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High COVID-19 claims dampen BIHL’s results

At the helm: BIHL group executives at the recent results announcement PIC: PHATSIMO KAPENG
At the helm: BIHL group executives at the recent results announcement PIC: PHATSIMO KAPENG

The country’s largest and most diversified financial services group, BIHL, paid out more than P380 million in COVID-19 related claims in the year ended December 2021, a period in which the country witnessed the worst of the pandemic.

In total, the group paid out gross claims of P2.46 billion over the period, compared to P1.69 billion in 2020, putting pressure on its bottom line.

Botswana Insurance Holdings Limited (BIHL), whose subsidiaries include Botswana Life and Bifm, saw its pre-tax profits for the year ended December 2021 drop to P476.6 million from P666.2 million in 2020.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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