Government Commends IPEC’s Transformation as Commission Holds 8th Annual General Meeting
The Minister of Finance, Economic Development and Investment Promotion, Hon. Professor Mthuli Ncube, has commended the Insurance and Pensions Commission (IPEC) for its significant institutional transformation and regulatory achievements over the past five years, describing the Commission as a modern and technically capable regulator that continues to strengthen confidence in Zimbabwe’s insurance and pensions sector.
In a speech read on his behalf by the Ministry’s Director of Finance and Administration, Mr Kudakwashe Zata at IPEC’s 8th Annual General Meeting on Wednesday, Prof Ncube applauded the Commission for exceeding four of its five strategic outcomes targets while maintaining 100% statutory compliance.
“Over the past five years, IPEC has evolved into a modern and technically capable regulator through the implementation of risk-based supervision, IFRS 17, Zimbabwe-specific mortality tables and the Regulatory Sandbox,” said Prof Ncube.
“This strategic milestone also coincides with IPEC’s 20th anniversary commemorations. Over two decades, the Commission has grown into a respected institution that safeguards policyholders and pension scheme members while promoting financial inclusion and supporting national development.”
Prof. Ncube further underscored the importance of finalising the pre-2009 compensation while expressing Government’s commitment to work with all stakeholders to bring this to fruition.
In his report, IPEC Board Chairperson Mr Albert Nduna said the Commission successfully concluded its 2021–2025 Strategic Plan, with four of the five strategic outcomes exceeding their targets.
He noted that the Commission had strengthened its financial position, governance systems and regulatory capabilities while positioning itself for the next phase of growth under the 2026–2030 Strategic Plan.
Presenting the Commissioner’s Report for the year ended 31 December 2025, IPEC Commissioner Dr Grace Muradzikwa highlighted key achievements recorded during the period under review.
Among the notable achievements was the attainment of 100 percent statutory compliance and significant improvements in governance and administration. Staff turnover declined to 1.4 percent from 12 percent in 2020, the lowest in the Commission’s history, while client satisfaction increased to 72 percent from 60 percent in 2024.
Dr Muradzikwa also reported improvements in pension benefits and industry compliance, supported by stronger enforcement measures, enhanced governance frameworks and investment performance monitoring.
The Commission continued to drive market development initiatives through microinsurance, micropensions, agriculture index-based insurance, the Regulatory Sandbox, consumer education programmes and the inclusion of insurance concepts in the school curriculum.
The Commission’s external auditors, Integra Chartered Accountants, represented by Mr Philemon Mawire, reported that they had issued an unqualified audit opinion on the Commission’s financial statements for the year ended 31 December 2025. The clean audit opinion reflects the Commission’s commitment to sound financial management, transparency and accountability.
The AGM also recognised the contribution of outgoing Board Members whose tenure coincided with the successful implementation of the 2021–2025 Strategic Plan and the Commission’s 20th anniversary commemorations.
As the Commission embarks on its 2026–2030 Strategic Plan, Government and stakeholders expressed confidence in IPEC’s ability to build on the gains achieved over the past five years and continue promoting a safe, vibrant and sustainable insurance and pensions sector for Zimbabwe.
