First Mutual Holdings Limited is a leading financial services group that is committed to creating value through risk management, wealth creation and wealth management, predominantly in the insurance sector.
Our brand is the financial ally that plays an integral role in preparation for a better tomorrow for individuals and institutions, by availing them the economic dignity of being prepared for life time obligations through our subsidiaries.
Our professional and client-centric team is solution driven, and cares enough to go beyond and provide straight forward tools that create sustainable value for our customers. We have diverse interests in life assurance, health insurance, short term insurance, reinsurance, savings, wealth management, as well as property through our vast business portfolio.
Group Executive Committee
First Mutual Life offers a wide range of innovative products through its two main businesses, namely Employee Benefits and Individual Life Benefits business. First Mutual Life’s primary business activities are the provision of life assurance, retirement benefit products and other long-term financial security products. The company continues to be a pacesetter in the market in producing uniquely innovative life assurance products.
Willie Faston Chibaya
Willie has more than 15 years working experience in various capacities in the financial and pensions sector, at different institutions. He joined First Mutual Life Assurance Company as the Consultancy Services Manager responsible for client interface on all pensions and risk related solutions. Previously, he worked for an insurance company listed on the Zimbabwe Stock Exchange as a Senior Client Relations Manager.
He holds a Masters in Business Administration Degree, an Honours Degree in Statistics with the University of Zimbabwe (UZ) and a Postgraduate Diploma in Financial Planning with the University of Freestate (SA).
Madelene joined First Mutual Life in 1994 as a New Business Administrator and rose through the ranks as Underwriter’s Assistant, Trainee Underwriter, Underwriter, Assistant Manager Underwriting up to an Underwriting Manager.
Her experience in life administration business spans over 25 years. She is the chairperson of the Life Underwriters Association of Zimbabwe, facilitating the enhancement of technical skills for the upcoming Life underwriters in the Industry and promoting communication amongst underwriters and claims assessors in the Industry. She is an examiner of the Insurance Institute of Zimbabwe (IIZ).
Madalene is a Chartered Insurer and qualified as an Associate (AIISA) and a Fellow of the Insurance Institute of South Africa (FIISA).
Nkosikhona Ndlovu has more than 10 years experience in Senior management specializing in brand management, business strategy formulation, customer relationship management, business development, change management and marketing strategy. His experience encompasses the manufacturing and service industries. He completed a three year postgraduate management traineeship with Astra Holdings Limited specializing in business strategy formulation and implementation. He has held several senior management positions including Chief Marketing Officer (Merlin Limited), Branch Manager (ZB Life Insurance Bulawayo) and Managing Director (Dreyton Textiles).
EMBA, Msc Banking and Financial Services(NUST), BBS (Hons) ( UZ), IMM(RSA).
Madzishe is the General Manager of First Mutual Funeral Services. He joined First Mutual Life Assurance Company in 1993 rising through the ranks to become the Marketing and Distribution Executive in charge of the products distribution and branch network.
In 2008 he was appointed to run Dunamis Advisory Services as the Principal Consultant (an Exclusive Franchising Agency with a focus on the Distribution of Corporates business for the various First Mutual Holdings Limited SBUs business lines) leading to his current appointment.
Madzishe is a holder of a Bachelor of Commerce in Marketing from the Zimbabwe Open University.
First Mutual Health is a leading medical aid insurance scheme in Zimbabwe that provides exceptional medical aid cover at competitive rates. With thousands of members cutting across a wide spectrum of the market from non-profit making organisations, government institutions, mining, education, individuals and commerce, we offer the perfect blend of experience, agility and innovation to service our membership exceptionally.
First Mutual Reinsurance is involved in the provision of reinsurance security in all classes of general insurance and life & health insurance, with a stable credit rating of BBB+ by Global Credit Risk (GCR). In addition, First Mutual Reinsurance trades on a strong retrocession panel with A rated regional and international securities.
The company also provides a diverse range of technical training and risk management services as a total risk solution to its clients. First Mutual Reinsurance also has a strategic business unit call FMRE Property & Casualty in Botswana.
First Mutual Wealth is a registered Investments Manager under the Securities and Exchange Commission (SEC). It offers a wide variety of Wholesale Investment Products of Stand-alone Segregated Portfolios to Pension Funds, First Mutual Group Companies and High Net-worth Clients. It is also involved in the unit trust business which enables the company to offer investment products to the mass market through its affordable and flexible Individual Investment Accounts.
First Mutual Microfinance (“FMM”) is a registered micro-lender under the Reserve Bank of Zimbabwe. The Company offers a diverse range of products including personal loans, SME loans, agricultural loans, asset loans and order financing. The product offering is skewed to productive and financially excluded markets-utilizing loan structures such as value chain and group financing. The FMM team provides innovative customer centric financial solutions with a view of promoting outreach and a sustainable economic environment.
First Mutual Properties Limited is a public listed property company incorporated in Zimbabwe and its principal activities are property investment, development and management. First Mutual Properties actively manages a diverse property portfolio that spans office parks, Central Business District (CBD) retail, CBD offices, suburban retail and industrial. The growth of the company is premised around property acquisitions and developments.
Oyster Real Estate Oyster Real Estate is the trading name for First Mutual Properties. Oyster, a fully licensed entity, provides professional property services that include property management, facilities management, property development, property investment and valuations.
First Mutual Funeral Services (“FMFS”) primary focus is the provision of funeral services that caters for the needs of the Zimbabwean market. The company offers clients a choice to get full funeral services packages or shop from a range of ancillary service and products that meets their needs. To ensure guaranteed quality and value for money for its clients, the company will commission a casket manufacturing factory and harness its skills and talent to provide world class caskets and related products for the local market and export.