By Nation Reporter
MADISON Financial Services (MFS) remains confident that it is on course to achieving its vision of becoming a model financial services group despite the mounting economic challenges, Madison Life Insurance Company Zambia Limited managing director Agnes Chakonta has said.
She said MFS had continued to execute its corporate social responsibility (CSR) agenda even in the face of all the business negatives that have been brought up by the depreciation of the Kwacha against other currencies and the low copper prices at the London Metal Exchange.
Ms Chakonta was speaking on Wednesday evening during the Lawrence Sikutwa and Associates (LSA) group sponsored cocktail party at the Copperbelt Mining, Agricultural and Commercial Show (CMACS) at Jubilee Restaurant in Kitwe.
“Let me assure you that despite mounting economic challenges, Madison Financial Services (MFS) remains confident that it is on course to achieve its vision of becoming a model financial services group and is committed to support the show society as far as possible.
“The MFS will continue to strive to be visionary, innovative and entrepreneurial. We will strive to deal with tomorrow’s challenges today through innovation and integrity,” Ms Chakonta said.
She said despite the adverse economic environment, the LSA Group was still able to record a 16 percent increase in net profits over 2014 and the group continued to see opportunities for growth despite the macro-economic challenges.
She said the flagship group company, Madison Finance Services (MFS) comprising Madison General Insurance Company Limited (MGen), Madison Life Insurance Company (Mlife), Madison Finance Company Limited (MFinance), Madison Asset Management Company Limited (MAMCO) and MGen Tanzania recorded a 20 percent growth in revenue, a 10 percent operating profit margin and a 30 percent growth in total assets.
“Accordingly, I wish to assure you that Madison Finance Services Plc is proud and committed to continuing sponsoring this cocktail party to encourage and facilitate the networking of all participants and our clients.
“MFS has continued to execute its corporate social responsibility (CSR) agenda even in the face of all the business negatives. It has continued to support education in Lusaka’s Ng’ombe township and supported traditional ceremonies to enhance culture,” Ms Chakonta said.