BIHL moves to protect market share

Boitshepo Majube | Friday March 7, 2014 15:59

BIHL with 40% investment locally and 60% investment offshore says it welcomes competition, as it would propel them to be innovative, and develop products tailor made for the market.  “We are not afraid of competition,” he said.

At the presentation of BIHL end of year results, the BIHL Group CEO, Gaffar Hassam stated that the need to diversify business is clear, something which is not unique to just BIHL. “Indeed, this forms a central part of our strategy down to the very pillars of the strategy itself,” he said.

Furthermore Hassam stated that their key focus continued to be to ensure greater value for shareholders, something they work towards maintaining and increasing.

The group said it would target pockets within the market that have not been reached or do not have products that accommodate their needs.

“We are developing new products to advance our competitive edge in the market,’ Hassam said.  BIHL profits for the year stood at P494,773 which is 19% up on the P485,331 achieved in the previous year within the same period.

Key initiatives that have been underway across BIHL group of companies as part of the group’s strategy to become a fully-fledged financial operation are said to have been fruitful for the group for the period under review.

“Such initiatives include the successful launch of the Botswana LifeRewards Prepaid card, which aims to reduce turnaround times for the benefit claims,” Hassam said, further revealing that they paid over P1 billion to policy-holders, and still maintained a healthy balance sheet.

BIHL Chairman, Batsho Dambe-Groth stated that despite the uncertain economic outlook and growing direct competition, they remain optimistic about their future prospects and aim to take full advantage of the opportunities in the economy,’ she said.

Dambe-Groth stated that 2013 was the year that they continued to deepen relationships with their clients and stakeholders, ensuring retention of mandates.

“We extended our offerings to the retail market through our Unit Trusts suite which has enjoyed steady uptake by retail clients.”

The group said further diversification was evident in BIHL Sure which increased its range of general insurance products offered. It states that new products include but are not limited to travel sure and incomesure.

“BIHL Sure has taken a conservative approach to building its business, the group notes, by seeking to insure quality business at realistic prices.”