BIHL profits drop on low consumer spending

Lesetedi-Letegele
Lesetedi-Letegele

Unstable world economic outlook and constrained household income growth, which repress discretionary spending has impacted adversely on the Botswana Insurance Holdings Limited (BIHL).

The Botswana Stock Exchange (BSE) quoted financial services group recorded an eight percent loss in profit before tax (PBT) from P314.4 million last year to P289.7 million in the six months to June 30, 2017.

According to the group’s unaudited financial results for the six months ended June 30, 2017, net premium income also decreased by four precent year-on-year to P1.1 billion compared to P1.2 billion achieved in prior year due to suppressed annuity business income.

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