HARARE – Zimbabwe’s largest financial institution by assets, CBZ Holdings (CBZ), says it will leverage on its strong balance sheet to roll out sustainable life assurance services with guaranteed returns.
The Zimbabwe Stock Exchange-listed group, which superintends over a range of financial services firms including CBZ Bank, a property unit and insurance services, said it had added life assurance to its range of interests to reshape the industry.
There has been a loss of confidence on the sector after pensioners lost their deposits during the hyperinflationary era between 2007 and 2008.
Although government has commissioned a study to look into the issue of losses suffered by pensioners, the report is yet to be made public, and affected people are still not aware of the solutions offered by commissioners to the report.
But CBZ, with an asset base of over $1 billion, noted last week that it was well placed to absorb shocks and preserve assets.“
The size of the CBZ Holdings balance sheet should not only ensure security of pension scheme assets but also higher yields as we leverage on investments in property, infrastructure and other assets that are already ongoing within the group,” the group said at the launch of CBZ Life’s employee benefits products last week.“
The CBZ brand is associated with high quality service. The same standards will apply and we will utilise our wide branch network to guarantee that service is provided right to your doorstep.“
Our experience in the financial services sector provides us with a platform to offer retirement planning products that are unique and relevant to the market.“
We are also offering products that are innovative in conjunction with other CBZ Holdings group companies which should ensure value for money alternatives on the market,” CBZ said.
Under the employee benefits products, CBZ Life offers both umbrella and standalone pension arrangements, including a preservation fund and market linked fund investments tailored to suit the investment of pension fund contributions.
Small-to-medium scale enterprises also benefit from the products.“
Preservation fund is a retirement savings plan which caters for individuals who withdraw from a pension fund for a variety of reasons and want to preserve their retirement savings until retirement age.
“However, preservation is compulsory for employer contributions and optional for employee contributions,” CBZ Life said.
It said CBZ Life has been providing life solutions to cover all the other stages of the human life cycle, including Mi-Life, which covers families on the death of a breadwinner. – Daily News