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First Mutual Holdings to Launch First Gold ETF Product, Expanding Investment Options

Strategic Insights

— 2 min read

First Mutual Holdings is set to revolutionize the Zimbabwean financial market by launching the country's first gold exchange-traded fund (ETF) product. The First Mutual Wealth Gold ETF, which has been approved by relevant authorities, will track gold assets and mining shares listed on the Johannesburg Stock Exchange. This move comes as the Zimbabwe Stock Exchange expects four new listings this year, particularly on the Victoria Falls Stock Exchange.

During the company's annual general meeting, Group CEO Mr Doug Hoto highlighted the growth of the company's Insurance Contract Revenue (ICR) for the half-year period to 30 June 2024, which increased by 15 percent year-on-year to $84,009 million. The company also completed significant regional projects, including consolidating its presence in Botswana and expanding into East Africa. Locally, the company launched new initiatives, such as the Imba Yangu / Indlu Yami Savings Plan, which provides access to a residential stand valued from a minimum of $15,000.

Key Takeaways:

  • First Mutual Holdings will launch the first gold ETF product in Zimbabwe, the First Mutual Wealth Gold ETF, during the second half of the year.
  • The fund will track gold assets and mining shares listed on the Johannesburg Stock Exchange and will be listed on the Victoria Falls Stock Exchange during the second half of the year.
  • The company's Insurance Contract Revenue (ICR) grew by 15 percent year-on-year to $84,009 million for the half-year period to 30 June 2024.
  • Pure USD ICR contribution remained steady at 82 percent of total revenue, consistent with the prior year.
  • USD-denominated revenue accounted for 80 percent of the total revenue for the period ended 30 June 2025, up from 78 percent in 2024.
  • First Mutual Reinsurance has consolidated its presence in Botswana and is venturing into East Africa after completing business registration processes and awaiting approval of the operating license.
  • First Mutual Health was granted an operating license in Botswana on 5 May 2025 and is expected to launch business development operations in the second half of 2025.
  • Diamond Seguros expanded into health insurance in Mozambique, and the group recapitalized UGI to enhance operations.

Statistics:

  • Insurance Contract Revenue (ICR) grew by 15 percent year-on-year to $84,009 million for the half-year period to 30 June 2024.
  • Pure USD ICR contribution remained steady at 82 percent of total revenue, consistent with the prior year.
  • USD-denominated revenue accounted for 80 percent of the total revenue for the period ended 30 June 2025, up from 78 percent in 2024.
  • First Mutual Wealth completed Midlands Park (Zvishavane) Phase 1, encompassing 20 blocks of residential flats and cluster houses, delivering 116 family housing units due to be officially opened in the third quarter of 2025.
  • First Mutual Health Services opened a full-fledged integrated health facility in Beitbridge and expanded service offerings in Masvingo and Mutare by adding dental and optometry units.

Sources:

  • First Mutual Holdings, "Group CEO Doug Hoto's Address to Shareholders at the 2025 Annual General Meeting"
  • Zimbabwe Stock Exchange, "ZSE Expects Four New Listings This Year"
  • First Mutual Holdings, "Insurance Contract Revenue (ICR) Growth" (press release)

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