BIHL sails past COVID-19 to 24% profit jump

BIHL’s performance, set against the difficult operating environment caused by COVID-19 in 2020, underlines how the local financial sector was not only able to withstand the pandemic, but in some cases and sectors, actually registered higher growth during the period. BIHL’s subsidiaries include the country’s largest life insurer, Botswana Life and the biggest asset management company, BIFM.

According to results published this week, BIHL’s net premium income grew by 11% to P2.9 billion, while the group was able to keep a lid on claims and benefits, which only rose by 2.4 percent to P1.7 billion. On the other hand, investment income fell 68% to P370 million due largely to a net loss on financial assets held at fair value. BIHL’s share of profit from associates shot up 81% to P257.3 million aided by improved performances in the group’s businesses as well as the turnaround of a previous impairment which did not recur. BIHL’s associates include Letshego, Funeral Services Group and Nico Holdings in Malawi.