The story of First Mutual Holdings Limited (FMHL) 

Date of work: 2024-2026

In common with the rest of Southern Africa, Zimbabwe faces significant climate-related risks, including recurrent droughts and extreme weather events that threaten agricultural productivity and livelihoods. These challenges, from prolonged dry spells to cyclones, have heightened economic instability and insurance claims in the region.  

In response, the Zimbabwean government is strengthening climate legislation and adaptation initiatives. Regulators are also pushing for improved climate-risk disclosure. For example, the Securities and Exchange Commission of Zimbabwe now urges companies to align with global standards like IFRS Sustainability Disclosure Standards S1/S2 by 2028, underscoring a national commitment to climate resilience and transparency. 

Trialogue has supported First Mutual Holdings Limited (FMHL) in its sustainability journey and regulatory readiness for IFRS S1/S2 implementation.

First Mutual Holdings Limited (FMHL) is a diversified Zimbabwean financial services group operating across insurance, reinsurance, property, microfinance and health businesses. The Group’s corporate philosophy, Go Beyond, guides its purpose to pair business growth with societal progress. FMHL champions inclusive products and services that extend financial protection to underserved communities and also identifies ways to address the protection gap in its markets. For instance, its microfinance unit provides loans backed by non-traditional collateral such as land or cattle assets, enabling smallholder farmers and informal traders to access credit. Similarly, FMHL has expanded into healthcare and funeral services for low-income clients, establishing rural funeral parlours and community clinics to make these services more accessible across Zimbabwe. 

Embedding integrated thinking into its operations, FMHL strives to aligns sustainability with core business strategy and governance oversight. The Group has instituted robust ESG governance structures to drive this integration. A Board-level ESG Committee works alongside an executive ESG Steering Committee and an ESG Management Committee, providing leadership and oversight on sustainability matters. These bodies work to encourage management of the various group businesses to embed ESG considerations into business-as-usual decision-making. They also reinforce accountability at the highest levels. For example, by monitoring climate-related risks and guiding the development of ESG initiatives, FMHL’s leadership team looks to proactively manage sustainability challenges and opportunities as part of building business resilience. 

FMHL has formalised processes to identify and manage its material sustainability issues. It conducts a double materiality assessment that evaluates both how environmental and social factors impact the Group and its future prospects, and also how the Group’s activities impact society and the environment. This process, led by the executive, looks to pinpoint the ESG topics most critical to the group’s ability to drive positive impact and long-term value.  

In 2024, FMHL also began the journey to align with new international reporting benchmarks. The Group initiated a readiness programme to ready the Group for potential IFRS Sustainability Disclosure Standards. A gap analysis was completed, and a phased roadmap is in place to achieve full compliance in coming years.  

To support this readiness, FMHL is revising sustainability policies, reviewing metrics to ensure the group is able to measure its progress towards targeted sustainability and climate outcomes, setting targets, reviewing its data systems and risk management and oversight practices to meet the forthcoming disclosure requirements. For example, a climate risk assessment was conducted on First Mutual Property’s entire portfolio in 2026. These steps underscore FMHL’s commitment to credible, evidence-based sustainability reporting, along with connectivity to the group’s financial reporting. 

FMHL has enhanced its annual sustainability disclosures, moving period-on-period to align them more closely with pending IFRS S1/S2 standards, to provide investors and other stakeholders with a fuller picture of its ESG performance. This emphasis on increased transparency is especially important given the group’s regional footprint. With operations spanning Zimbabwe, Malawi, Botswana and Mozambique, the Group recognises that clear disclosure builds trust and accountability with investors, regulators and communities across its markets. By openly reporting its progress and challenges, FMHL reinforces stakeholder confidence in its sustainability commitments and leadership within the African insurance and financial services sector.