“WHAT WE OUGHT TO IDENTIFY, RECOGNISE AND CELEBRATE IS “RESILIENCE” - THE BIHL GROUP BOARD CHAIRMAN

Botswana’s leading as well as largest diversified financial services Group, the Botswana Insurance Holdings Limited (BIHL) Group, recognises the resilience in its team, business and business ecosystem in reflecting on financial performance for the year ended 31 December 2021.

Speaking at the financial results engagement before key stakeholders on the 11th of March 2021, Board Chairman Batsho Dambe-Groth shared a moment of silence for the lives lost to COVID-19 in Botswana and indeed beyond, also recognising the continued toll the pandemic takes on individuals, business, families, communities and the nation at large. However, she noted, it is resilience and optimism in the face of adversity that will help the financial services sector through the proverbial storm.

Said Dambe-Groth, “Despite the adversity and loss we see now, we have also seen lives just beginning too; banding together for support of those in our society most at risk, rallying for local brands and businesses, SMEs and informal sectors.  This is the reality of our future, and as we reflect today on the year under review, I am comforted that our resilience and our Strength in Numbers shall see us through. Our Strength in Numbers empowers us as a formidable financial services group to better serve our people, creating impact as we work to engineer legacies even as we build our own.  It has been the resilience of our people, our clients and customers, and indeed our culture and community that has allowed this business – indeed aided this business – to progress to where we are today. We are proud of our culture of resilience, rooted firmly in the efforts and actions of our forefathers and how they shaped the narrative of this beautiful country.”

Dambe-Groth shared this in the context of the business’ financial performance, with the Group and its Subsidiaries performing well for the financial year just ended.  Net insurance premium income increased by 11% to P2.9 billion, whilst recurring premium income increased by 8% to P1.6 billion and fee revenue increased by 11% to P109 million. Value of new business, however, decreased by 18% to P129 million. Assets Under Management increased by 4% to P30.3 billion. In the earnings space, the performance was also positive. Operating profit increased by 4% to P393 million. Core earnings increased by 4% to P426 million. Profit attributable to equity holders increased by 22% to P532 million.

The Group is well capitalised, and the required capital for the group subsidiaries is covered 6.3 times (Dec 2019: 7.1 times). Last but not least, Embedded Value increased to P4.78 billion. (Dec 2019: P 4.65 billion) and Return on Group Embedded Value was flat 13% (Dec 2019: 13%).

Concluded Dambe-Groth, “As a diversified financial services Group, we have an embedded focus on providing quality financial services solutions, through cross-functional synergies in a wholly inclusive and sustainable manner. We aim to derive greater value for all our shareholders, as well as our customers and other stakeholders. This means creating shared value and in doing so, looking beyond policy numbers and investment ratios, and looking to truly make a tangible impact in the social, environmental and governance spaces. It is about leveraging our inherent resilience and agility, our Strength in Numbers, to engineer legacies for and with our clients. We have had the privilege of doing this for the last 45 years, and we will continue to work to deliver returns and value in this way looking ahead.”

The BIHL Group Board of Directors has resolved to award a final dividend of 65 thebe per share (net of tax).

ENDS—