High operational costs weigh on BIHL profits

Lesetedi-Letegele presenting the company's results
Lesetedi-Letegele presenting the company's results

The Botswana Insurance Holdings Limited (BIHL) says its general insurance business was adversely affected by the requirements for additional claims provisioning and increased operational costs leading to reduction in premium income.

Group revenues decreased by 14% to P2.1 billion during the financial year ended December 31, 2016 from P2.4 billion in the corresponding period. Profit before tax also declined by 20.2% from P722 million in 2015 to P576 million in 2016.

Presenting the financial results in Gaborone this week, BIHL chief executive officer, Catherine Lesetedi-Letegele said the business has seen a decline in new business, which has been compounded by rising operating costs.

Editor's Comment
Routine child vaccination imperative

The recent Vaccination Day in Motokwe, orchestrated through collaborative efforts between UNICEF, USAID, BRCS, and the Ministry of Health, underscores a commendable stride towards fortifying child health services.The painful reality as reflected by the Ministry of Health's data regarding the decline in routine immunisation coverage since the onset of the pandemic, is a cause for concern.It underscores the urgent need to address the...

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