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
The real test is in the doing, not the saying

“Injustice anywhere is a threatto justice everywhere.”— Dr. Martin Luther King Jr.We listened, and we want very much to believe him, but our belief will not be secured by fine speeches; it will be secured only by action.For far too long, there has been a suspicion amongst ordinary Batswana that the law has two faces; one for the ordinary man and woman struggling to make ends meet, and another, gentler face for the well-connected and the...

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