THE BIHL GROUP USHERS IN SAPPHIRE JUBILEE WITH PLEASING HALF YEAR RESULTS

The Botswana Insurance Holdings Limited (BIHL) Group’s strategic focus on growth and profitability has continued to pay off. This was evidenced by the Group’s financial results which was presented before key stakeholders on the 2nd of September 2020 at Avani Gaborone Resort & Casino. The BIHL Group, which is commemorating its 45th year anniversary, shared its strong earnings reported for the half year ended June 2020.

 

The financial results showed increased revenue growth and value for shareholders through increased dividends and a stronger embedded value during the period under review. Embedded value, which sees the estimate value of the Group excluding the value attributable to minority interests and goodwill attributable to future new business, saw an increment of P4.69 billion from P4.38 billion in June 2019. The overarching key highlights include:

  • Operating profit increased by 17% to P202 million
  • Core earnings increased by 7% to P203 million
  • Profit attributable to equity holders increased by 45% to P264 million
  • Net insurance premium income decreased by 5% to P1.21 billion
  • Value of new business remained flat at P66 million

 

  • Assets under management increased by 8% to P30.5 billion

The BIHL Group Board Chairman, Batsho Dambe-Groth, said: “We are pleased to note another successful review period, marked by progress and advancement in all spheres despite a difficult operating period. Once again, the BIHL Group has prevailed, moreover, during a year coloured by the celebration of our heritage and our people – our 45th anniversary. As the Group, we are highly cognisant that our sapphire jubilee unfolds against the backdrop of the Coronavirus pandemic and we recognise that the impact of COVID-19 goes far beyond the disease itself. This pandemic has caused major disruptions to economies, health systems, societies and the humanitarian cost of this pandemic is too vast to begin count; and just as we collectively face a global threat, so too must we work together in our response across traditional silos with a whole-of-society and whole-of-government response to truly weather this storm in solidarity.”

 

The BIHL Group will be embarking on upgrading and executing its digital strategy throughout the COVID-19 period as well as driving cross collaboration across the Group in efforts to yield greater shareholder value and defend its position as a market leader. The Group remains well positioned in terms of assets under management and solvency. This was taken into consideration by the Board when resolving an interim dividend of 57 thebe per share net of tax.

 

The BIHL Group thanked all Clients, Brokers, Financial Advisors, Staff and other Stakeholders for their on-going partnership and support in continuing the growth of the brand into a true Botswana success story. Dambe-Groth concluded, “Beyond the bottom line, this is a business built on people and passion. People continue to lay at the heart of who we are and what we do as we work further to deliver on our twin strategy of growth and profitability with a view towards ensuring sustainable impact. We value the people of this Nation to whom we owe our success to. We thank them for their support and for entrusting us with engineering their legacies for the past 45 years. We look forward with great confidence to many more years with Batswana for indeed we are stronger together!”

 

ENDS—