- Between P286m and P334m increase in profits expected
Group results (profit before tax) at Botswana Insurance Holdings Limited (BIHL) for the year ended 31 December 2022 will be higher than those reported for the year ended 31 December 2021 by between 60 percent and 70 percent, the comany has announced on the Botswana Stock Exchange (BSE).
The investment, retirement and insurance Group says this translates into an increase of between P286 million and P334 million in the Profit Before Tax (PBT). The PBT for the year ended 31 December 2021 was P477 million.
“The Group recorded a drop in claims and benefits paid during the year ended 31 December 2022 due to a significant reduction in claims for the affinity group schemes which were negatively impacted by COVID-19 in 2021,” BIHL says in a trading statement issued on the BSE. According to the Group, the countrywide COVID-19 mortality rate has significantly reduced due to improved access to vaccinations that has led to a review of its mortality assumptions, which also had a positive impact on the full-year results.
“The non-life businesses have also performed well despite the challenging economic environment,” says BIHL. It notes that its results for the year ended 31 December 2022 will be published during the week ending 10 March 2023 and has accordingly advised shareholders and potential investors to exercise caution when trading in the company’s securities until a detailed announcement is made.
BIHL is one of Botswana’s leading financial services groups and operates through three subsidiaries. These are Botswana Insurance Fund Management (BIFM), an asset management company wholly owned by BIHL Group, Botswana Life Insurance Limited (BLIL) that is the leading life insurer in Botswana with an estimated market share of 80 percent, as well as Legal Guard, a legal expenses insurer.
