕ϰϲϵ ϱϰϰ͕ϰϭϱ͕ϵϳϭ
ĂŶŬŚĂƌŐĞƐ ϯϰ͕ϰϳϯ ϭϱϵ͕ϵϵϮ͕ϵϴϳ Ϯϵϵ͕ϲϬϬ͕ϮϬϬ ϰϱϵ͕ϲϮϳ͕ϲϲϬ
^ƵŶĚƌǇĞǆƉĞŶƐĞƐ ϯ͕ϭϴϵ͕ϰϵϱ ϵϲϮ͕ϳϱϰ͕ϰϳϭ ϭϴ͕ϱϴϱ͕ϭϬϵ ϵϴϰ͕ϱϮϵ͕Ϭϳϱ
^ƵďƐĐƌŝƉƚŝŽŶƐŝ͘Ğ͘W& Ϯ͕ϰϳϬ͕ϳϴϱ ϴϮ͕ϬϬϯ͕ϰϱϮ ϭϯ͕ϳϴϬ͕ϱϵϳ ϵϴ͕Ϯϱϰ͕ϴϯϰ
WƌŽƉĞƌƚǇǆƉĞŶƐĞƐ ϭϬ͕ϳϱϳ͕ϳϯϯ ϯϯϳ͕ϰϴϰ͕ϵϮϱ ϭ͕ϯϭϱ͕ϱϭϮ͕ϰϰϲ ϭ͕ϲϲϯ͕ϳϱϱ͕ϭϬϰ
dƌĂŶƐĨĞƌƚŽƌĞƐĞƌǀĞƐ ϭϬϳ͕ϱϵϲ͕ϲϯϵ Ϯϭϭ͕Ϭϰϳ͕ϭϮϱ Ͳ ϯϭϴ͕ϲϰϯ͕ϳϲϰ
ƐƐĞƚĚĞǀĂůƵĂƚŝŽŶĞǆƉĞŶƐĞƐ;ĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŵŽƌƚŝƐĂƚŝŽŶͿ
Ͳ ;ϲϯϯ͕ϯϬϬ͕ϳϵϱͿ ϭϬϰ͕ϵϳϳ͕ϯϲϯ ;ϱϮϴ͕ϯϮϯ͕ϰϯϮͿ
WƌŽǀŝƐŝŽŶĨŽƌďĂĚĚĞďƚƐ Ͳ ϰϲ͕ϱϱϬ͕ϲϲϴ ϯ͕Ϯϴϴ͕Ϭϯϳ͕ϴϯϴ ϯ͕ϯϯϰ͕ϱϴϴ͕ϱϬϲ
KƚŚĞƌǆƉĞŶƐĞƐ͗ϭͿ^ƉĞĐŝĨǇ ϵϬϭ͕Ϯϭϰ ϳϴϴ͕Ϯϱϲ͕ϲϴϳ ϭϵϴ͕Ϯϳϭ͕ϱϯϰ ϵϴϳ͕ϰϮϵ͕ϰϯϱ
KƚŚĞƌǆƉĞŶƐĞƐ͗ϮͿ^ƉĞĐŝĨǇ Ϯϱ͕Ϯϳϱ͕Ϭϰϵ ϭϮϱ͕ϵϭϭ͕ϬϮϭ ϯϱ͕ϮϬϯ͕Ϭϲϯ ϭϴϲ͕ϯϴϵ͕ϭϯϯ
KƚŚĞƌǆƉĞŶƐĞƐ͗ϯͿ^ƉĞĐŝĨǇ Ͳ Ϯϯ͕ϬϭϮ͕ϰϱϬ Ϯ͕ϵϯϵ͕ϱϵϵ Ϯϱ͕ϵϱϮ͕Ϭϰϵ
dŽƚĂůĚŵŝŶŝƐƚƌĂƚŝǀĞǆƉĞŶĚŝƚƵƌĞ ϯ͕ϳϵϲ͕ϳϲϭ͕Ϯϯϲ ϲ͕ϮϮϮ͕ϱϯϲ͕ϭϵϲ ϭϭ͕ϭϳϲ͕ϭϯϯ͕ϱϱϬ Ϯϭ͕ϭϵϱ͕ϰϯϬ͕ϵϴϮ
dŽƚĂůǆƉĞŶĚŝƚƵƌĞ ϮϬ͕ϳϲϴ͕ϵϭϴ͕ϲϯϴ Ϯϯ͕ϴϳϯ͕ϲϯϴ͕ϲϵϲ ϰϰ͕ϴϴϭ͕ϵϲϬ͕ϭϵϵ ϴϵ͕ϱϮϰ͕ϱϭϳ͕ϱϯϯ
^ƵƌƉůƵƐͬ;ĞĨŝĐŝƚͿ Ϯϭϴ͕Ϯϴϲ͕ϲϵϲ͕ϰϳϲ ϮϮϲ͕ϮϮϱ͕ϮϯϮ͕ϳϱϳ ϭϳϭ͕ϯϮϲ͕ϲϬϴ͕Ϯϰϴ ϲϭϱ͕ϴϯϴ͕ϱϯϳ͕ϰϴϭ

29
Annexure 2: Consolidated Industry Statement of Financial Position as at 31 December 2022
^ĞůĨĚŵŝŶŝƐƚĞƌĞĚ
/ŶƐƵƌĞĚ&ƵŶĚƐ &ƵŶĚƐ ^ƚĂŶĚĂůŽŶĞ&ƵŶĚƐ dŽƚĂů
^^d^
KƉĞƌĂƚŝŶŐƐƐĞƚƐ
WƌŽƉĞƌƚǇ ϱϲϬ͕ϬϬϬ͕ϬϬϬ Ϯ͕ϲϬϲ͕ϳϳϬ͕ϬϮϳ ϯ͕ϭϲϲ͕ϳϳϬ͕ϬϮϳ
DŽƚŽƌǀĞŚŝĐůĞƐ Ͳ ϭϬ͕Ϯϲϱ͕ϬϬϵ ϰϮϬ͕ϵϮϯ͕Ϯϯϲ ϰϯϭ͕ϭϴϴ͕Ϯϰϱ
ŽŵƉƵƚĞƌ,ĂƌĚǁĂƌĞĂŶĚ^ŽĨƚǁĂƌĞ Ͳ ϱϲϱ͕ϳϵϵ ϭϬϭ͕ϭϮϱ͕ϬϬϴ ϭϬϭ͕ϲϵϬ͕ϴϬϲ
KĨĨŝĐĞĨƵƌŶŝƚƵƌĞĂŶĚĨŝƚƚŝŶŐƐ Ͳ ϯϮϮ͕ϳϲϱ ϱϭ͕Ϭϳϱ͕ϴϭϯ ϱϭ͕ϯϵϴ͕ϱϳϳ
KƚŚĞƌKƉĞƌĂƚŝŶŐƐƐĞƚƐ͗;^ƉĞĐŝĨǇͿ Ͳ ϳϱϬ͕ϲϲϱ ϴ͕ϱϵϱ͕ϳϮϵ ϵ͕ϯϰϲ͕ϯϵϰ
Other Operating Assets : ( Specify) Ͳ Ͳ ϰ͕ϯϳϯ͕ϭϮϮ ϰ͕ϯϳϯ͕ϭϮϮ
Other Operating Assets : ( Specify) Ͳ Ͳ ϭ͕ϬϮϲ͕ϰϱϴ ϭ͕ϬϮϲ͕ϰϱϴ
Assets vs Membership Ͳ ϱϳϭ͕ϵϬϰ͕Ϯϯϳ ϯ͕ϭϵϯ͕ϴϴϵ͕ϯϵϮ ϯ͕ϳϲϱ͕ϳϵϯ͕ϲϮϵ
/ŶǀĞƐƚŵĞŶƚƐƐĞƚƐ;EŽŶͲƵƌƌĞŶƚͿ Ͳ Ͳ Ͳ

/ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚǇ ϭϴϯ͕ϲϴϯ͕ϰϰϴ͕ϮϬϭ ϭϬϰ͕Ϭϴϱ͕ϵϮϰ͕ϳϮϳ ϭϵϴ͕ϰϲϯ͕ϳϬϲ͕Ϭϴϴ ϰϴϲ͕Ϯϯϯ͕Ϭϳϵ͕Ϭϭϲ
ƋƵŝƚŝĞƐͲYƵŽƚĞĚ ϵϬ͕ϴϮϵ͕ϰϯϵ͕ϴϯϲ ϭϯϲ͕ϵϭϲ͕ϲϬϭ͕ϴϴϯ ϴϴ͕ϭϱϭ͕ϭϮϰ͕ϭϭϭ ϯϭϱ͕ϴϵϳ͕ϭϲϱ͕ϴϯϬ
ͲhŶƋƵŽƚĞĚ Ϯϵ͕ϲϮϲ͕ϱϴϮ͕ϵϯϴ ϯϳ͕ϯϱϳ͕ϴϬϮ͕ϲϭϱ ϲ͕Ϭϰϭ͕Ϭϵϴ͕ϯϲϲ ϳϯ͕ϬϮϱ͕ϰϴϯ͕ϵϮϬ
WƌĞƐĐƌŝďĞĚƐƐĞƚƐͲ'ŽǀĞƌŶŵĞŶƚ^ƚŽĐŬ ϭ͕Ϭϰϱ͕ϳϮϵ͕ϮϬϵ Ϯ͕ϳϰϵ͕ϳϰϯ͕ϭϱϲ ϰ͕ϲϵϱ͕ϴϯϵ͕ϱϯϲ ϴ͕ϰϵϭ͕ϯϭϭ͕ϵϬϭ
ͲKƚŚĞƌƉƌĞƐĐƌŝďĞĚĂƐƐĞƚƐ Ϯϰ͕ϳϱϬ͕ϭϯϵ͕Ϭϵϱ ϯϯ͕ϵϭϮ͕ϭϱϭ͕Ϯϭϵ ϱ͕ϵϯϵ͕ϭϴϬ͕Ϭϵϵ ϲϰ͕ϲϬϭ͕ϰϳϬ͕ϰϭϰ
&ŝǆĞĚŝŶƚĞƌĞƐƚƐĞĐƵƌŝƚĞƐĞ͘Ő͘ďŽŶĚƐĂŶĚĚĞďĞŶƚƵƌĞƐ ϱ͕ϲϯϯ͕ϴϴϱ͕ϳϱϱ ϵ͕ϯϮϴ͕ϲϴϯ͕Ϯϱϲ ϭ͕ϬϲϬ͕ϴϮϵ͕ϳϬϰ ϭϲ͕ϬϮϯ͕ϯϵϴ͕ϳϭϱ
>ŽĂŶƐĂŶĚͬŽƌDŽƌƚŐĂŐĞƐŽŶWƌŽƉĞƌƚǇ;ĞǆĐůƵĚŝŶŐƐƚĂĨĨͿͲ ϭϭϭ͕ϵϲϵ͕ϬϰϮ ϴϰϲ͕ϯϵϵ͕ϱϳϰ ϵϱϴ͕ϯϲϴ͕ϲϭϱ
^ƚĂĨĨůŽĂŶƐĂŶĚDŽƌƚŐĂŐĞƐ Ϯ͕ϳϰϭ͕ϲϵϱ ϰϵϬ͕Ϯϳϰ͕ϲϱϯ ϱϲ͕ϱϳϰ͕ϯϵϴ ϱϰϵ͕ϱϵϬ͕ϳϰϱ
>ŽŶŐͲƚĞƌŵĚĞƉŽƐŝƚƐ Ͳ Ϯ͕ϯϮϲ͕ϴϮϵ͕ϴϲϳ Ͳ Ϯ͕ϯϮϲ͕ϴϮϵ͕ϴϲϳ
KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ͗;^ƉĞĐŝĨǇͿ Ϯϯ͕Ϭϲϳ͕Ϯϯϳ ϭ͕Ϯϴϱ͕ϴϵϴ͕ϭϬϱ ϭϰ͕ϭϴϵ͕ϯϯϵ͕ϰϲϱ ϭϱ͕ϰϵϴ͕ϯϬϰ͕ϴϬϴ
KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ͗;^ƉĞĐŝĨǇͿ Ͳ ϭϵ͕ϲϱϰ͕ϵϵϯ͕ϰϰϲ ϲϵϮ͕ϳϰϰ͕ϰϬϬ ϮϬ͕ϯϰϳ͕ϳϯϳ͕ϴϰϲ
KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ͗;^ƉĞĐŝĨǇͿ Ͳ ϭϮ͕ϮϬϲ͕ϵϱϬ͕ϰϯϵ ϳ͕ϯϯϱ͕ϴϬϴ͕ϭϯϱ ϭϵ͕ϱϰϮ͕ϳϱϴ͕ϱϳϰ
dŽƚĂůŶŽŶͲĐƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚĂƐƐĞƚƐ ϯϯϱ͕ϱϵϱ͕Ϭϯϯ͕ϵϲϲ ϯϲϬ͕ϰϮϳ͕ϴϮϮ͕ϰϬϵ ϯϮϳ͕ϰϳϮ͕ϲϰϯ͕ϴϳϲ ϭ͕ϬϮϯ͕ϰϵϱ͕ϱϬϬ͕ϮϱϬ

/ŶǀĞƐƚŵĞŶƚƐƐĞƚƐ;ƵƌƌĞŶƚͿ Ͳ Ͳ
WƌĞƐĐƌŝďĞĚƐƐĞƚƐͲ'ŽǀĞƌŶŵĞŶƚ^ƚŽĐŬ Ͳ ϭϱϵ͕ϳϮϱ͕ϱϭϭ ϯϬ͕ϬϭϬ͕Ϯϰϴ ϭϴϵ͕ϳϯϱ͕ϳϱϵ
ͲKƚŚĞƌƉƌĞƐĐƌŝďĞĚĂƐƐĞƚƐ Ϯϭ͕ϰϬϮ͕ϲϲϰ ϭϱϳ͕ϴϰϭ͕ϵϱϰ ϯϳϲ͕ϲϲϮ͕Ϭϲϯ ϱϱϱ͕ϵϬϲ͕ϲϴϭ
&ŝǆĞĚŝŶƚĞƌĞƐƚƐĞĐƵƌŝƚĞƐ Ͳ ϭϬ͕ϱϳϰ͕ϴϯϰ Ͳ ϭϬ͕ϱϳϰ͕ϴϯϰ
ĂƐŚĂƚĂŶŬ ϱ͕ϬϲϬ͕ϱϵϴ͕ϴϱϮ ϭϮ͕ϵϲϯ͕Ϯϴϳ͕ϭϮϯ ϯ͕ϵϭϬ͕Ϭϵϰ͕Ϭϳϯ Ϯϭ͕ϵϯϯ͕ϵϴϬ͕Ϭϰϵ
DŽŶĞǇDĂƌŬĞƚŝŶǀĞƐƚŵĞŶƚƐ ϴ͕ϯϱϯ͕Ϯϴϵ͕ϴϱϳ ϰ͕ϱϴϴ͕ϯϭϴ͕ϮϬϮ ϳ͕ϵϮϵ͕ϭϳϬ͕ϭϳϴ ϮϬ͕ϴϳϬ͕ϳϳϴ͕Ϯϯϳ
^ƚĂĨĨůŽĂŶƐ Ͳ ϭϮ͕ϲϳϲ͕ϭϮϲ ϯϬϬ͕ϱϰϵ͕ϱϲϳ ϯϭϯ͕ϮϮϱ͕ϲϵϮ
KƚŚĞƌƐŚŽƌƚƚĞƌŵůŽĂŶƐ Ͳ Ϯ͕ϬϲϬ͕ϯϵϳ͕ϱϬϱ Ϯϵ͕ϳϯϯ͕ϲϰϬ Ϯ͕ϬϵϬ͕ϭϯϭ͕ϭϰϱ
ŝǀŝĚĞŶĚƐĂŶĚŝŶƚĞƌĞƐƚƌĞĐŝĞǀĂďůĞ ϳϰ͕ϬϲϮ ϱϱ͕ϳϱϰ͕ϴϴϭ ϯϰϵ͕ϵϵϵ͕ϲϰϯ ϰϬϱ͕ϴϮϴ͕ϱϴϲ
KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ;ŽŶƐƵŵĂďůĞ^ƚŽĐŬͿ Ͳ ϭϴ͕ϱϰϵ͕Ϯϲϴ ϱϯ͕ϯϮϵ͕ϰϯϰ ϳϭ͕ϴϳϴ͕ϳϬϮ
KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ;^ƉĞĐŝĨǇͿ ϭϯ͕ϭϳϰ͕ϱϳϳ ϯϳϱ͕ϲϲϵ͕ϵϱϲ ϭ͕ϱϬϮ͕ϯϳϮ͕Ϭϰϯ ϭ͕ϴϵϭ͕Ϯϭϲ͕ϱϳϲ
KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ;^ƉĞĐŝĨǇͿ Ͳ ϰϮϮ͕ϰϮϮ͕ϱϱϴ ϭ͕ϵϱϳ͕ϬϮϲ͕Ϯϭϲ Ϯ͕ϯϳϵ͕ϰϰϴ͕ϳϳϰ
dŽƚĂůĐƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚĂƐƐĞƚƐ ϭϯ͕ϰϰϴ͕ϱϰϬ͕Ϭϭϯ ϮϬ͕ϴϮϱ͕Ϯϭϳ͕ϵϭϴ ϭϲ͕ϰϯϴ͕ϵϰϳ͕ϭϬϰ ϱϬ͕ϳϭϮ͕ϳϬϱ͕Ϭϯϱ
ŽŶƚƌŝďƵƚŝŽŶĂƌƌĞĂƌƐ Ϯ͕ϱϴϲ͕ϰϳϮ͕ϬϯϮ ϰ͕ϱϰϳ͕ϯϴϯ͕ϯϲϯ ϭϵ͕ϬϴϬ͕ϴϴϰ͕ϭϬϯ Ϯϲ͕Ϯϭϰ͕ϳϯϵ͕ϰϵϴ
ZĞŶƚĂůĂƌƌĞĂƌƐ;ŐĞĂŶĂůǇƐŝƐŽŶĞďƚŽƌƐĨŽƌŵͿ Ϯ͕ϵϬϵ͕ϵϵϳ ϰϰϲ͕ϲϭϳ͕ϴϳϵ Ϯ͕ϵϱϱ͕ϴϲϳ͕ϱϵϱ ϯ͕ϰϬϱ͕ϯϵϱ͕ϰϳϭ
dKd>^^d^ ϯϱϭ͕ϲϯϮ͕ϵϱϲ͕ϬϬϳ ϯϴϲ͕ϴϭϴ͕ϵϰϱ͕ϴϬϲ ϯϲϵ͕ϭϰϮ͕ϮϯϮ͕ϬϳϬ ϭ͕ϭϬϳ͕ϱϵϰ͕ϭϯϯ͕ϴϴϯ
Ϯ͕ϰϵϯ͕ϰϳϬ
>//>/d/^
ZĞƐĞƌǀĞƐ͗ĐƚŝǀĞŵĞŵďĞƌƐ ϯϰϬ͕ϱϵϴ͕Ϯϵϭ͕Ϯϯϳ ϵϱ͕ϴϮϱ͕ϰϬϭ͕ϲϭϵ ϭϭϴ͕ϴϮϭ͕ϮϴϮ͕ϱϯϬ ϱϱϱ͕Ϯϰϰ͕ϵϳϱ͕ϯϴϱ
ZĞƐĞƌǀĞƐ͗ĞĨĨĞƌĞĚƉĞŶƐŝŽŶĞƌƐ ϰ͕ϱϬϯ͕ϵϱϰ͕ϵϵϬ ϯ͕ϭϮϯ͕ϰϭϮ͕Ϭϴϰ Ϯϯ͕Ϯϵϯ͕ϰϱϵ͕ϳϰϭ ϯϬ͕ϵϮϬ͕ϴϮϲ͕ϴϭϱ
ZĞƐĞƌǀĞƐ͗hŶĐůĂŝŵĞĚďĞŶĞĨŝƚƐ ϭ͕ϬϮϳ͕Ϯϴϲ͕ϵϴϴ ϯ͕ϳϬϰ͕ϴϴϯ͕ϱϲϭ ϭϮ͕ϳϵϮ͕ϭϴϮ͕ϰϴϰ ϭϳ͕ϱϮϰ͕ϯϱϯ͕Ϭϯϯ
KƚŚĞƌZĞƐĞƌǀĞƐ͗^ƉĞĐŝĨǇ ϯϱ͕ϯϵϮ͕ϯϬϲ ϱ͕ϵϰϭ͕Ϯϴϴ͕ϵϳϳ ϯϴ͕ϮϵϬ͕Ϭϳϴ͕ϵϴϱ ϰϰ͕Ϯϲϲ͕ϳϲϬ͕Ϯϲϵ
KƚŚĞƌZĞƐĞƌǀĞƐ͗^ƉĞĐŝĨǇ ϰϲϴ͕ϴϴϵ Ϯϰϰ͕ϭϴϳ͕ϱϵϲ ϭϮ͕ϵϵϱ͕ϭϰϮ͕ϯϰϯ ϭϯ͕Ϯϯϵ͕ϳϵϴ͕ϴϮϳ
KƚŚĞƌZĞƐĞƌǀĞƐ͗^ƉĞĐŝĨǇ ϯ͕ϱϴϴ͕ϱϱϲ ϵϮ͕ϴϲϱ͕ϱϳϵ ϭϯ͕ϯϲϲ͕ϴϴϰ͕ϮϱϬ ϭϯ͕ϰϲϯ͕ϯϯϴ͕ϯϴϱ
WƌŽǀŝƐŝŽŶƐ͗tŝƚŚĚƌĂǁĂůƐ ϭϮϯ͕ϳϰϱ͕ϲϯϮ ϰϵϬ͕Ϯϲϵ͕ϳϲϲ ϱϬ͕ϰϱϵ͕ϴϱϬ ϲϲϰ͕ϰϳϱ͕Ϯϰϴ
WƌŽǀŝƐŝŽŶƐ͗ŽŶƚƌŝďƵƚŝŽŶĂƌƌĞĂƌƐ Ͳ ϯϵϯ͕ϭϲϴ͕ϵϮϮ ϰ͕ϬϬϵ͕ϬϮϴ͕ϳϰϳ ϰ͕ϰϬϮ͕ϭϵϳ͕ϲϲϵ
WƌŽǀŝƐŝŽŶƐ͗KƚŚĞƌĂĚĚĞďƚƐ Ͳ ϭ͕ϲϳϰ͕Ϯϲϯ ϴϴϳ͕ϬϴϬ Ϯ͕ϱϲϭ͕ϯϰϯ
WƌŽǀŝƐŝŽŶƐ͗>ĞĂǀĞWĂǇ Ͳ ϱ͕ϯϮϭ͕ϭϭϱ ϯϭϯ͕ϴϬϵ͕ϲϮϮ ϯϭϵ͕ϭϯϬ͕ϳϯϳ
WƌŽǀŝƐŝŽŶƐ͗ZĞŶƚĂůĂƌƌĞĂƌƐ Ͳ ϰ͕ϵϭϬ͕Ϯϱϭ ϰϲϰ͕ϴϱϴ͕ϮϱϮ ϰϲϵ͕ϳϲϴ͕ϱϬϯ
KƚŚĞƌWƌŽǀŝƐŝŽŶƐ͗^ƉĞĐŝĨǇ ϲ͕ϰϱϱ͕ϱϰϱ ϲϮϲ͕ϭϳϰ͕ϴϵϴ ϳϳ͕ϰϱϭ͕ϭϮϵ ϳϭϬ͕Ϭϴϭ͕ϱϳϮ
KƚŚĞƌWƌŽǀŝƐŝŽŶƐ͗^ƉĞĐŝĨǇ ϲϴ͕ϯϴϴ Ϯϲϲ͕ϵϱϭ͕Ϯϲϭ ϭϰ͕ϭϰϮ͕ϭϮϴ͕Ϯϭϵ ϭϰ͕ϰϬϵ͕ϭϰϳ͕ϴϲϴ
KƚŚĞƌWƌŽǀŝƐŝŽŶƐ͗^ƉĞĐŝĨǇ Ͳ ϱϰϲ͕ϱϰϳ͕ϵϵϵ ϭ͕ϵϳϮ͕ϳϳϱ͕Ϯϳϲ Ϯ͕ϱϭϵ͕ϯϮϯ͕Ϯϳϱ
ƌƌĞĂƌƉĞŶƐŝŽŶďĞŶĞĨŝƚƐ ϳϯ͕Ϭϭϰ ϭϵ͕Ϯϱϵ͕Ϯϰϭ ϭ͕Ϭϴϯ͕ϴϱϬ͕ϰϮϭ ϭ͕ϭϬϯ͕ϭϴϮ͕ϲϳϲ
^ƵŶĚƌǇƌĞĚŝƚŽƌƐ ϯ͕Ϯϭϰ͕Ϯϳϵ Ϯ͕ϳϮϵ͕ϬϲϬ͕ϮϬϳ ϭ͕ϯϰϮ͕ϰϰϲ͕ϯϵϵ ϰ͕Ϭϳϰ͕ϳϮϬ͕ϴϴϱ
KƚŚĞƌƌĞĚŝƚŽƌƐ;ƐƉĞĐŝĨǇͿ Ͳ ϵϭ͕ϲϬϵ͕ϯϲϰ Ϯ͕ϳϲϲ͕ϴϬϬ͕ϯϱϰ Ϯ͕ϴϱϴ͕ϰϬϵ͕ϳϭϴ

dKd>>//>/d/^ ϯϰϲ͕ϯϬϮ͕ϱϯϵ͕ϴϮϯ ϭϭϰ͕ϭϬϲ͕ϵϴϲ͕ϳϬϮ Ϯϰϱ͕ϳϴϯ͕ϱϮϱ͕ϲϴϯ ϳϬϲ͕ϭϵϯ͕ϬϱϮ͕ϮϬϳ
Ed^^d^ ϱ͕ϯϯϬ͕ϰϭϲ͕ϭϴϱ ϮϳϮ͕ϳϭϭ͕ϵϱϵ͕ϭϬϰ ϭϮϯ͕ϯϱϴ͕ϳϬϲ͕ϯϴϳ ϰϬϭ͕ϰϬϭ͕Ϭϴϭ͕ϲϳϲ

Ϯϱ͕ϴϭϳ͕ϮϳϬ͕ϵϲϳ͘ϵϰ Ϯ͕ϰϵϯ͕ϰϳϬ͘ϬϬ Ϯ͕ϰϵϯ͕ϰϳϬ͘ϬϬ Ϯ͕ϰϵϯ͕ϰϳϬ͘ϬϬ

30
Annexure
Annexure 3
3: Consolidated Statement of Comprehensive Income for Insured Schemes for the year
ended 31 December 2022

>ŝĨĞ &ŝĚĞůŝƚǇ>ŝĨĞ &ŝƌƐƚDƵƚƵĂů>ŝĨĞ KůĚDƵƚƵĂů>ŝĨĞ >ŝĨĞ ŝŵŶĂƚ>ŝĨĞ dŽƚĂůYϰϮϬϮϮ
/ŶĐŽŵĞ
zĞĂƌƚŽĚĂƚĞŽŶƚƌŝďƵƚŝŽŶƐ;/ŶĐůƵĚŝŶŐĂƌƌĞĂƌƐͿ 37,011,660.73 508,290,294.53 1,370,696,285.96 15,319,150,909.00 170,557,100.30 1,169,795,492.85 ϭϴ͕ϱϳϱ͕ϱϬϭ͕ϳϰϯ͘ϯϳ
/ŶƚĞƌĞƐƚŽŶĐŽŶƚƌŝďƵƚŝŽŶĂƌƌĞĂƌƐ - 9,297,557.79 367,471,858.00
- - 2,909,996.86 ϯϳϵ͕ϲϳϵ͕ϰϭϮ͘ϲϱ
dƌĂŶƐĨĞƌĨƌŽŵŽƚŚĞƌĨƵŶĚƐ 106,881,201.86 - 685,518,132.15 3,781,638,216.00 - - ϰ͕ϱϳϰ͕Ϭϯϳ͕ϱϱϬ͘Ϭϭ
dƌĂŶƐĨĞƌƚŽŽƚŚĞƌĨƵŶĚƐ - - (3,779,550,515.00)
- - - ;ϯ͕ϳϳϵ͕ϱϱϬ͕ϱϭϱ͘ϬϬͿ
ZĞŶƚĂů/ŶĐŽŵĞ - - -91,982,649.00 12,143,194.33 14,756,272.27 ϭϭϴ͕ϴϴϮ͕ϭϭϱ͘ϲϬ
/ŶƚĞƌĞƐƚĨƌŽŵ/ŶǀĞƐƚŵĞŶƚƐ 847,071.27 - 8,628,069,406.29 196,664,225,864.00 30,906,456.01 12,097,139.41 ϮϬϱ͕ϯϯϲ͕ϭϰϱ͕ϵϯϲ͘ϵϴ
ŝǀŝĚĞŶĚƐĨƌŽŵŝŶǀĞƐƚŵĞŶƚƐ 6,847,318.55 163,202.83 253,068,912.00
- 18,126,769.65 41,769,741.55 ϯϭϵ͕ϵϳϱ͕ϵϰϰ͘ϱϴ
'>WƌĞŵŝƵŵƐƌĞĐĞŝǀĞĚ - 16,337,958.14 - - - - ϭϲ͕ϯϯϳ͕ϵϱϴ͘ϭϰ
'>WƌĞŵŝƵŵƐ;ƉĂŝĚͿ (4,546,726.30) (16,337,958.14) (141,484,729.06) (662,013,675.00) (8,707,814.10) (118,709,791.47) ;ϵϱϭ͕ϴϬϬ͕ϲϵϰ͘ϬϳͿ
WƌŽĨŝƚͬ;ůŽƐƐĞƐͿŽŶĚŝƐƉŽƐĂůƐŝŶǀĞƐƚŵĞŶƚƐ 444,420.14 - 6,683.33 - - 968,214,647.97 ϵϲϴ͕ϲϲϱ͕ϳϱϭ͘ϰϰ
&ĂŝƌǀĂůƵĞŐĂŝŶƐ;>ŽƐƐĞƐͿ 264,147,865.39 - 825,924,199.71 9,860,492,787.00 2,163,097,650.67 (797,753,789.67) ϭϮ͕ϯϭϱ͕ϵϬϴ͕ϳϭϯ͘ϭϬ
KƚŚĞƌŝŶĐŽŵĞ͗ϭͿ^ƉĞĐŝĨǇ 50,484.53 363,519,675.78 - - 119,120,242.58 - ϰϴϮ͕ϲϵϬ͕ϰϬϮ͘ϴϵ
KƚŚĞƌŝŶĐŽŵĞ͗ϮͿ^ƉĞĐŝĨǇ - - - - 20,572.13 - ϮϬ͕ϱϳϮ͘ϭϯ
KƚŚĞƌŝŶĐŽŵĞ͗ϯͿ^ƉĞĐŝĨǇ - - 699,120,221.97 - - - ϲϵϵ͕ϭϮϬ͕ϮϮϭ͘ϵϳ
dŽƚĂů/ŶĐŽŵĞ ϰϭϭ͕ϲϴϯ͕Ϯϵϲ͘ϭϳ ϴϴϭ͕ϮϳϬ͕ϳϯϬ͘ϵϯ ϭϮ͕Ϭϲϳ͕ϴϱϬ͕ϮϬϬ͘ϯϱ ϮϮϭ͕ϴϵϲ͕ϰϲϳ͕ϬϬϱ͘ϬϬ Ϯ͕ϱϬϱ͕Ϯϲϰ͕ϭϳϭ͘ϱϳ ϭ͕Ϯϵϯ͕Ϭϳϵ͕ϳϬϵ͘ϳϳ Ϯϯϵ͕Ϭϱϱ͕ϲϭϱ͕ϭϭϯ͘ϳϵ
yWE/dhZ
ĞŶĞĨŝƚƐ
zĞĂƌƚŽĚĂƚĞƉĞŶƐŝŽŶďĞŶĞĨŝƚƐ 17,906,915.55 618,630.89 521,700.00 3,387,890,862.00 - 686,457.12 ϯ͕ϰϬϳ͕ϲϮϰ͕ϱϲϱ͘ϱϲ
ZĞƚƌĞŶĐŚŵĞŶƚƐĂŶĚƌĞƚŝƌĞŵĞŶƚƐ - 36,525,759.26 249,067,820.95 3,376,047,275.00 56,047,991.06 192,709,155.88 ϯ͕ϵϭϬ͕ϯϵϴ͕ϬϬϮ͘ϭϱ
ZĞƐŝŐŶĂƚŝŽŶƐ͕ĚŝƐŵŝƐƐĂůƐ 2,126,019.09 4,134,271.66 103,161,990.45 7,458,135,943.00 5,573,124.06 193,449,404.66 ϳ͕ϳϲϲ͕ϱϴϬ͕ϳϱϮ͘ϵϮ
&ƵůůĐŽŵŵƵƚĂƚŝŽŶƐ - - 22,462,326.74 782,662,863.00 - - ϴϬϱ͕ϭϮϱ͕ϭϴϵ͘ϳϰ
WĂƌƚĐŽŵŵƵƚĂƚŝŽŶƐƉĂŝĚĂĨƚĞƌŝŶŝƚŝĂůϭͬϯĐŽŵŵƵƚĂƚŝŽŶƐŽƌƌĞĨƵŶĚ 7,954,687.75 - 4,177,903.84 - 15,236,401.22 - Ϯϳ͕ϯϲϴ͕ϵϵϮ͘ϴϭ
ĞĂƚŚďĞŶĞĨŝƚƐ - - 3,498,951.90 928,703,362.00 - 12,959,888.85 ϵϰϱ͕ϭϲϮ͕ϮϬϮ͘ϳϱ
ŝƐĂďŝůŝƚǇďĞŶĞĨŝƚƐ - - - - - - Ͳ
'>ĞŶĞĨŝƚƐ - - 8,861,607.92 - 649,968.60 - ϵ͕ϱϭϭ͕ϱϳϲ͘ϱϮ
KƚŚĞƌĞŶĞĨŝƚƐ͗ϭͿ^ƉĞĐŝĨǇ - - 1,065,744.48 87,923,079.00 - - ϴϴ͕ϵϴϴ͕ϴϮϯ͘ϰϴ
KƚŚĞƌĞŶĞĨŝƚƐ͗ϮͿ^ƉĞĐŝĨǇ - - - - - - Ͳ
KƚŚĞƌĞŶĞĨŝƚƐ͗ϯͿ^ƉĞĐŝĨǇ - - - - 11,397,296.51 - ϭϭ͕ϯϵϳ͕Ϯϵϲ͘ϱϭ
dŽƚĂůĞŶĞĨŝƚƐ Ϯϳ͕ϵϴϳ͕ϲϮϮ͘ϯϵ ϰϭ͕Ϯϳϴ͕ϲϲϭ͘ϴϭ ϯϵϮ͕ϴϭϴ͕Ϭϰϲ͘Ϯϴ ϭϲ͕ϬϮϭ͕ϯϲϯ͕ϯϴϰ͘ϬϬ ϴϴ͕ϵϬϰ͕ϳϴϭ͘ϰϱ ϯϵϵ͕ϴϬϰ͕ϵϬϲ͘ϱϭ ϭϲ͕ϵϳϮ͕ϭϱϳ͕ϰϬϮ͘ϰϰ
ĚŵŝŶŝƐƚƌĂƚŝǀĞǆƉĞŶƐĞƐ
ŽŵŵŝƐƐŝŽŶƐͬĞĚƵĐƚŝŽŶƐƚŽE 2,108,706.68 - - - - 794,807.16 Ϯ͕ϵϬϯ͕ϱϭϯ͘ϴϰ
^ƚĂĨĨĐŽƐƚƐ - - - - - - Ͳ
ĚŵŝŶǆƉĞŶƐĞƐ 4,531,680.00 18,812,787.00 96,754,925.50 873,214,174.00 8,228,891.88 63,429,120.07 ϭ͕Ϭϲϰ͕ϵϳϭ͕ϱϳϴ͘ϰϱ
/ŶǀĞƐƚŵĞŶƚDĂŶĂŐĞŵĞŶƚǆƉĞŶƐĞƐ 4,416,546.83 7,705,497.72 2,305,361,486.00
- 39,917,652.60 22,496,890.41 Ϯ͕ϯϳϵ͕ϴϵϴ͕Ϭϳϯ͘ϱϲ
ĐƚƵĂƌŝĂůĨĞĞƐ - - 7,203,516.10 - - 25,210,079.70 ϯϮ͕ϰϭϯ͕ϱϵϱ͘ϴϬ
ƵĚŝƚĨĞĞƐ - - - - - - Ͳ
>ĞŐĂůĨĞĞƐ - - - - - - Ͳ
ŽĂƌĚǆƉĞŶƐĞƐ - - 3,164,413.46 - - - ϯ͕ϭϲϰ͕ϰϭϯ͘ϰϲ
/W>ĞǀŝĞƐ - 1,137,657.28 1,754,550.00 154,013,413.00 - 6,279,052.77 ϭϲϯ͕ϭϴϰ͕ϲϳϯ͘Ϭϱ
ĂŶŬŚĂƌŐĞƐ - - - - 34,472.92 - ϯϰ͕ϰϳϮ͘ϵϮ
^ƵŶĚƌǇĞǆƉĞŶƐĞƐ 3,189,495.11 - - - - - ϯ͕ϭϴϵ͕ϰϵϱ͘ϭϭ
^ƵďƐĐƌŝƉƚŝŽŶƐŝ͘Ğ͘W& - 343,784.61 231,000.00 - - 1,896,000.00 Ϯ͕ϰϳϬ͕ϳϴϰ͘ϲϭ
WƌŽƉĞƌƚǇǆƉĞŶƐĞƐ 2,733.00 - 10,755,000.00 - - - ϭϬ͕ϳϱϳ͕ϳϯϯ͘ϬϬ
dƌĂŶƐĨĞƌƚŽƌĞƐĞƌǀĞƐ 105,229,906.98 - 2,366,731.95 - - - ϭϬϳ͕ϱϵϲ͕ϲϯϴ͘ϵϯ
ƐƐĞƚĚĞǀĂůƵĂƚŝŽŶĞǆƉĞŶƐĞƐ;ĚĞƉƌĞĐŝĂƚŝŽŶĂŶĚĂŵŵŽƌƚŝƐĂƚŝŽŶͿ - - - - - - Ͳ
WƌŽǀŝƐŝŽŶĨŽƌďĂĚĚĞďƚƐ - - - - - - Ͳ
KƚŚĞƌǆƉĞŶƐĞƐ͗ϭͿ^ƉĞĐŝĨǇ - - 819,914.36 - 81,300.00 - ϵϬϭ͕Ϯϭϰ͘ϯϲ
KƚŚĞƌǆƉĞŶƐĞƐ͗ϮͿ^ƉĞĐŝĨǇ - - 10,989,774.45 - 114,608.08 14,170,666.16 Ϯϱ͕Ϯϳϱ͕Ϭϰϴ͘ϲϵ
KƚŚĞƌǆƉĞŶƐĞƐ͗ϯͿ^ƉĞĐŝĨǇ - - - - - - Ͳ
dŽƚĂůĚŵŝŶŝƐƚƌĂƚŝǀĞǆƉĞŶĚŝƚƵƌĞ ϭϭϵ͕ϰϳϵ͕Ϭϲϴ͘ϲϬ Ϯϳ͕ϵϵϵ͕ϳϮϲ͘ϲϭ ϭϯϰ͕Ϭϯϵ͕ϴϮϱ͘ϴϮ ϯ͕ϯϯϮ͕ϱϴϵ͕Ϭϳϯ͘ϬϬ ϰϴ͕ϯϳϲ͕ϵϮϱ͘ϰϴ ϭϯϰ͕Ϯϳϲ͕ϲϭϲ͘Ϯϳ ϯ͕ϳϵϲ͕ϳϲϭ͕Ϯϯϱ͘ϳϴ
Ͳ Ͳ
dŽƚĂůǆƉĞŶĚŝƚƵƌĞ ϭϰϳ͕ϰϲϲ͕ϲϵϬ͘ϵϵ ϲϵ͕Ϯϳϴ͕ϯϴϴ͘ϰϮ ϱϮϲ͕ϴϱϳ͕ϴϳϮ͘ϭϬ ϭϵ͕ϯϱϯ͕ϵϱϮ͕ϰϱϳ͘ϬϬ ϭϯϳ͕Ϯϴϭ͕ϳϬϲ͘ϵϯ ϱϯϰ͕Ϭϴϭ͕ϱϮϮ͘ϳϴ ϮϬ͕ϳϲϴ͕ϵϭϴ͕ϲϯϴ͘ϮϮ
Ͳ Ͳ
^ƵƌƉůƵƐͬ;ĞĨŝĐŝƚͿ Ϯϲϰ͕Ϯϭϲ͕ϲϬϱ͘ϭϴ ϴϭϭ͕ϵϵϮ͕ϯϰϮ͘ϱϭ ϭϭ͕ϱϰϬ͕ϵϵϮ͕ϯϮϴ͘Ϯϱ ϮϬϮ͕ϱϰϮ͕ϱϭϰ͕ϱϰϴ͘ϬϬ Ϯ͕ϯϲϳ͕ϵϴϮ͕ϰϲϰ͘ϲϰ ϳϱϴ͕ϵϵϴ͕ϭϴϲ͘ϵϵ Ϯϭϴ͕Ϯϴϲ͕ϲϵϲ͕ϰϳϱ͘ϱϳ

31

Annexure 4: Consolidated Statement of Financial Position for Insured Schemes per Insurer
EEyhZϰ
as at 31 December 2022
CBZ LifeC B Z L i f e F iLife

Fidelity d e l i t y L i f e First
F i rMutual
s t M uLife
t u al L i fe Old
Old Mu t u
Mutual al L i fe
Life ZBZLife
B L i fe Z iZimnat
m n a t Life
L i fe T o t Total
a l QQ4
4 22022
022
^^d^
ASSETS
Operating Assets
KƉĞƌĂƚŝŶŐƐƐĞƚƐ
Property
WƌŽƉĞƌƚǇ - Ͳ -
Ͳ -

Ͳ - - Ͳ-
Motor vehicles
DŽƚŽƌǀĞŚŝĐůĞƐ - Ͳ -
Ͳ -

Ͳ - - Ͳ-
Computer Hardware and Software
ŽŵƉƵƚĞƌ,ĂƌĚǁĂƌĞĂŶĚ^ŽĨƚǁĂƌĞ - Ͳ -
Ͳ -

Ͳ - - Ͳ-
Office furniture and fittings
KĨĨŝĐĞĨƵƌŶŝƚƵƌĞĂŶĚĨŝƚƚŝŶŐƐ - Ͳ -
Ͳ -

Ͳ - - Ͳ-
Other Operating Assets : ( Specify)
KƚŚĞƌKƉĞƌĂƚŝŶŐƐƐĞƚƐ͗;^ƉĞĐŝĨǇͿ
- Ͳ -
Ͳ -
Ͳ - - Ͳ-
Other Operating Assets : ( Specify)
KƚŚĞƌKƉĞƌĂƚŝŶŐƐƐĞƚƐ͗;^ƉĞĐŝĨǇͿ
-
Ͳ
-
Ͳ
-
Ͳ
- - Ͳ
-
Other Operating Assets : ( Specify) - - - - -
KƚŚĞƌKƉĞƌĂƚŝŶŐƐƐĞƚƐ͗;^ƉĞĐŝĨǇͿ Ͳ Ͳ Ͳ - Ͳ
Total operating assets - - - - - - -
dŽƚĂůŽƉĞƌĂƚŝŶŐĂƐƐĞƚƐ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ
Investment Assets ( Non- Current)
/ŶǀĞƐƚŵĞŶƚƐƐĞƚƐ;EŽŶͲƵƌƌĞŶƚͿ
Investment Property 42,612,603.46 3,723,739,999.99 10,887,536,485.42 161,143,707,432.00 441,159,646.83 7,444,692,033.14 183,683,448,201
/ŶǀĞƐƚŵĞŶƚWƌŽƉĞƌƚǇ
Equities - Quoted
42,612,603.46
416,489,697.60 ϯ͕ϳϮϯ͕ϳϯϵ͕ϵϵϵ͘ϵϵ
517,853,228.59 ϭϬ͕ϴϴϳ͕ϱϯϲ͕ϰϴϱ͘ϰϮ 81,217,515,982.00
3,646,460,858.93 ϭϲϭ͕ϭϰϯ͕ϳϬϳ͕ϰϯϮ͘ϬϬ 441,159,646.83
2,588,763,353.74
ϳ͕ϰϰϰ͕ϲϵϮ͕Ϭϯϯ͘ϭϰ
2,442,356,714.78 ϭϴϯ͕ϲϴϯ͕ϰϰϴ͕ϮϬϭ
90,829,439,836
ƋƵŝƚŝĞƐͲYƵŽƚĞĚ
- Unquoted 416,489,697.60
- ϱϭϳ͕ϴϱϯ͕ϮϮϴ͘ϱϵ
1,269,387,170.12 ϯ͕ϲϰϲ͕ϰϲϬ͕ϴϱϴ͘ϵϯ
620,378,748.34 ϴϭ͕Ϯϭϳ͕ϱϭϱ͕ϵϴϮ͘ϬϬ
27,270,075,085.00 2,588,763,353.74
145,233,468.65 Ϯ͕ϰϰϮ͕ϯϱϲ͕ϳϭϰ͘ϳϴ
321,508,466.16 ϵϬ͕ϴϮϵ͕ϰϯϵ͕ϴϯϲ
29,626,582,938
ͲhŶƋƵŽƚĞĚ
Prescribed Assets - Government Stock - - ϭ͕Ϯϲϵ͕ϯϴϳ͕ϭϳϬ͘ϭϮ
0.00 ϲϮϬ͕ϯϳϴ͕ϳϰϴ͘ϯϰ
960,958,156.01 Ϯϳ͕ϮϳϬ͕Ϭϳϱ͕Ϭϴϱ͘ϬϬ
0 145,233,468.65
84,771,052.58 ϯϮϭ͕ϱϬϴ͕ϰϲϲ͘ϭϲ 0.00 Ϯϵ͕ϲϮϲ͕ϱϴϮ͕ϵϯϴ
1,045,729,209
WƌĞƐĐƌŝďĞĚƐƐĞƚƐͲ'ŽǀĞƌŶŵĞŶƚ^ƚŽĐŬ
- Other prescribed assets 83,319,800.92 - 98,432.50 Ϭ͘ϬϬ37,951,340.34
ϵϲϬ͕ϵϱϴ͕ϭϱϲ͘Ϭϭ 23,519,640,322.00 Ϭ 84,771,052.58
117,607,496.47 991,521,703.12 Ϭ͘ϬϬ ϭ͕Ϭϰϱ͕ϳϮϵ͕ϮϬϵ
24,750,139,095
ͲKƚŚĞƌƉƌĞƐĐƌŝďĞĚĂƐƐĞƚƐ
Fixed interest securites e.g. bonds and debentures 83,319,800.92
- - ϵϴ͕ϰϯϮ͘ϱϬ ϯϳ͕ϵϱϭ͕ϯϰϬ͘ϯϰ
- Ϯϯ͕ϱϭϵ͕ϲϰϬ͕ϯϮϮ͘ϬϬ
5,632,253,797.00 117,607,496.47
1,631,958.10 ϵϵϭ͕ϱϮϭ͕ϳϬϯ͘ϭϮ- Ϯϰ͕ϳϱϬ͕ϭϯϵ͕Ϭϵϱ
5,633,885,755
Loans and/or Mortgages on Property ( excluding staff)
&ŝǆĞĚŝŶƚĞƌĞƐƚƐĞĐƵƌŝƚĞƐĞ͘Ő͘ďŽŶĚƐĂŶĚĚĞďĞŶƚƵƌĞƐ - - -
Ͳ - -
Ͳ -
ϱ͕ϲϯϮ͕Ϯϱϯ͕ϳϵϳ͘ϬϬ 1,631,958.10 Ͳ
- -
ϱ͕ϲϯϯ͕ϴϴϱ͕ϳϱϱ
Staff loans and Mortgages
>ŽĂŶƐĂŶĚͬŽƌDŽƌƚŐĂŐĞƐŽŶWƌŽƉĞƌƚǇ;ĞǆĐůƵĚŝŶŐƐƚĂĨĨͿ - - Ͳ
- Ͳ
- - Ͳ - - Ͳ
2741694.83
2,741,695 Ͳ
Long-term deposits
^ƚĂĨĨůŽĂŶƐĂŶĚDŽƌƚŐĂŐĞƐ - - -
Ͳ - -
Ͳ Ͳ - - -
Ϯϳϰϭϲϵϰ͘ϴϯ Ϯ͕ϳϰϭ͕ϲϵϱ -
Other non-current assets :(Specify)
>ŽŶŐͲƚĞƌŵĚĞƉŽƐŝƚƐ - - -
Ͳ - -
Ͳ Ͳ - - 23067237
Ͳ 23,067,237

Ͳ
KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ͗;^ƉĞĐŝĨǇͿ - - -
Ͳ - -
Ͳ Ͳ - - -
ϮϯϬϲϳϮϯϳ Ϯϯ͕Ϭϲϳ͕Ϯϯϳ -
KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ͗;^ƉĞĐŝĨǇͿ - - -
Ͳ - -
Ͳ Ͳ - - -
Ͳ Ͳ-
Total non-current investment assets
KƚŚĞƌŶŽŶͲĐƵƌƌĞŶƚĂƐƐĞƚƐ͗;^ƉĞĐŝĨǇͿ 542,422,102

Ͳ 5,511,078,831
Ͳ 16,153,285,589
Ͳ Ͳ 298,783,192,618 - 3,379,166,976 11,225,887,849
Ͳ 335,595,033,966

Ͳ
Investment Assets (Current)
dŽƚĂůŶŽŶͲĐƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚĂƐƐĞƚƐ ϱϰϮ͕ϰϮϮ͕ϭϬϮ ϱ͕ϱϭϭ͕Ϭϳϴ͕ϴϯϭ ϭϲ͕ϭϱϯ͕Ϯϴϱ͕ϱϴϵ Ϯϵϴ͕ϳϴϯ͕ϭϵϮ͕ϲϭϴ ϯ͕ϯϳϵ͕ϭϲϲ͕ϵϳϲ ϭϭ͕ϮϮϱ͕ϴϴϳ͕ϴϰϵ ϯϯϱ͕ϱϵϱ͕Ϭϯϯ͕ϵϲϲ
Prescribed Assets - Government Stock - 0 0 0 0 0 -
/ŶǀĞƐƚŵĞŶƚƐƐĞƚƐ;ƵƌƌĞŶƚͿ
- Other prescribed assets - 21402664 0 0 0 0 21,402,664
WƌĞƐĐƌŝďĞĚƐƐĞƚƐͲ'ŽǀĞƌŶŵĞŶƚ^ƚŽĐŬ
Fixed interest securites - - - Ϭ - - Ϭ - Ϭ 0 - Ϭ Ͳ-
ͲKƚŚĞƌƉƌĞƐĐƌŝďĞĚĂƐƐĞƚƐ
Cash at Bank Ͳ
14,345,944.12 132601256 ϮϭϰϬϮϲϲϰ - Ϭ 4,580,095,328.00 Ϭ 4,141,854.64 0 329414469.7 Ϭ Ϯϭ͕ϰϬϮ͕ϲϲϰ
5,060,598,852
&ŝǆĞĚŝŶƚĞƌĞƐƚƐĞĐƵƌŝƚĞƐ
Money Market investments
- Ͳ 65,859,514.50
Ͳ223,742,548.51
Ͳ Ͳ 7,239,202,099.00 - 128,999,984.75 Ͳ
695,485,709.92
8,353,289,857 Ͳ
ĂƐŚĂƚĂŶŬ
Staff loans 14,345,944.12
- -ϭϯϮϲϬϭϮϱϲ Ͳ
- - ϰ͕ϱϴϬ͕Ϭϵϱ͕ϯϮϴ͘ϬϬ
- 4,141,854.64 ϯϮϵϰϭϰϰϲϵ͘ϳ
- ϱ͕ϬϲϬ͕ϱϵϴ͕ϴϱϮ -
DŽŶĞǇDĂƌŬĞƚŝŶǀĞƐƚŵĞŶƚƐ
Other short term loans - - ϲϱ͕ϴϱϵ͕ϱϭϰ͘ϱϬ
- ϮϮϯ͕ϳϰϮ͕ϱϰϴ͘ϱϭ
- - ϳ͕Ϯϯϵ͕ϮϬϮ͕Ϭϵϵ͘ϬϬ
- 128,999,984.75 ϲϵϱ͕ϰϴϱ͕ϳϬϵ͘ϵϮ - ϴ͕ϯϱϯ͕Ϯϴϵ͕ϴϱϳ -
^ƚĂĨĨůŽĂŶƐand interest recievable
Dividends 74,062.00 - Ͳ
- Ͳ
- - Ͳ - - Ͳ
-
74,062.00 Ͳ
Other current assets( Consumable Stock)
KƚŚĞƌƐŚŽƌƚƚĞƌŵůŽĂŶƐ
- Ͳ Ͳ
- Ͳ
- - Ͳ - - Ͳ
- Ͳ-
Other current assets( Specify)
ŝǀŝĚĞŶĚƐĂŶĚŝŶƚĞƌĞƐƚƌĞĐŝĞǀĂďůĞ 326,786.76 74,062.0012,847,790.59 - -
Ͳ Ͳ Ͳ - - Ͳ-
13,174,577.35
ϳϰ͕ϬϲϮ͘ϬϬ
KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ;ŽŶƐƵŵĂďůĞ^ƚŽĐŬͿ - - -
Ͳ - -
Ͳ Ͳ - - Ͳ- Ͳ-
Total current investment assets
KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ;^ƉĞĐŝĨǇͿ ϯϮϲ͕ϳϴϲ͘ϳϲ 232,711,225.11
14,746,792.88 ϭϮ͕ϴϰϳ͕ϳϵϬ͘ϱϵ 223,742,548.51
Ͳ Ͳ
11,819,297,427.00 -133,141,839.39 Ͳ
1,024,900,179.61 13,448,540,012.50
ϭϯ͕ϭϳϰ͕ϱϳϳ͘ϯϱ
KƚŚĞƌĐƵƌƌĞŶƚĂƐƐĞƚƐ;^ƉĞĐŝĨǇͿ Ͳ Ͳ Ͳ Ͳ Ͳ Ͳ
Ͳ
Contribution arrears (Age analysis on
dŽƚĂůĐƵƌƌĞŶƚŝŶǀĞƐƚŵĞŶƚĂƐƐĞƚƐ ϭϰ͕ϳϰϲ͕ϳϵϮ͘ϴϴ ϮϯϮ͕ϳϭϭ͕ϮϮϱ͘ϭϭ ϮϮϯ͕ϳϰϮ͕ϱϰϴ͘ϱϭ ϭϭ͕ϴϭϵ͕Ϯϵϳ͕ϰϮϳ͘ϬϬ ϭϯϯ͕ϭϰϭ͕ϴϯϵ͘ϯϵ ϭ͕ϬϮϰ͕ϵϬϬ͕ϭϳϵ͘ϲϭ ϭϯ͕ϰϰϴ͕ϱϰϬ͕ϬϭϮ͘ϱϬ
Debtors form) 16,765,255.37 66,139,849.62 619,734,720.67 1,784,907,652.00 14,248,135.75 84,676,419.05 2,586,472,032.46
Rental arrears (Age analysis on Debtors
ŽŶƚƌŝďƵƚŝŽŶĂƌƌĞĂƌƐ;ŐĞĂŶĂůǇƐŝƐŽŶĞďƚŽƌƐĨŽƌŵͿ 16,765,255.37 ϲϲ͕ϭϯϵ͕ϴϰϵ͘ϲϮ ϲϭϵ͕ϳϯϰ͕ϳϮϬ͘ϲϳ ϭ͕ϳϴϰ͕ϵϬϳ͕ϲϱϮ͘ϬϬ 14,248,135.75 ϴϰ͕ϲϳϲ͕ϰϭϵ͘Ϭϱ Ϯ͕ϱϴϲ͕ϰϳϮ͕ϬϯϮ͘ϰϲ
form) - - - - - 2,909,996.86 2,909,996.86
ZĞŶƚĂůĂƌƌĞĂƌƐ;ŐĞĂŶĂůǇƐŝƐŽŶĞďƚŽƌƐĨŽƌŵͿ Ͳ Ͳ Ͳ Ͳ - Ϯ͕ϵϬϵ͕ϵϵϲ͘ϴϲ Ϯ͕ϵϬϵ͕ϵϵϲ͘ϴϲ
TOTAL ASSETS 573,934,150.23 5,809,929,905.93 16,996,762,858.22 312,387,397,697.00 3,526,556,951.51 12,338,374,444.55 351,632,956,007.44
dKd>^^d^ ϱϳϯ͕ϵϯϰ͕ϭϱϬ͘Ϯϯ ϱ͕ϴϬϵ͕ϵϮϵ͕ϵϬϱ͘ϵϯ ϭϲ͕ϵϵϲ͕ϳϲϮ͕ϴϱϴ͘ϮϮ ϯϭϮ͕ϯϴϳ͕ϯϵϳ͕ϲϵϳ͘ϬϬ ϯ͕ϱϮϲ͕ϱϱϲ͕ϵϱϭ͘ϱϭ ϭϮ͕ϯϯϴ͕ϯϳϰ͕ϰϰϰ͘ϱϱ ϯϱϭ͕ϲϯϮ͕ϵϱϲ͕ϬϬϳ͘ϰϰ
-
Ͳ
LIABILITIES
>//>/d/^
Reserves: Active members 274,266,075.50 5,809,287,862.34 9,267,259,566.28 311,420,745,683.00 3,505,599,845.43 10,321,132,204.00 340,598,291,236.55
ZĞƐĞƌǀĞƐ͗ĐƚŝǀĞŵĞŵďĞƌƐ
Reserves: Deffered pensioners
Ϯϳϰ͕Ϯϲϲ͕Ϭϳϱ͘ϱϬ
-
ϱ͕ϴϬϵ͕Ϯϴϳ͕ϴϲϮ͘ϯϰ
-
ϵ͕Ϯϲϳ͕Ϯϱϵ͕ϱϲϲ͘Ϯϴ
2,557,678,197.51
ϯϭϭ͕ϰϮϬ͕ϳϰϱ͕ϲϴϯ͘ϬϬ
589,929,389.00 -
3,505,599,845.43 ηηηηηηηηηηηηηη ϯϰϬ͕ϱϵϴ͕Ϯϵϭ͕Ϯϯϲ͘ϱϱ
1,356,347,403.22 4,503,954,989.73
ZĞƐĞƌǀĞƐ͗ĞĨĨĞƌĞĚƉĞŶƐŝŽŶĞƌƐ
Reserves: Unclaimed benefits Ͳ
3,120,370.13 Ͳ
173,154.78 Ϯ͕ϱϱϳ͕ϲϳϴ͕ϭϵϳ͘ϱϭ
494,604,118.45 376,722,625.00
-
ϱϴϵ͕ϵϮϵ͕ϯϴϵ͘ϬϬ 14,031,483.39 ϭ͕ϯϱϲ͕ϯϰϳ͕ϰϬϯ͘ϮϮ
138,635,236.34 ϰ͕ϱϬϯ͕ϵϱϰ͕ϵϴϵ͘ϳϯ
1,027,286,988.09
ZĞƐĞƌǀĞƐ͗hŶĐůĂŝŵĞĚďĞŶĞĨŝƚƐ
Other Reserves: Specify 3,120,370.13 ϭϳϯ͕ϭϱϰ͘ϳϴ
28,057,499.57 - ϰϵϰ͕ϲϬϰ͕ϭϭϴ͘ϰϱ
7,334,806.67 - ϯϳϲ͕ϳϮϮ͕ϲϮϱ͘ϬϬ
- 14,031,483.39 ϭϯϴ͕ϲϯϱ͕Ϯϯϲ͘ϯϰ - ϭ͕ϬϮϳ͕Ϯϴϲ͕ϵϴϴ͘Ϭϵ
35,392,306.24
KƚŚĞƌZĞƐĞƌǀĞƐ͗^ƉĞĐŝĨǇ
Other Reserves: Specify 28,057,499.57
- Ͳ ϳ͕ϯϯϰ͕ϴϬϲ͘ϲϳ
468,888.80 - - Ͳ - - Ͳ
- ϯϱ͕ϯϵϮ͕ϯϬϲ͘Ϯϰ
468,888.80
Other Reserves: Specify
- Ͳ ϰϲϴ͕ϴϴϴ͘ϴϬ
- Ͳ
3,588,555.74 - Ͳ - - Ͳ- ϰϲϴ͕ϴϴϴ͘ϴϬ
3,588,555.74
Provisions: Withdrawals
- Ͳ Ͳ
- ϯ͕ϱϴϴ͕ϱϱϱ͘ϳϰ
123,745,631.78 - Ͳ - - Ͳ
-
123,745,631.78
ϯ͕ϱϴϴ͕ϱϱϱ͘ϳϰ
Provisions:Contribution
WƌŽǀŝƐŝŽŶƐ͗tŝƚŚĚƌĂǁĂůƐ arrears
- Ͳ Ͳ
- ϭϮϯ͕ϳϰϱ͕ϲϯϭ͘ϳϴ
- - Ͳ - - Ͳ
- ϭϮϯ͕ϳϰϱ͕ϲϯϭ͘ϳϴ -
Provisions: Other Bad debts
WƌŽǀŝƐŝŽŶƐ͗ŽŶƚƌŝďƵƚŝŽŶĂƌƌĞĂƌƐ -
Ͳ -
Ͳ - -Ͳ
Ͳ - - - -Ͳ
Ͳ
Provisions: Leave Pay
WƌŽǀŝƐŝŽŶƐ͗KƚŚĞƌĂĚĚĞďƚƐ -
Ͳ -
Ͳ - -
Ͳ Ͳ - - - -Ͳ
Ͳ
Provisions:Rental arrears
WƌŽǀŝƐŝŽŶƐ͗>ĞĂǀĞWĂǇ -
Ͳ -
Ͳ - -
Ͳ Ͳ - - - -Ͳ
Ͳ
Other Provisions: Specify
WƌŽǀŝƐŝŽŶƐ͗ZĞŶƚĂůĂƌƌĞĂƌƐ -
Ͳ -
Ͳ - -
Ͳ Ͳ 6,455,544.58
- -
Ͳ 6,455,544.58 Ͳ
KƚŚĞƌWƌŽǀŝƐŝŽŶƐ͗^ƉĞĐŝĨǇ -
Ͳ -
Ͳ - -
Ͳ Ͳ
68,388.32
6,455,544.58 - ϲ͕ϰϱϱ͕ϱϰϰ͘ϱϴ
Ͳ 68,388.32
KƚŚĞƌWƌŽǀŝƐŝŽŶƐ͗^ƉĞĐŝĨǇ -
Ͳ -
Ͳ - -
Ͳ Ͳ
- 68,388.32 - ϲϴ͕ϯϴϴ͘ϯϮ
Ͳ -
Arrear pension benefits 73,013.53 - - - - - 73,013.53
KƚŚĞƌWƌŽǀŝƐŝŽŶƐ͗^ƉĞĐŝĨǇ Ͳ Ͳ Ͳ Ͳ - Ͳ
Ͳ
Sundry Creditors 3,214,279.15 - - - - - 3,214,279.15
ƌƌĞĂƌƉĞŶƐŝŽŶďĞŶĞĨŝƚƐ ϳϯ͕Ϭϭϯ͘ϱϯ Ͳ Ͳ Ͳ - Ͳ
ϳϯ͕Ϭϭϯ͘ϱϯ
Other Creditors (specify)
^ƵŶĚƌǇƌĞĚŝƚŽƌƐ -
ϯ͕Ϯϭϰ͕Ϯϳϵ͘ϭϱ -
Ͳ - -
Ͳ Ͳ - - - ϯ͕Ϯϭϰ͕Ϯϳϵ͘ϭϱ
Ͳ -
TOTAL LIABILITIES 308,731,237.88 5,809,929,905.92 12,454,210,876.43 312,387,397,697.00 3,526,155,261.72 11,816,114,843.56 346,302,539,822.51
KƚŚĞƌƌĞĚŝƚŽƌƐ;ƐƉĞĐŝĨǇͿ Ͳ Ͳ Ͳ Ͳ - Ͳ
Ͳ
2,493,470.00

dKd>>//>/d/^ ϯϬϴ͕ϳϯϭ͕Ϯϯϳ͘ϴϴ ϱ͕ϴϬϵ͕ϵϮϵ͕ϵϬϱ͘ϵϮ ϭϮ͕ϰϱϰ͕ϮϭϬ͕ϴϳϲ͘ϰϯ ϯϭϮ͕ϯϴϳ͕ϯϵϳ͕ϲϵϳ͘ϬϬ ϯ͕ϱϮϲ͕ϭϱϱ͕Ϯϲϭ͘ϳϮ ϭϭ͕ϴϭϲ͕ϭϭϰ͕ϴϰϯ͘ϱϲ ϯϰϲ͕ϯϬϮ͕ϱϯϵ͕ϴϮϮ͘ϱϭ
NET ASSETS 265,202,912.35 0.01 4,542,551,981.79 - 401,689.79 522,259,600.99 5,330,416,184.93
Ϯ͕ϰϵϯ͕ϰϳϬ͘ϬϬ
Ed^^d^ Ϯϲϱ͕ϮϬϮ͕ϵϭϮ͘ϯϱ Ϭ͘Ϭϭ ϰ͕ϱϰϮ͕ϱϱϭ͕ϵϴϭ͘ϳϵ Ͳ ϰϬϭ͕ϲϴϵ͘ϳϵ ϱϮϮ͕Ϯϱϵ͕ϲϬϬ͘ϵϵ ϱ͕ϯϯϬ͕ϰϭϲ͕ϭϴϰ͘ϵϯ
Ϯ͕ϰϵϯ͕ϰϳϬ͘ϬϬ Ϯ͕ϰϵϯ͕ϰϳϬ͘ϬϬ Ϯ͕ϰϵϯ͕ϰϳϬ͘ϬϬ Ϯ͕ϰϵϯ͕ϰϳϬ͘ϬϬ
32

Annexure 5: Consolidated Statement of Comprehensive Income for Self-Administered Funds for the
year ended 31 December 2022
Fidelity Life Nyaradzo Life Old Mutual Life Zimnat Life

Capitol Insurance Comarton Assurance First Mutual Life Bright Employee Minerva Benefits Assurance Assurance Assurance
Brokers ZB Life Consultants Econet Life Company Assurance Benefits Consulting Company Company ZIB Company Total Q4 2022
Year to date Contributions

(Including arrears) 245,746,500 2,054,496,443 4,079,710 2,338,825,043
- 2,302,275,152 15,129,526,646 348,133,558 8,101,056,843 5,642,765 176,394,695 30,706,177,354
Interest on contribution arrears - 21,298,562 - - - - - - 21,298,562
Transfer from other funds - 9,044,321 - - 231,114,045 2,345,700,962 - 9,153,104 - - 2,595,012,432
Transfer to other funds - (45,818,571) - - (326,997,626) 69,901 - - (372,746,296)
Rental Income 13,172,119 - 173,745,985 67,402 12,357,159 325,638,532 1,268,705,930 122,781 421,595,746 12,367,336 2,227,772,991
Interest from Investments 3,346,321 110,119,193 77,421 2,841,250 515,849,307 1,412,145,872 122,786,881 11,880,964,044 5,917,607 14,054,047,896
Dividends from investments - 163,166,859 197,641 57,379,224 227,472,267 1,834,476,817 42,527,305 968,580,819 999,276 20,645,955 3,315,446,162
GLA Premiums received - 36,349,414 - - 41,378,430 (54,583,240) 2,284,314 - 25,428,919
GLA Premiums (paid) - (134,835,491) - - (98,526,842) - (108,828,414) - (342,190,747)
Profit/ (losses) on disposals
investments - 200,206,921 1,901,932 1,928,511,692 14,094,529,831 - 2,303,669,790 230,267,858 18,759,088,024
Fair value gains (Losses) 48,529,013 9,175,942,499 21,146,738 1,454,535,484 115,110,271,139 1,003,173,621 23,145,030,267 116,777,823 1,492,892,495 151,568,299,080
Other income : 1) Specify 80,011 649,613 3,263 871,942,690 1,619,471,567 - 3,633,228,972 6,438,279 67,883,888 6,199,698,283
Other income : 2) Specify - 6,590,673 - - 183,348 19,466,789,660 84,632 6,259,166 19,479,907,479
Other income : 3) Specify - 38,107,527 - - 1,823,523,788 - - 1,861,631,315
Total Income 13,172,119 297,701,845 11,809,063,948 4,079,710 23,394,397 6,666,392,542 3,176,824,833 154,638,352,552 1,558,375,825 69,766,657,593 132,227,090 2,012,629,000 250,098,871,453
EXPENDITURE
Benefits
Year to date pension benefits - 373,549,699 - - 129,254,754 2,237,158,546 519,601,685 - 3,259,564,683

Retrenchments and
retirements 8,086,000 104,157,166 - (608,566) 319,279,110 2,944,592,891 2,623,881,835 83,581,276 6,082,969,713
Resignations,dismissals - 95,342,811 548,009,665
- 305,294,312 3,535,310,128 49,827,509 961,881,719 2,254,336 94,521,926 5,592,442,405
Full commutations - 2,545,196 - - 429,273,222 111,079,425 - - 3,921,292 - 546,819,134
Part commutations paid after
initial 1/3 commutations or
refund - - - - 28,860,998 - 1,805,370 1,748,883 - 32,415,251
Death benefits 6,893,200 37,518,586 20,891,853
- 76,944,730 190,422,516 - 504,452,504 - 837,123,389
Disability benefits - 313,602 - - 8,050,453 - 3,575,351 - 11,939,406
GLA Benefits - 35,845,836 171,606,419
- 66,936,861 758,812,171 40,018,364 34,609,935 4,596,620 1,112,426,206
Other Benefits:1)Specify 38,048,668 - - 1,545 722,265 24,880,685 30,578,350 12,106,502 - 106,338,015
Other Benefits:2)Specify 49,150,500 - - - 19,913,798 - - - 69,064,298
Other Benefits:3)Specify - - - - - - - -
Total Benefits - 102,178,368 649,272,895 - - 739,900,916 1,384,530,504 9,802,256,362 120,424,222 4,661,914,901 7,924,510 182,699,822 17,651,102,500
Administrative Expenses
Commissions/Deductions to
NEC - - - - - - 1,609,857 1,609,857
Staff costs 10,584,925 - - - - - - 10,584,925
Admin Expenses 35,300,064 211,341,690 203,985 8,871 74,835,692 188,920,910 798,437,182 17,492,215 248,188,462 427,482 12,895,712 1,588,052,266
Investment Management
Expenses 282,811 101,352,262 241,222 32,280,453 258,458,483 805,385,630 - 451,524,156 823,295 13,065,658 1,663,413,970
Actuarial fees - 29,052,810 -8,337,199 26,533,405 123,935,592 4,028,000 26,901,786 29,898 3,600,000 222,418,690
Audit fees 5,000,000 32,955,565 13,716,642
- 44,629,473 141,986,204 3,150,000 57,071,942 171,000 7,129,925 305,810,751
Legal fees 511,088 816,445 - - 96,769,654 - 1,774,321 - 99,871,509
Board Expenses - 25,094,638 - - 4,299,799 7,354,138 50,000 1,336,500 3,566,333 41,701,409
IPEC Levies - 8,457,016 -4,522,697 19,363,466 99,885,341 - 52,439,359 125,908 566,043 185,359,829
Bank Charges 248,544 164,800 30,129,871 6,520 26,584,865 31,676,728 53,199,327 2,393,268 15,048,796 146,284 393,985 159,992,987
Sundry expenses - 1,655,946 41,942,643
- 56,910,606 862,238,276 - 7,000 - 962,754,471
Subscriptions i.e. ZAPF 570,240 14,005,944 - 282,960 9,525,092 49,441,903 1,341,000 6,426,313 410,000 82,003,452
Property Expenses 4,083,300 - 29,214,093 - 392,727 35,051,334 200,352,541 - 67,398,960 991,969 337,484,925
Transfer to reserves - - - - 211,047,125 - - - 211,047,125
Asset devaluation expenses (
depreciation and
ammortisation) 375,712 - (633,744,007)
- - - 67,500 (633,300,795)
Provision for bad debts - 1,118,000 - - 45,432,668 - - - 46,550,668
Other Expenses:1)Specify 6,143,813 8,482,833 -4,581,063 212,788 758,812,171 14,000 6,080,207 2,627,208 1,302,604 788,256,687
Other Expenses:2)Specify 9,000,000 8,261,719 22,513,042
- 74,706,140 136,065 9,919,242 1,374,813 125,911,021
Other Expenses:3)Specify 5,020,375 1,528,430 -1,367,170 14,523,514 260,714 312,247 23,012,450
Total Administrative
Expenditure 4,331,844 72,953,828 503,467,262 203,985 256,613 (402,386,854) 886,629,208 4,117,936,767 43,128,062 944,377,759 4,351,075 47,286,646 6,222,536,196
Total Expenditure 4,331,844 175,132,196 1,152,740,157 203,985 256,613 337,514,062 2,271,159,712 13,920,193,129 163,552,284 5,606,292,660 12,275,585 229,986,468 23,873,638,696
Surplus / (Deficit) 8,840,275 122,569,649 10,656,323,791 3,875,724 23,137,784 6,328,878,481 905,665,122 140,718,159,423 1,394,823,540 64,160,364,932 119,951,504 1,782,642,532 226,225,232,757
33
Annexure 6: Consolidated Statement of Financial Position for Self-Administered Pension
Funds as at 31 December 2022

Capitol Insurance Comarton Assurance First Mutual Life Nyaradzo Life
Bright Employee Minerva Benefits Assurance Assurance Assurance Zimbabwe
ASSETS Capitol Insurance
Brokers ZB Life Comarton
Consultants Fidelity Life Assurance
Econet Life First Mutual Life
Company Assurance Minerva Benefits Consulting
Benefits Assurance Old Mutual Life Assurance
Company Company Zimnat LifeCompany
Assurance Insurance
Zimbabwe
Brokers Total Q4 2022
Operating Assets Brokers ZB Life Consultants Company Assurance Bright Employee Benefits Consulting Company Company Company Insurance Brokers Total Q3 2022
Property 560,000,000 - - - 560,000,000
Assetsvehicles
Motor - - - 10,265,009 - - 10,265,009
Computer Hardware and Software 565,799 - - - - - 565,799
Operating Assets
Office furniture and fittings 322,765 - - - - - 322,765
Property
Other Operating Assets : ( Specify) 497,600,000.00 750,665 - - - 18,027,689.40 - - 515,627,689
750,665
Other
MotorOperating
vehicles Assets : ( Specify) - - - - - - - - 9,328,383 - - 9,328,383 -
Other Operating Assets : ( Specify) - - - - - - - -
Computer Hardware and Software
Total operating assets 560,000,000
-505,741.00
1,639,228 - - -
-- - 10,265,009 - - - -
505,741
571,904,237
Office furnit ure
Investment and(fiNon-
Assets t tings Current) -414,982.50 - - - - 414,983 -
Investment Property 88,000,000 6,742,735,120 53,003,268 2,397,970,033 19,288,732,510 75,445,728,630 27,740,691 42,014,477 104,085,924,727
Equities - Quoted
Other Operating Assets : ( Specify) - 1,623,379 129,430,251
266,441.50 8,262,275,451 77,611,198 4,479,604,542
- 21,644,399,930 65,915,992,266 1,882,365,060 33,301,250,611 1,143,289,548 78,759,647 136,916,601,883
266,442
- Unquoted - 2,190,170,810 - 300,759,753 116,191,558 2,228,963,979 34,749,122 31,741,972,396 744,994,997 37,357,802,615
Other Operati
Prescribed Assetsng Assets : ( Specify)Stock
- Government -284,935.00- 424,029,573 - -
15,124,459 2,159,485,078 94,644,383 56,459,663 284,935
2,749,743,156
Other Operati- Other
ng Assets : ( Specify)assets
prescribed - 24,326,197 -888,483,024 1,540,447 -
23,116,578 646,264,283 32,122,809,160 161,215,475 44,396,055 - -
33,912,151,219
Fixed
Totalinterest
operatingsecurites
assets e.g. bonds and 497,600,000 1,472,100 - - - 18,027,689 9,328,383 - - - - 526,428,172
debentures - - 20,049,298 102,190,373 957,281,704 7,925,158,941 324,002,940 9,328,683,256
Investment
Loans and/orAssets ( Non- Current)
Mortgages on Property ( -
Investmentstaff)
excluding Property 13,000,000.00
- - 5,638,874,798.58- 16,318,207.34 5,271,368,200.94 16,079,140,286.21
750,000 56,266,324,224 600,890
110,586,472 35,094,212.26 23,148,161,546.00
31,680 621,105,835.00
- 36,019,712.69 107,125,407,023
111,969,042
Staff
Equiloans and Mortgages
t ies - Quoted 1,623,378.71 105,510,244.71- 10,000
6,664,550,642.39 64,020,489.84 4,565,381,549.50 - 108,966,679
20,841,572,961.94 51,379,393,874 381,233,690
1,526,454,778.88 64,284
25,300,964,003.15 -
606,631,009.00 490,274,653
68,797,345.00 111,124,900,277
Long-term deposits - - - 203,183,754 2,123,626,113 - 20,000 2,326,829,867
- Unquoted - 1,708,781,812.68
- - 120,188,361.87 267,255,702.66 10,973,741,098 14,705,514.71 67,441,376.00 56,459,663.00 13,208,573,529
Other non-current assets :(Specify) - - 481,544,264 803,661,062 692,779 - - 1,285,898,105
Prescrinon-current
Other bed Assets - assets
Government Stock
:(Specify) - - 399,503,927.66
- - - 102,426,554.47 -1,578,881,997.71 - 2,247,142,604 - 102,807,871.00
17,407,850,842 -- 2,183,620,351
19,654,993,446
- Other:(Specify)
Other non-current assets prescribed assets - - 630,164,385.06
- - 1,037,627.03 10,684,507.00 1,790,096,945270,929,177.73 21,287,847,4178,814,208,185
115,987,484 91,877,982.67 6,677,795,273.96
1,486,657,825 267,566,134.83
- 29,237,902,505
12,206,950,439
Fixednon-current
Total interest securiinvestment
t es e.g. bonds and debentures 1,623,379
assets -
241,756,447 - -
18,507,703,978 - - 132,154,913
42,924,750.02 9,509,015,871451,957,210.88 2,441,517,357
45,299,649,184 190,238,280,000 - 2,106,070,347 33,093,452.97
92,002,027,018 2,268,767,148 - 2,969,492,771
120,774,124 360,427,822,409
Loans and/orAssets
Investment Mortgages
(Current)on Property ( excluding staff) - - - - 70,752,091.82 484,002,742
- - 61,182.00
92,002,027,018 2,268,767,148 - 554,816,016
94,270,794,166
Prescribed Assets - Government Stock - - - 159,725,511 - 159,725,511
Staff loans and Mortgages - - - - 750,000.00 107,338,078.08 2,685,638 - - 20,000.00 110,793,716
- Other prescribed assets - - - 44,748 - 99,256,594 58,519,785 - 20,827 157,841,954
Long-term
Fixed interestdeposi ts
securites - - - -- - - - 203,181,955.1110,574,834
1,893,788,259 - - - -- 2,096,970,214
10,574,834
Otheratnon-current
Cash Bank assets :(Specify) 2,400,000 - 15,656,650 -267,636,080
- - 3,139,692 - 370,081,14830,220,208.08
956,993,70525,667,6428,430,869,108 - 87,472,654 20,799,773,851.00
2,827,651,085 -- 1,387,002 20,855,661,701
12,963,287,123
Money Market investments 69,000,000 610,631,370 435,231,512 204,677,509 2,040,786,764 17,335,857 1,103,222,031 102,476,802 4,956,356 4,588,318,202
Staff loans - - - 1,725,526 10,950,600 12,676,126
Other non-current assets :(Specify) - - -- 201,319,633.43 - 3,171,344,522 - 1,024,257,387.00 - 4,396,921,542
Other short term loans - - - 2,060,397,505 - - 2,060,397,505
Dividends and interest recievable - - 13,809,278
- - - 72,575104,865,484.0041,873,028 - - - - -- 55,754,881
104,865,484
Total non-current
Other investment
current assets( assets Stock)
Consumable 1,623,379 - 118,510,245 15,041,875,566 - 81,376,324 10,113,723,924 -39,901,229,670 2,975,670
147,926,312,773 1,668,132,489 77,154,355,943
14,166,619 1,551,782,642
1,544,298 104,817,058
(137,318) 293,663,740,012
18,549,268
Other currentAssets
Investment assets( Specify)
(Current) 54,038 2,811,807 260,698,763 69,820,047 38,524,818 -- 3,760,483
- 375,669,956
-
Other current assets( Specify) 4,725,000 409,447 3,345,252 353,524,184 27,606,570 1,107,596 30,092,358 831,825 780,325 422,422,558
Prescribed Assets - Government Stock - - - - - 229,233,969.32 - - - - 229,233,969
Total current investment assets 2,400,000 89,435,688 895,297,982 - 3,139,692 1,069,429,250 1,801,934,761 12,559,659,947 205,172,702 4,072,176,696 115,803,525 10,767,676 20,825,217,918
Contribution arrears-(AgeOtheranalysis
prescribed
on assets - - - - - 2,250,241.48 87,033,783.09 47,024,394.00 - 63,642.33 136,372,061
Debtors form) securit es
Fixed interest - - -193,595,422
- - - 919,402,485258,729,884.17
238,454,107 2,596,747,570 -
60,298,819 389,748,223
10,093,310.00 147,101,755 - 2,034,982
310,946.10 4,547,383,363
269,134,140
Rental arrears (Age analysis on Debtors
Cash at Bank 2,400,000.00 24,022,012.79 91,976,533.58 7,488,977.66 158,106,008.82 547,820,975.32 6,204,438,789 29,804,869.66 2,369,594,057.04 97,660,050.00 20,196.17 9,533,332,470
form) - 23,893,187 62,330 34,097,891 220,478,565 137,376,598 30,709,309 446,617,879
MoneyASSETS
TOTAL Market investments 564,023,379 10,981,401.19
-
332,831,363 808,991,142.46
19,620,490,569 - - 135,294,605
71,166,919.39 11,497,909,936358,543,519.06 1,447,376,033
47,374,135,943 21,632,589.96 2,371,541,867
205,625,431,091 754,933,293.00
96,601,328,535 18,466,832.00
2,562,381,737 4,537,953.26
133,576,782 3,496,629,683
386,818,945,806
Staff loans - - 2,493,470 - - - - 2,493,470 1,573,161.03 - - - 1,573,161
2,493,470
LIABILITIES 2,493,630
Other short term loans
Reserves: Active members 564,023,379
- -
- -- - 135,294,605 - - - 723,081,094 24,348,678
1,186,242
- -
95,100,429,370
- 119,346
723,081,094
95,825,401,619
Div idendsDeffered
Reserves: and interest recievable
pensioners - - 31,067,006.14
- 448,560 1,178.64 4,784,951.75 - 36,028,944.28
732,861,83511,450,588
- - - - 2,384,643.92
2,390,101,689 - 85,717,313
3,123,412,084
Reserves: Unclaimed
Other current assets( benefits
Consumable Stock) - - - 316,997 - - - 383,562,861 6,709,276.81
213,572,119 3,074,590,348 - 17,603,637 15,237,600
6,600,121.00 -- 3,704,883,561
13,309,398
Other Reserves: Specify (356,491,794) - - 327,079,535 5,934,463,723 4,252,585 31,984,928 5,941,288,977
Other Reserves: Specify - 52,542.52
242,542,530 41,890,238.40- - 587,050,447.73 - 83,007,425.35 373,296 - 28,299,373.00
1,271,770 228,974.21
- 1,576,670.44 742,105,672
244,187,596
OtherReserves:
Specify -
3,543,200.00
- 4,105,520.28- - 1,384,941.83 - 327,009,533.67 1,114,398.65 21,575,865.00
92,865,579 -- 512,407.47 359,245,867
92,865,579
Provisions: Withdrawals - 19,267,704 - 10,949,871 460,052,191 - 490,269,766
Total current investment assets 2,400,000 38,599,157- 978,030,441 7,490,156 822,493,270 1,850,906,930 8,386,346,504 139,585,641 3,238,120,413 118,740,500 7,021,816 15,589,734,828
Provisions:Contribution arrears 13,145,865 - 380,023,057 - 393,168,922
ContributiOther
Provisions: on arrears
Bad(Age
debtsanalysis on - - - 34,473 1,639,790 - 1,674,263
Debtors form)
Provisions: Leave Pay - 319,363,569.42- 988,892,768.92 - 296,230,705.88 1,435,151,369 46,323,420.01 625,511,870.90
5,321,115 17,038,035.00
- 1,768,910.23 3,730,280,649
5,321,115
Provisions:Rental
Rental arrears (Age arrears
analysis on Debtors - 1,026,678 - 3,883,573 - 4,910,251
Other Provisions: Specify 5,000,000 31,029,907 3,921,020
form) 22,084,910.48 -361,028.93 34,362,179.2714,365,605
51,771,865.74
537,650,702
0
2,945,600 31,262,064
109,774,323.00
-
0
626,174,898
217,632,250
Other Provisions: Specify 9,000,000 23,614,627 608,303 3,553,467 165,350,198 3,435,000 55,572,926 5,816,740 266,951,261
Total Assets
501,623,379 158,581,501
395,055,627
16,361,354,487 - 88,866,481 11,924,748,933 42,100,757,175 157,808,910,895
6,973,979
1,854,041,550 81,127,762,550
141,624,818
1,687,561,177
2,893,575
113,607,784 313,727,815,911
546,547,999
Arrear pension benefits - - 12,509,973 - 1,587,554 - 3,989,500 1,172,215 2,493,470
19,259,241
Liabilities
Sundry Creditors 37,725,000 78,829,131 174,952,827 43,453,908 2,132,523,796 260,755,800 - 819,745 2,729,060,207
Reserves:
Other Activ e(specify)
Creditors members 501,623,378.71 - - 32,269 - 88,336,480.51 - 10,001,477 1,186,241.5020,804,85613,632,923 -
8,634,863 77,960,221,236.42
47,136,298 1,644,507,388.17
4,999,601 119,346.00 80,209,626,994
91,609,364
TOTAL LIABILITIES
Reserves: Deffered pensioners 564,023,379 332,831,363
- -180,221,710
- - - 135,294,605 - 580,020,466 1,369,822,761
1,686,761,450.54 11,868,927,445 32,619,100
- 96,601,328,535
- 2,439,786,032- 2,111,305 114,106,986,702
1,686,761,451

2,493,470 2,446,578,212 2,493,470
Reserves:
NET ASSETSUnclaimed benefit s - - - -361,269.78
19,440,268,859 - - 501,472,641.55
- 10,917,889,470183,006,811.72 2,511,512,260
46,004,313,181 9,578,504.19 2,338,922,767
193,756,503,646 15,233,752.13(0) 31,984,927.79
122,595,705 131,465,476 3,253,150,167
272,711,959,104
- - - - 256,250,763.63 340,712,455 - 860,632,256.00 - 1,500,359,308
- - - - 99,101.52 - - - 115,571,770
^dE>KE–^ddDEdK&KDWZ,E^/s/EKD
Other Reserves: Specify - - - - - - - - - -
Provisions: Wit hdrawals - 7,003,021.24
- - - 11,480,640.20 - 351,830,512.00 - 370,314,173
Provisions:Contribution arrears - - - - - - 101,844,311 - 478,032,823.00 - 579,877,134
Provisions: Other Bad debts - - - - - 34,471.67 - 5,984,904.00 - 6,019,376
Provisions: Leave Pay - - - - - - - 5,107,504.00 - 5,107,504
Provisions:Rental arrears - - - - - - - 1,944,841.00 - 1,944,841
Other Provisions: Specify - 300,000.00 8,720,894.59 530,000.00 6,158,321.67 2,440,807.83 6,695,600.00 15,038,874.00 2,274,272.00 42,158,770
Other Provisions: Specify - - 14,160,795.20 - 7,728,957.00 2,679,461.44 7,085,000.00 113,304,061.00 2,084,556.00 147,042,831
Other Provisions: Specify - - - - 31,642,330.65 - - 879,638,101.00 2,098,879.00 913,379,311
Arrear pension benefit s - 14,062,362.48
- - - 968,544.49 - 220,224,367.97 - 1,172,214.50 236,427,489
Sundry Credit ors - 45,000.00 108,650,759.24 - 7,458,429.20 38,835,302.00 1,943,651,531 400,000.00 215,339,060.50 4,611,154.00 819,744.93 2,319,810,981
Other Credit ors (specify) - - - - 8,211,857.13 1,091,259.08 9,309,034.86 6,041,239.00 - 24,653,390

Total Liabilities 501,623,379 158,581,501 152,959,103 88,866,481 562,672,537 2,184,834,856 4,911,353,480 33,068,139 81,128,573,532 1,687,561,177 2,111,305 91,412,205,489
2,493,470
Net Assets - - 16,208,395,385 - 11,362,076,396 39,915,922,320 152,897,557,415 1,820,973,411 (810,982) - 111,496,478 222,315,610,422
34

Annexure 7: Consolidated Statement of Comprehensive Income for Stand-Alone PensionFunds for
the year ended 31 December 2022

Capitol Insurance Comarton Assurance First Mutual Life Bright Employee Minerva Benefits Assurance Assurance Assurance Zimbabwe
ASSETS Brokers ZB Life Consultants Econet Life Company Assurance Benefits Consulting Company Company Company Insurance Brokers Total Q4 2022
Operating Assets
Property 560,000,000 - - - 560,000,000
Motor vehicles - - - 10,265,009 - - 10,265,009
Computer Hardware and Software 565,799 - - - - - 565,799
Office furniture and fittings 322,765 - - - - - 322,765
Other Operating Assets : ( Specify) 750,665 - - - - 750,665
Total operating assets 560,000,000 1,639,228 - - - - - 10,265,009 - - - - 571,904,237
Investment Assets ( Non- Current) - - - -
Investment Property 88,000,000 6,742,735,120 53,003,268 2,397,970,033 19,288,732,510 75,445,728,630 27,740,691 42,014,477 104,085,924,727
Equities - Quoted 1,623,379 129,430,251 8,262,275,451 77,611,198 4,479,604,542 21,644,399,930 65,915,992,266 1,882,365,060 33,301,250,611 1,143,289,548 78,759,647 136,916,601,883
- Unquoted - 2,190,170,810 - 300,759,753 116,191,558 2,228,963,979 34,749,122 31,741,972,396 744,994,997 37,357,802,615
Prescribed Assets - Government Stock - 424,029,573 - 15,124,459 2,159,485,078 94,644,383 56,459,663 2,749,743,156
- Other prescribed assets 24,326,197 888,483,024 1,540,447 23,116,578 646,264,283 32,122,809,160 161,215,475 44,396,055 - 33,912,151,219
Fixed interest securites e.g. bonds and
debentures - - 20,049,298 102,190,373 957,281,704 7,925,158,941 324,002,940 9,328,683,256
Loans and/or Mortgages on Property (
excluding staff) - - 750,000 110,586,472 600,890 31,680 - 111,969,042
Staff loans and Mortgages - 10,000 - 108,966,679 381,233,690 64,284 - 490,274,653
Long-term deposits - - - 203,183,754 2,123,626,113 - 20,000 2,326,829,867
Other non-current assets :(Specify) - - 481,544,264 803,661,062 692,779 - - 1,285,898,105
Other non-current assets :(Specify) - - - 2,247,142,604 17,407,850,842 - 19,654,993,446
Other non-current assets :(Specify) - - 1,790,096,945 115,987,484 8,814,208,185 1,486,657,825 - 12,206,950,439
Total non-current investment assets 1,623,379 241,756,447 18,507,703,978 - 132,154,913 9,509,015,871 45,299,649,184 190,238,280,000 2,106,070,347 92,002,027,018 2,268,767,148 120,774,124 360,427,822,409
Investment Assets (Current) - 92,002,027,018 2,268,767,148 94,270,794,166
Prescribed Assets - Government Stock - - - 159,725,511 - 159,725,511
- Other prescribed assets - - - 44,748 - 99,256,594 58,519,785 - 20,827 157,841,954
Fixed interest securites - - - 10,574,834 - - 10,574,834
Cash at Bank 2,400,000 15,656,650 267,636,080 3,139,692 370,081,148 956,993,705 8,430,869,108 87,472,654 2,827,651,085 - 1,387,002 12,963,287,123
Money Market investments 69,000,000 610,631,370 435,231,512 204,677,509 2,040,786,764 17,335,857 1,103,222,031 102,476,802 4,956,356 4,588,318,202
Staff loans - - - 1,725,526 10,950,600 12,676,126
Other short term loans - - - 2,060,397,505 - - 2,060,397,505
Dividends and interest recievable - 13,809,278 72,575 41,873,028 - - - 55,754,881
Other current assets( Consumable Stock) - - - 2,975,670 14,166,619 1,544,298 (137,318) 18,549,268
Other current assets( Specify) 54,038 2,811,807 260,698,763 69,820,047 38,524,818 - 3,760,483 375,669,956
Other current assets( Specify) 4,725,000 409,447 3,345,252 353,524,184 27,606,570 1,107,596 30,092,358 831,825 780,325 422,422,558
Total current investment assets 2,400,000 89,435,688 895,297,982 - 3,139,692 1,069,429,250 1,801,934,761 12,559,659,947 205,172,702 4,072,176,696 115,803,525 10,767,676 20,825,217,918
Contribution arrears (Age analy sis on
Debtors form) - 193,595,422 919,402,485 238,454,107 2,596,747,570 60,298,819 389,748,223 147,101,755 2,034,982 4,547,383,363
Rental arrears (Age analy sis on Debtors
form) - 23,893,187 62,330 34,097,891 220,478,565 137,376,598 30,709,309 446,617,879
TOTAL ASSETS 564,023,379 332,831,363 19,620,490,569 - 135,294,605 11,497,909,936 47,374,135,943 205,625,431,091 2,371,541,867 96,601,328,535 2,562,381,737 133,576,782 386,818,945,806
- 2,493,470 2,493,470 2,493,470
LIABILITIES 2,493,630
Reserves: Active members 564,023,379 - - 135,294,605 - 1,186,242 24,348,678 95,100,429,370 119,346 95,825,401,619
Reserves: Deffered pensioners - 448,560 - 732,861,835 - - 2,390,101,689 3,123,412,084
Reserves: Unclaimed benefits - 316,997 383,562,861 213,572,119 3,074,590,348 17,603,637 15,237,600 - 3,704,883,561
Other Reserves: Specify (356,491,794) - - 327,079,535 5,934,463,723 4,252,585 31,984,928 5,941,288,977
Other Reserves: Specify 242,542,530 - - 373,296 1,271,770 - 244,187,596
Other Reserves: Specify - - - 92,865,579 - 92,865,579
Provisions: Withdrawals - 19,267,704 - 10,949,871 460,052,191 - 490,269,766
Provisions:Contribution arrears - 13,145,865 - 380,023,057 - 393,168,922
Provisions: Other Bad debts - - - 34,473 1,639,790 - 1,674,263
Provisions: Leave Pay - - - 5,321,115 - 5,321,115
Provisions:Rental arrears - 1,026,678 - 3,883,573 - 4,910,251
Other Provisions: Specify 5,000,000 31,029,907 3,921,020 14,365,605 537,650,702 2,945,600 31,262,064 - 626,174,898
Other Provisions: Specify 9,000,000 23,614,627 608,303 3,553,467 165,350,198 3,435,000 55,572,926 5,816,740 266,951,261
Other Provisions: Specify 395,055,627 - 6,973,979 141,624,818 2,893,575 546,547,999
Arrear pension benefits - 12,509,973 - 1,587,554 - 3,989,500 1,172,215 19,259,241
Sundry Creditors 37,725,000 78,829,131 174,952,827 43,453,908 2,132,523,796 260,755,800 - 819,745 2,729,060,207
Other Creditors (specify) - 32,269 10,001,477 20,804,856 8,634,863 47,136,298 4,999,601 91,609,364
TOTAL LIABILITIES 564,023,379 332,831,363 180,221,710 - 135,294,605 580,020,466 1,369,822,761 11,868,927,445 32,619,100 96,601,328,535 2,439,786,032 2,111,305 114,106,986,702

2,493,470 2,446,578,212 2,493,470
NET ASSETS - - 19,440,268,859 - - 10,917,889,470 46,004,313,181 193,756,503,646 2,338,922,767 (0) 122,595,705 131,465,476 272,711,959,104
^dE>KE–^ddDEdK&KDWZ,E^/s/EKD
35
Annexure 8: Consolidated Statement of Financial Position for Stand-Alone Pension Funds
as at 31 December 2022
ASSETS Catering Construction

Construction Zimbabwe
IndustryClothing
Catering Industry Pension Clothing and
Industry Communications Communications
Industry Pension Industry Unified Unified ZB Financial ZB FinancialZimbabwe Electricity Electricity
Pension Fund Fund Industry Pension
Pension and Allied IndustryFund Pension Fund GMB GMBLocal Authorities
Allied Industry Local Authorities Mining Industry
Mining Industry Motor Industry NRZ NRZCouncils
Motor Industry Councils
ZMDC ZARWU
Holdings Holdings
Zesa Staff ZesaIndustry
Staff Industry
ZARWU TotalQ3Q420222022
Total
Operating
Assets Assets
Property 58,591,393 - - - 417,428,854 1,919,300,000 - - 188,600,000 22,849,780 - - 2,606,770,027
Operating Assets
Motor vehicles 2,242,459 3,349,196 2,065,841 4,397,454 33,722,679 92,447,969 89,388,577 43,957,966 1,379,062 6,708,975 - - 141,263,058 420,923,236
Property 58,507,850 - - 391,946,193 1,919,300,000 - - 34,500,000 - - 22,849,780 2,427,103,823
Computer Hardware and Software 1,257,651 1,252,382 3,398,841 5,552,426 29,066,581 11,650,308 26,362,503 4,009,123 7,504,674 4,602,101 - - 6,468,418 101,125,008
Motor vehicles 2,460,662 3,349,196 2,065,841 4,666,641 4,981,910 92,792,426 89,388,577 46,584,310 1,379,062 32,030,165 - 60,734,307 - 340,433,097
Office furniture and fittings 4,502,129 1,943,915 208,822 503,506 15,861,208 3,258,860 6,033,042 2,136,890 2,533,237 3,395,134 - 7,812,705 2,886,364 51,075,813
Computer Hardware and Software 1,369,632 1,252,382 3,398,841 5,280,534 28,103,387 10,432,159 24,198,098 4,293,556 5,121,279 4,918,625 - 6,897,766 - 95,266,259
Other Operating Assets : ( Specify) - - - 1,434,941 - - - 4,203,582 2,957,206 - - - 8,595,729
Office furnit ure and fit tings 4,808,855 1,943,915 208,822 507,361 9,257,249 3,258,860 6,091,456 568,506 2,580 3,492,824 8,125,837 2,983,627 - 41,249,892
Other Operating Assets : ( Specify) -
- - - -
-
1,471,538
251,780 - - -
- -
-
2,445,817 3,042,456
- 4,121,342 - - -
- -
- 4,373,122
Other Operating Assets : ( Specify) 6,959,811
Other Operating Assets : ( Specify) - - - 126,227 - - - - 900,230 - - - 1,026,458
Other Operating Assets : ( Specify) - - - 251,780 - - - - 4,379,042 - - - 4,630,823
Total Other
operating assets
Operating Assets : ( Specify) - 66,593,632 - 6,545,493 - 5,673,504
126,227 12,266,335 - 496,079,322 107,357,137 2,041,084,122
- - 50,103,979 - 15,620,554
1,062,286 211,284,989 22,849,780 - - 7,812,705
- 150,617,840
- 3,193,889,392
1,188,513
Investment Assetsassets
Total operating ( Non Current) 67,146,999 6,545,493 5,673,504 12,304,082 434,288,739 106,483,445 2,038,978,131 51,446,372 8,948,737 83,425,398 - - 8,125,837 70,615,700 22,849,780 2,916,832,217
Investment Property
Investment Assets ( Non Current) 1,152,702,986 5,239,500,000 46,694,671,991 5,828,946,374 4,101,000,000 13,675,587,357 48,469,922,723 9,941,635,287 29,039,465,000 2,920,891,492 - 4,462,322,874 11,167,341,331 15,769,718,672 198,463,706,088
EquitiInvestment
es QuotedProperty 1,116,785,3443,399,847,317
5239500000.00 271,361,238
47,678,230,081 2,903,610,504
5,731,594,328 3,212,879,077
3,526,125,282 163,740,778 10,704,764,911
13,646,009,000 47,724,087,956
45,839,728,837 4,600,883,114
5,532,051,040 29,039,465,0002,649,341,947
484,234,219 27,651,079 3,491,668,785 - 10,915,166,299
1,381,347,033 15,139,198,079
2,657,840,722 8,453,768,436
- 88,151,124,111
187,379,756,295
Equit iUnquoted
es 0 Quoted 2,676,674,986 -
223007730.20 -
2,627,397,029 881,657,828
2,035,184,421 -
135,921,489 -
10,135,551,538 788,405,927 2,035,189,357
35,734,061,320 229,238,713
3,797,602,997 2,651,282,529 303,076,681
23,857,176 1,406,652,517 - 2,083,256,076
41,927,248 6,726,025,743
71,973 1,761,530,639
- 6,041,098,366
70,256,475,550
Prescribed Assets Government Stock
0 Unquoted - - 0.00 -
881,657,828 162,386,534- - - 729,021,684 3,326,259,862133,134,317 303,076,681
2,065,984,237 - - 13,870 17,904,600 - 96,189,488 - 1,717,441,796 - 1,207,179,270 - 4,695,839,536
5,944,410,632
Prescribed AssetsOther prescribStock
0 Government ed assets - 0.00 38,196,96012,000,000 41,157,023- 490,186,016 -
135,316,133 390,215,224 3,078,344,226
- 1,232,227,459
- - 556,952
845,411 1,946,536
- 320,728,145
- 345,621,558
- - - 5,939,180,099
148,161,544
Fixed interest securites0 e.g. Otherbonds
prescriband debentures-
ed assets -
20212652.23 - 4,157,023 276,927,062 - - 116,6252,291,643,186912,264,281999,760,55747,754,436556,952 17,063,302 295,367,320 - 319,928,484
83,631,060 1,117,443,579 - 1,946,536 - 5,327,943,352
1,060,829,704
LoansFixand/or Mortgages
ed interest onbonds
securit es e.g. Property ( excluding- staff)
and debentures - 0.00 - - - 359,133 116,625 619,128,368 - 43,550,920 17,063,302 - 393,663 50,058,730 - 404,366,960
- - - 441,279,818
- 846,399,574
729,917,945
Staff Loans
loansand/or Mortgages on Property ( excluding staff)-
and Mortgages - 0.00 -- 50,011,270360,228 - - - 676,339 -393,681 - - 210,847,339 - - - 422,540,190 - -
6,563,128 634,817,778
56,574,398
Long0term deposi
Staff loans ts
and Mortgages - - - - -
52,635,409 - - - 241,236,747 - - - 76,371 - - - - - 7,915,255 - - - 301,863,782 -
OtherLong0term
non-current
deposiassets
t s :(Specify) - - 0.00 - - -- - - - - 678,832,869 1,434,465,628 -12,076,040,968
1,156,334,270 - - - - - - - - 1,156,334,270
14,189,339,465
OtherOther
non-current
non0currentassets
assets:(Speci
:(Specify)y) - - 0.00 - - -- - - - 678,832,869 - -
- 12,077,094,861 53,091,600 - - 639,652,800
- - - - - 12,755,927,730
692,744,400
Other non0current assets :(Specify) - 0.00 - - - - - 94,865,198 464,360,088 - - - 559,225,286
OtherOther
non-current
non0currentassets
assets:(Specify) - - - - - - - - - - 7,335,808,135 - 7,335,808,135
:(Specinonfy) current investment - 0.00 - - - - - - - 4,134,195,539 - - 4,134,195,539
Total Total
non-current investment assets 4,552,550,303 5,549,058,198 50,683,483,880 9,582,022,737 4,265,099,911 25,559,090,044 106,224,901,275 17,486,204,637 44,139,030,113 2,948,556,442 1,946,536 7,333,976,120 21,506,683,718 27,640,039,963 327,472,643,876
assets 3,793,460,330 5,482,720,382 51,203,441,961 8,096,341,220 3,662,407,000 24,646,014,980 87,470,615,564 11,663,110,440 ############ 508,936,807 - 5,936,859,379 17,548,735,886 25,130,564,643 1,946,536 289,329,029,703
Prescribed Assets - Government Stock 10,248 - 30,000,000 - - - - - - - - 30,010,248
Prescribed Assets 0 Government Stock 29,394,754 - 30,000,000 - - - - - - - - 59,394,754
- Other prescribed assets 29,394,754 - 41,279,439 - 54,298,767 - 54,663,805 197,025,298 - - - - 376,662,063
0 Other prescribed assets 16,864 - 41,279,439 - 58,035,975 663,814,601 - 24,902,846 200,000,000 - - - - 988,049,725
Fixed interest securites - - - - - - - - - - - - -
Fixed interest securit es - - - - - - - - - - - - -
Cash at Bank 268,122,364 14,842,186 554,088,535 356,022,323 12,352,723 947,471,931 496,850,054 25,494,787 396,927,581 19,163,132 - 38,707,306 237,605,647 542,445,505 3,910,094,073
Cash at Bank 243,304,274 3,328,916 185,527,820 203,438,350 13,557,754 858,983,744 1,244,934,172 27,299,875 638,574,501 13,980,747 120,999,630 193,753,018 226,588,728 17,310 3,974,288,837
Money Market investments 100,718,990 51,679,516 106,575,619 47,896,923 - 1,979,137,455 4,352,920,625 266,732,968 49,079,384 388,999 974,039,699 - - 7,929,170,178
Money Market investments 12,203,495 51,679,516 11,825,010 46,428,548 12,546,887 - 3,981,364,060 21,538,623 50,039,889 214,728,152 100,000,000 - 1,039 4,502,355,219
Staff Staff
loansloans 731,337
-
1,833,166
1,836,461 44,805,956
42,492,462 -
- -
- 64,847,949
44,515,815 177,315,565
4,044,177
13,924,170
5,114,399 415,429
-
5,374,508 -
1,039 -
- 30,413,165
- 20,464,055
-
300,549,567
157,580,087
Dividends and in terest
Div idends and interest reci e vabl e - - 35,869 - - - 293,121,587 690,922 - - 9,089,323 20,656,068 26,405,874 349,999,643
Otherrecicurrent
evable assets( Specify) - - - 35,869 7,292,071- 4,685,492 - - - 6,289,270194,468,949 33,565,040 689,724 1,344,436 - - 153,124 4,746,580 - 9,746,578 - 4,132,410- - - 53,329,434
213,820,110
OtherOther
current assets(
current assets(Speci
Speciffy)y) 23,695,679 - 166,839,70712,932,145 -
4,059,570 1,002,724 - - 15,690,620112,690,927 33,463,365524,003,897 6,033,39814,067,435 - 53,040,848 183,104 - - - - - 127,705,951
- 479,324,875
- 1,502,372,043
72,362,202
OtherOther
current assets(
current assets(Speci
Speciffy)y) 19,277,540 145,094,948
166,839,707 - - -
23,789,101 30,407,037 - - 27,198,850 - 42,890,693162,598,197 9,529,31625,260,685 8,463,842 -
30,000 - - - 142,209,007 6,959,363 1,586,705,986
429,212,459 - - 1,957,026,216
869,440,515
Total Other
current investment
current assets
assets( Speci fy) 333,619,997 567,036,983 - 235,197,870 - 781,763,995 30,407,037 440,014,499 - 66,651,491 3,090,105,398171,785,005 6,040,374,96415,381,478
402,179,208 - 696,073,1115,110,211 49,049,896 282,326390,037 1,586,705,986
1,028,795,691 1,972,673,651
- 1,068,640,309
179,411 16,438,947,104
2,143,471,450
ContriTotal
buticurrent
on arrearsinvestment
(Ageassets
analy sis on Debtors
638,548,261 223,681,305 326,406,240 308,122,606 84,140,615 1,630,535,764 5,672,950,420 110,489,659 897,493,661 24,678,570 - 340,756,688 2,032,414,589 690,346,762 197,759 12,980,762,898
form)Contribution arrears (Age 79,244,163 88,130,561 113,648,124 370,112,070 41,378,683 1,826,355,775 5,173,596,658 156,313,066 2,706,728,654 1,536,354,479 1,816,296 - - 6,987,205,575 19,080,884,103
Rentalanalarrears
ysis on (Age
Debtorsanalform)y sis on Debtors form)
63,915,309 87,145,209 371,499,309 279,353,683
120,409,648 54,470,447 24,487,602 217,273,926
1,663,469,614 6,428,175
3,067,895,659 257,443,829129,880,210696,954,807
1,551,831,93569,113,878
610,440,9101,190,085,713 - -594,484 2,983,594,926
10,878,764 1,215,749 10,660,658,908
75,869,172 10,255,507 21,249,299,780
2,955,867,595
TOTALRental
ASSETS arrears (Age analysis on 5,352,570,290 5,933,402,569 51,863,923,186 10,621,689,567 4,875,637,582 30,840,352,183 120,176,911,826 18,163,914,768 48,747,538,146 4,745,245,805 27,597,133 8,373,650,575 23,563,039,247 35,856,759,194 369,142,232,070
Debtors form) 33,343,597 179,353,683 117,359,604 4,861,893 122,224,449 380,777,413 31,839,118 750,566,116 5,121,239 9,727,557 42,993,255 3,067,628 453,459 1,699,774,724 3,381,463,734
2,493,470
Total Assets 4,596,414,496 6,012,710,511 52,024,380,617 8,446,117,404 5,966,530,417 29,831,707,261 95,344,263,442 14,127,444,523 ############ 617,040,775 9,727,557 6,320,609,322 22,575,938,866 25,893,196,313 12,385,427,707 329,857,388,333
LIABILITIES
2,493,470
Reserves: Active members 2,130,396,375 1,289,211,669 29,772,793,287 1,607,520,000 833,734,985 31,704,225,797 23,477,800,000 4,887,955,499 12,227,875,008 605,260,526 - 1,490,334,674 - 8,794,174,710 118,821,282,530
Liabilities
Reserves: Deffered pensioners 186,711,078 43,667,707 11,843,424,134 82,730,000 130,915,890 776,080 5,504,631,558 - 2,406,062,624 20,615 - 270,438,667 2,682,344,366 141,737,022 23,293,459,741
Reserves: Activ e members 1,829,483,935 1,289,211,669 15,828,945,456 1,607,520,000 628,908,421 31,704,225,797 11,112,800,000 4,887,955,499 12,227,875,008 227,234,884 97,457,152 2,589,821,170 8,785,369,569 - 92,816,808,559
Reserves: Unclaimed benefits 1,859,304,311 3,433,557,683 276,360 287,581,000 528,542 558,068,442 6,335,180,466 38,624,971 188,726,145 - - 90,334,564 - 12,792,182,484
Reserves: Deffered pensioners 160,338,668 43,667,707 6,296,651,873 82,730,000 130,915,890 776,080 2,694,968,007 2,406,062,624 20,615 17,959,891 92,523,196 141,737,022 - 12,068,351,573
OtherReserves:
Reserves: Specify
Unclaimed benefit s 1,596,682,856
197,776,649
3,442,162,990
261,349,689 552,719 48,984,832 287,581,000
584,339,000528,542 683,000 5,083,786,679 83,513,396
13,990,967,686
8,637,200,000 263,894,563
6,335,180,466
21,915,512,971
38,624,971 392,326
187,895,958 2,625,156
-
288,270,406 274,297,368
90,334,564 8,805,141
543,462,715
-
38,290,078,985
25,875,326,658
OtherOther
Reserves: Specify
Reserves: Specify 169,841,258
899,137,714
261,349,689
-
24,610,803,972
5,716,820,288
584,339,000
- 683,000 27,348,000
1,886,518,619
342,615,413 1,176,600,000
3,261,333,045
110,196,174
263,894,563 21,915,512,971 33,795,958
- 157,617 429,554,413
2,488,503 274,297,368
379,246,477 4,292,902,417
543,462,715
47,629,739 54,238,011,727
2,625,156
12,995,142,343
OtherOther
Reserves:
Reserves:SpeciSpecifyfy 772,137,065 - -
3,039,393,571 4,323,034,306 491,942
27,348,0003,872,387,766
2,497,651,977 4,817,200,000110,196,17468,926,707 -
616,800,000 -
157,617 181,036 22,613,000
- 4,292,902,417 262,049,494
47,629,739 1,278,827 - 11,405,495,388
13,366,884,250
ProvisOther
ions: Reserves:
Withdrawal Specis fy - -
2,298,376,023 -
491,942 -
3,404,650,827 -
2,367,148,814 1,926,300,000 - 68,926,707 6,086,949 - -
181,036 - 262,049,494 2,538,453 41,834,448
- 22,613,000 - 10,350,737,842
50,459,850
ProvisProvi
ions:Contri
sions: Witbhdrawal
ution arrears
s - - - - - 1,601,389 - - 218,985,888 23,663,102 -3,975,043,494 5,374,308 8,720,762 - - 8,474 - 41,834,448 - -- - - 4,009,028,747
266,203,118
ProvisProvi
ions:sioOther
ns:ContriBad butidebts
on arrears - - - 1,601,389 - - 887,08023,663,102 2,333,909,071 - 7,638,335 - - - - - - - -- - - 887,080
2,366,811,897
ProvisProvi
ions:sioLeave
ns: OtherPay Bad debts 8,754,320 - 7,554,662 65,696,293- 13,037,639887,080 1,840,028342,615,413 57,241,398 - 54,480,263 - 6,377,059 - 88,314,807 10,513,153 - - - - -- - - 313,809,622
343,502,493
ProvisProvi
ions:Rental
sions: Leave arrears
Pay 3,239,651 2,471,151
6,943,549 6,236,69924,418,980 32,336,698 10,016,585 224,229
1,658,843 - 19,805,298 69,649,730 11,459,270346,622,770 8,574,773 13,501,046- 7,316,976
4,821,773 - - - - -- - - 464,858,252
104,439,768
OtherProvi
Provi sions: Speci
sions:Rental fy
arrears 2,471,151 300,000 3,817,739 -32,336,698 -
224,229 - - 9,20669,649,730 13,245,991191,978,782 58,658,649 -
7,316,976 - - - 5,237,283
- - - - - 77,451,129
307,795,305
OtherOther
ProviProvi
sions:sions:Speci
Specifyfy 1,350,000 - - - 2,498,566 -- 2,632,385 9,206 367,29913,069,075 13,990,967,680 35,160,635 10,172,27019,846,53771,671,139 - - 66,317,446 3,635,963 - - - - - - 14,142,128,219
75,569,982
OtherOther
ProviProvi
sions:sions:Speci
Specifyfy 1,250,000 1,368,065 - - - 3,196,017
1,355,704 367,299 - 743,1911,886,518,619 38,233,310 - 71,671,13963,938,119 - 24,594,432 - 17,754,456 - - - - -- - - 1,972,775,276
138,215,075
ArrearOther
pensiProvi
onsibenefi
ons: Speci ts fy 918,063 - - 1,377,230 26,241,155 627,428 1,932,535 - 4,291,968 60,154 41,777,839 - 399,377,54663,938,119 - - 228,824,05815,049,895 - - 12,140,953
- 369,264,367
- - - 1,083,850,421
81,970,890
SundryArrear
Credi torson benefits
pensi 2,896,583 - 7,403,67326,241,155 31,119,816 1,932,535 180,822,026
11,518,945 1,213,817 276,826,414114,824,335216,936,729569,238,868 - 34,271,254 151,181,906 169,128,105
41,645,964 24,372,678 1,767,27690,751 369,264,367 - 50,460,247
- 156,604,246
- 1,342,446,399
1,097,315,290
Sundry Credit ors 2,604,414 7,403,673 3,628,327 27,872,501 1,279,797 25,362,796,656 55,950,934 15,150,665 110,264,957 21,739,919 - 46,596,170 172,566,013 90,751 25,827,944,776
Other Creditors (specify) 30,962,682 - 1,430,000 31,901,465 337,591,175 4,732,463 2,353,531,392 - - 6,651,177 - - 2,766,800,354
TOTALOther
LIABILITIES
Credit ors (specify) 22,574,6155,320,078,928 - 5,048,981,782 51,863,923,186 2,762,912,144
1,430,0004,875,637,582118,817,676
53,361,194,129 67,032,277
49,922,685,034 8,225,784
11,861,951,154 39,435,190,912 1,101,199,630 5,417,863
2,353,531,392 27,817,410 2,454,858,090
- 8,063,487,271
- 9,683,608,432
- 245,783,525,683
2,577,029,607
Total liabilities 4,562,891,676 5,054,557,016 52,165,224,571 2,606,292,312 4,210,185,849 78,894,321,570 22,646,375,455 11,866,573,069 ############ 369,634,419 - 555,801,032 8,059,623,194 9,699,570,199 26,607,734 239,941,529,946
NET ASSETS
Net assets 33,522,820
32,491,362
958,153,495
884,420,787
(140,843,954)
(0) 7,858,777,423
5,839,825,091 1,756,344,568
- (22,520,841,946)
(49,062,614,309)
70,254,226,792 6,301,963,614 9,312,347,234 3,644,046,175
72,697,887,987 2,260,871,454 6,482,007,272 247,406,356 9,727,557 5,764,808,290 14,516,315,672
2,493,470
(220,277) 5,918,792,485 15,499,551,976 26,173,150,762 123,358,706,387
16,193,626,114 12,358,819,973 89,915,858,387

36
Annexure 9 : Compliance with Expense Framework
INSURED FUNDS
Active
Cap 5% 0.50% 10% 0.80%

Investment
Management
Expenses to
Administration Administration Financial Assets
Fees to Board Costs to Expenses to (excluding
No. Administrator Contributions Contributions Contributions Equity)
1 OMLAC 3.04% 0.00% 11.80% 0.74%
2 ZIMNAT 12.00% 0.00% 6.00% 0.34%
3 CBZ 20.00% 0.00% 524.00% 1.00%
4 FIDELITY 5.00% 0.00% 6.00% 0.50%
5 FML 11.00% 0.00% 14.00% 4.00%
7 ZB 4.00% 0.00% 26.00% 3.40%
NB: Note that the investment expenses are regardless of whether the funds are active or inactive
Inactive and Mature
Caps 1% 0.01% 10%
Administration
Administration Fees Board Costs to Expenses to Asset
No. Administrator to Asset Base Asset Base Base
1 OMLAC 0.33% 0.00% 1.12%
2 ZIMNAT 0.28% 0.00% 0.01%
3 FIDELITY 3.00% 0.00% 4.00%
4 FML 0.60% 0.00% 0.24%
5 ZB 0.03% 0.00% 0.35%
37

SELF-ADMINISTERED FUNDS
Active
Caps 5% 0.50% 15%
Administration Board Costs Administration

Fees to to Expenses to
No. Administrator Fund Names Contributions Contributions Contributions
1 Minerva ALLIED TIMBER HOLDINGS 19.00% 0.00% 33.00%
2 Minerva AMZIM 5.00% 0.00% 7.00%
ANGLO ASSOCIATED
3 Minerva COMPANIES 25.00% 0.00% 114.00%
4 Minerva ASTRA INDUSTRIES 9.00% 0.00% 16.00%
AUTOMOBILE ASSOCIATION
5 Minerva OF ZIMBABWE 6.00% 0.00% 72.00%
AVIATION GROUND
6 Minerva SERVICES 7.00% 0.00% 30.00%
7 Minerva BOC ZIMBABWE 6.00% 0.00% 16.00%
8 Minerva BRANDS AFRICA 5.00% 0.00% 50.00%
9 Minerva CAAZ 11.00% 0.00% 16.00%
10 Minerva CPL 8.00% 0.00% 49.00%
11 Minerva CRP 7.00% 0.00% 9.00%
12 Minerva CROWN AGENTS 8.00% 0.00% 17.00%
13 Minerva DAIRIBORD HOLDINGS 4.00% 0.00% 16.00%
14 Minerva DATLABS 8.00% 0.00% 73.00%
15 Minerva DEBSHAN 3.00% 0.00% 6.00%
EASTERN HIGHLANDS
16 Minerva PLANTATIONS LIMITED 0.00% 0.00% 63.00%
17 Minerva ECONET ZIMBABWE 4.00% 0.00% 75.00%
ENGEN HOLDINGS
18 Minerva ZIMBABWE 2.00% 0.00% 8.00%
19 Minerva FALCON COLLEGE 8.00% 0.00% 31.00%
20 Minerva FBC HOLDINGS 9.00% 0.00% 18.00%
21 Minerva FHI 360 5.00% 0.00% 9.00%
FREDA REBECCA GOLD
23 Minerva MINE 7.00% 0.00% 12.00%
24 Minerva GETBUCKS 9.00% 0.00% 43.00%
25 Minerva GOLDRIDGE 7.00% 0.00% 15.00%
26 Minerva HAGGIE RAND 55.00% 23.00% 188.00%
27 Minerva HIPPO VALLEY ESTATES 5.00% 0.00% 27.00%
28 Minerva INVESCI 8.00% 0.00% 19.00%

38
29 Minerva INNSCOR AFRICA 2.00% 0.00% 5.00%
30 Minerva LAFARGE CEMENT- ACTIVES 4.00% 0.00% 9.00%
MASIYEPAMBILI SCHOOLS
31 Minerva TRUST 7.00% 0.00% 19.00%
MIMOSA MINING
32 Minerva COMPANY 6.00% 0.00% 8.00%
33 Minerva MMCZ 6.00% 0.00% 12.00%
36 Minerva MINERVA UMBRELLA 10.00% 0.00% 27.00%
37 Minerva NESTLE ZIMBABWE 4.00% 0.00% 10.00%
NATIONAL BUILDING
38 Minerva SOCIETY 7.00% 0.00% 16.00%
NATIONAL OIL
INFRASTRUCTURE
39 Minerva COMPANY OF ZIMBABWE 5.00% 0.00% 21.00%
NATIONAL SOCIAL
40 Minerva SECURITY AUTHORITY STAFF 3.00% 0.00% 7.00%
42 Minerva PG 7.00% 0.00% 33.00%
SAINT GOBAIN
47 Minerva CONSTRUCTION 9.00% 0.00% 84.00%
48 Minerva SIMBISA BRANDS 5.00% 0.00% 6.00%
49 Minerva ST JOHNS 7.00% 4.00% 23.00%
50 Minerva STANBIC 6.00% 0.00% 13.00%
STANDARD CHARTERED
51 Minerva BANK OF ZIMBABWE 3.00% 0.00% 19.00%
52 Minerva THE JOSEPH 0.00% 0.00% 1.00%
53 Minerva TRIANGLE SENIOR STAFF 0.00% 0.00% 1.00%
54 Minerva TIMB 5.00% 0.00% 11.00%
55 Minerva TRB 8.00% 0.00% 21.00%
56 Minerva TPZ 3.00% 0.00% 7.00%
57 Minerva UNILEVER ZIMBABWE 5.00% 0.00% 43.00%
58 Minerva VICTORIA FALLS SCHOOL 29.00% 0.00% 143.00%
59 Minerva WHITESTONE SCHOOL TRUST 7.00% 0.00% 65.00%
60 Minerva ZIMASCO (PVT) LTD 6.00% 0.00% 16.00%
61 Minerva ZIMPLOW 14.00% 0.00% 121.00%
62 Minerva ZIMSEC 3.00% 0.00% 7.00%
63 Bright ABC 4.55% 0.00% 7.75%
64 Bright AVENUES 18.75% 0.00% 41.59%
65 Bright BARCLAYS 3.73% 0.00% 13.05%
66 Bright CAFCA 5.79% 0.00% 7.40%
67 Bright COSMOS CAPITAL 25.65% 0.00% 29.48%
68 Bright ECOMED 5.96% 0.00% 13.81%
69 Bright EDGARS 5.83% 0.00% 12.93%

39
70 Bright EVOLUTION 7.10% 0.00% 9.35%
71 Bright GUD 5.17% 0.00% 6.77%
72 Bright HIT 8.94% 0.00% 35.72%
73 Bright IDBZ 4.77% 0.00% 13.15%
74 Bright JMANN 20.37% 0.00% 39.52%
75 Bright MARSH STAFF 10.95% 0.00% 29.88%
76 Bright MARSH UMBRELLA 144.31% 0.00% 157.31%
77 Bright NATIONAL TYRE SERVICES 35.71% 0.00% 108.57%
78 Bright NISSAN CLOVER LEAF 3.52% 0.00% 9.61%
79 Bright SEEDCO 6.06% 0.00% 8.94%
80 Bright SIRDC 6.80% 0.00% 28.47%
81 Bright COTTCO 86.19% 0.00% 130.68%
82 Bright UNICEM 3.66% 0.00% 5.65%
83 Bright WINDMILL 12.32% 0.00% 35.41%
84 Bright ZMDC 0.00% 0.00% 0.00%
85 Comarton BRAINWORKS 17.00% 0.95% 36.00%
86 Comarton CMB 16.00% 3.95% 25.00%
COMARTON UMBRELLA
87 Comarton GROUP 9.00% 0.52% 17.00%
COMARTON CONSULTANTS
88 Comarton PRESERVATION FUND 75.00% 151.00% 157.00%
89 Comarton DAVIES GRANITE 8.00% 0.10% 15.00%
90 Comarton DULUX 9.00% 0.00% 23.00%
91 Comarton ECOBANK 4.00% 0.00% 6.00%
92 Comarton FINTRUST 9.00% 0.73% 13.00%
JACOB BETHEL
93 Comarton CORPORATION 39.00% 88.00% 164.00%
94 Comarton MARATHON GROUP 7.00% 0.00% 26.00%
95 Comarton PTC SELF INSURANCE 21.00% 1.66% 27.00%
96 Comarton RADAR HOLDINGS 26.00% 0.37% 80.00%
97 Comarton SPORTS INDUSTRY 30.00% 0.00% 463.00%
98 Comarton ZFC 6.00% 3.63% 22.00%
BROADCASTING
99 ZIB AUTHORITY OF ZIMBABWE 9.00% 0.00% 13.00%
100 FML Agribank 0.86% 0.00% 1,17%
101 FML NHS 0.65% 0.00% 0.80%
102 FML Tourism 4.15% 0.00% 42,31%
103 FML Olivinre 0.74% 0.00% 134,53%%
104 ZB Life ZIMTA Provident Fund 14.36% 0.00% 29.00%
Nyaradzo Sales Agents
105 Nyaradzo Pension Fund 5.49% 0.36% 36.78%
40

Nyaradzo Group Pension
106 Nyaradzo Fund 5.27% 0.00% 11.52%
Nyaradzo Sahwira
107 Nyaradzo Preservation Fund 0.58% 0.00% 12.23%
108 FML Total 0.28% 0.00% 2,71%
109 FML PSMAS 1.00% 0.00% 4.00%
110 OMLAC AFDIS 3.76% 0.00% 14.20%
111 OMLAC Baines 10.40% 4.70% 28.73%
112 OMLAC Bindura 4.00% 0.00% 23.23%
113 OMLAC CBZ 2.23% 0.00% 5.03%
114 OMLAC Delta 3.17% 0.00% 9.38%
115 OMLAC Megapak 0.33% 0.00% 3.41%
116 OMLAC National Foods 4.03% 0.05% 17.84%
117 OMLAC NEDBANK 2.51% 0.00% 6.57%
118 OMLAC NMB 2.92% 0.00% 7.05%
119 OMLAC OK 7.37% 0.00% 37.87%
120 OMLAC RTG 130.08% 0.11% 211.84%
121 OMLAC SMM 7.65% 0.00% 36.66%
122 OMLAC STEELFORCE 0.51% 0.00% 1.60%
123 OMLAC ST Georges 0.31% 0.00% 2.39%
124 OMLAC UZ 2.75% 0.00% 24.15%
125 OMLAC Triangle 0.00% 0.00% 12.94%
Inactive and Mature
Caps 0.60% 0.01% 15%
Administration Administration
Fees to Asset Board Costs Expenses to
No. Administrator Fund Names Base to Asset Base Asset Base
1 Minerva Petrotrade 0.28% 0.00% 2.00%
2 Minerva Riozim 0.00% 0.00% 1.00%
6 Bright HERITAGE 0.00% 0.00% 0.00%
7 Bright KOHLER 0.00% 0.00% 0.00%
8 Bright LANCASHIRE 0.00% 0.00% 0.00%
9 Bright MBADA 0.00% 0.00% 0.73%
10 Bright MEDIX 0.00% 0.00% 0.60%
11 Bright QUETECH 0.00% 0.00% 0.00%
RETIREMENT ENHANCEMENT
12 Bright FUND 1.53% 0.00% 1.69%

41
13 Bright SUPERIOR 0.00% 0.00% 2.10%
14 Bright TWINE AND CORDAGE 0.00% 0.00% 0.00%
15 Bright ZIMSPIN 0.00% 0.00% 3.41%
16 Bright ALLIED 0.00% 0.00% 0.00%
17 Bright ART 1.11% 0.00% 2.15%
18 Bright CARGILL 0.00% 0.00% 2.46%
19 Bright CUSTOMS SERVICE 4.51% 0.00% 21.98%
COLD STORAGE
20 Bright COMMISSION 0.83% 0.00% 1.14%
21 Bright ZIMLEAF 0.58% 0.00% 0.75%
22 Bright COLUMBUS MCKINNON 1.14% 0.00% 1.69%
23 Comarton AA MINES 0.40% 0.00% 1.03%
24 Comarton AIR ZIMBABWE 0.36% 0.14% 0.49%
25 Comarton ATS 0.26% 0.00% 0.95%
26 Comarton CHEMPLEX 0.81% 0.28% 1.70%
27 Comarton WATTLE COMPANY 1.45% 0.00% 2.89%
28 Comarton METBANK 0.31% 0.34% 5.77%
29 Comarton STAR AFRICA 0.61% 0.00% 2.22%
30 Comarton UNITED STYLES 0.01% 0.00% 0.01%
31 ZIB AMG 0.00% 0.00% 0.74%
32 ZIB ZDI 0.00% 0.00% 0.00%
33 ZIB CHIEDZA 0.00% 0.00% 0.00%
34 ZIB CODCHEM 0.00% 0.00% 0.26%
35 Capitol SURGIMED 0.00% 0.00% 0.77%
36 Fidelity CFI 0.00% 0.00% 0.00%
37 OMLAC Eaglesvale 0.00% 0.00% 1.04%
38 OMLAC Pelhams 0.21% 0.00% 0.30%
39 OMLAC Victoria Falls Safari Lodge 0.43% 0.00% 4.12%
42

STAND ALONE FUNDS
Active
Active
Caps 0.50% 15%
Caps 0.50% 15%
Administration
Board Costs to Expenses to
Administration
No. Fund Names Contributions
Board Costs to Contributions
Expesnses to
1 Construction Industry Pension Fund 2.13% 41.57%
No. Fund Names Contributions Contributions
2 Local Authorities 1.40% 32.13%
1 Catering Industry Pension Fund 0.00% 62.62%
3 Unified Councils 5.59% 78.97%
4 2 ZARWU
Clothing Industry Pension Fund 3.73%
157.52% 36.74%
234.65%
5 3 Zimbabwe
Communications and Allied
Electricity Industry
Industry 1.18%
0.71% 43.21%
15.45%
4 Construction Industry Pension Fund 2.13% 41.57%
5 GMB 0.50% 49.53%
Inactive and Mature
6 Local Authorities 1.40% 32.13%
7 Mining Industry
Caps 0.01% 0.31% 0.60% 23.06%
8 Motor Industry 4.88% 117.36%
9 Unified Councils 5.59% 78.97%
10 ZARWU 157.52% 234.65%
11 ZB Financial Holdings Board Costs to 0.00% Administration
22.07%
No. 12 Fund
Zimbabwe Names
Electricity Industry Assets Expenses to Assets
0.71% 15.45%
1 Catering Industry Pension Fund 0.00% 5.76%
2 Clothing Industry Pension Fund 0.06% 0.55%
3 Communications and Allied Industry 0.03% 1.23%
4 GMB
Inactive 0.01% 1.34%
5 Mining Industry 0.02% 1.66%
Caps 0.01% 15%
6 Motor Industry 0.07% 1.80%
7 ZB Financial Holdings 0.00% 0.65%
8 NRZ 2.84% 0.15%
9 Zesa Staff 1.59% 0.10%
Administration
No. Fund Names Board Costs to Assets Expenses to Assets
1 Zesa Staff 0.10% 2%
2 NRZ 0.15% 3%
43

2022 q4 Pensions Report

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2022 q4 Pensions Report

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2022 PENSIONS

Q4 REPORT +263 (242)443358/59/61

For the Year -Ended

2.2. Domestic Economic Outlook

The Zimbabwe dollar depreciated against the US dollar from an average

2.4. Inflation Developments

The year-on-year inflation rate slowed down to 243.7% in December

Source: Zimbabwe National Statistics Agency

2.6. Victoria Falls Stock Exchange (VFEX) Performance

Table 2: Circulars Issued During the Year

Document Issue Date Content

Zororo PA US$45 Solar Energy Project 04 March 2022

Centragrid US$30 Solar Energy Project 04 March 2022

Nhaka Life US$10 Cattle Backed Investments. 07 April 2022

Mangwana Financing of the agriculture, mining

Equinox US$9 Solar Energy Project. 18 May 2022

Proganic Mushroom To establish a button mushroom

AFC US$154.63 Agriculture financing 19 October 2022

To finance the development of

Agrowth US$10 2022/23 summer contract farming 06 December 2022

ParValue US$46 Solar Energy Project 06 December 2022

Servicing of stands and construction

4. Registered Pension Funds

Table 4: Distribution of Funds Administered by Professional Administrators.

Name of Administrator 31 December 2022 31 December 2021

Table 5: Newly Registered Funds

Name of Fund Administrator Application Registration Date

Kyle Preparatory School Old Mutual Full Fund 23 May 2022

Insiza RDC Pension Fund Old Mutual Provisional 13 July 2022

Transfer of Fund Business

Number of Funds Under

5. Key Performance Indicators

Table 7: Key Performance Indicators

Members (Incl Beneficiaries)

Share of total membership

Total Income (Billion $)

Total Contributions (Billion $)

Rental Income (Billion$)

Investment Income (Billion$)

Total Expenditure (Billion $)

Total Benefits Incurred (Billion $)

Total Expenses (Billion $)

Total Assets (Billion $)

Total Assets per member

Percentage of Total Assets

Prescribed Assets (Billion $)

Prescribed Assets Ratio

Table 8: Membership Classes as at 31 December 2022

New Entrants 3,474 4,436 2,893 10,803 6,587

Pensioners (Excluding beneficiaries) 8,992 3,820 22,390 35,202 35,569

Deferred Pensioners 240,015 31,750 134,779 406,544 368,933

Suspended Pensioners (Excluding beneficiaries) 5,769 2,561 4,031 12,361 12,093

Unclaimed benefits (number) 10,639 7,539 93,364 111,542 151,253

Total Members excluding beneficiaries 366,842 148,025 413,454 928,321 916,991

Total Number of beneficiaries 2,182 3,255 20,128 25,565 27,170

Total Number of Exits 2,375 854 574 4,218 10,750

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Figure 4: Asset Composition

Table 9: Gold Coin Investments

Denomination Insured Self Admin Stand Alone Total

7.15. As shown in figure 5 above, foreign currency-denominated assets of the industry

10. Financial Soundness

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