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    Karateka targets international titles

    Botswana gears up for high-stakes Gabs Open karate showdown

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    Karateka targets international titles

    Botswana gears up for high-stakes Gabs Open karate showdown

    Orange Botswana Awards P390,000 to Historic 4x400m Relay Champions, Coaches & BAA

    Orange Botswana Awards P390,000 to Historic 4x400m Relay Champions, Coaches & BAA

    Eppie’s breakthrough hints at a brighter future for Botswana’s 400m

    Eppie’s breakthrough hints at a brighter future for Botswana’s 400m

    Under Babitseng BFA will be transparent and accountable

    BFA slashes deficit and eyes bright future with financial reform and football revival

    Sports chief raises alarm over doping spike amid Region 5 triumph

    Sports chief raises alarm over doping spike amid Region 5 triumph

    𝐃𝐞𝐛𝐬𝐰𝐚𝐧𝐚 𝐑𝐞𝐜𝐨𝐠𝐧𝐢𝐬𝐞𝐝 𝐨𝐧 𝐈𝐧𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐨𝐧𝐚𝐥 𝐬𝐭𝐚𝐠𝐞 𝐰𝐢𝐭𝐡 𝐀𝐔𝐒𝐂 𝐦𝐞𝐝𝐚𝐥 𝐨𝐟 𝐇𝐨𝐧𝐨𝐮𝐫

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Declining premium income reflects impact of inflationary pressures at Botswana Life

Botswana Life Insurance Limited (BLIL), a market-leading provider of life insurance and advisory services, says it continues to play a significant role in determining how well the Botswana Insurance Holdings Limited (BIHL) Group performs financially.  

mm by Staff Writer
September 4, 2022
in Companies & Markets
Reading Time: 2 mins read
0
Botswana Life paid P2.4bn in 2021 death claims

Ronald Samuels, Chief Executive Officer of Botswana Life

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Botswana Life’s operating profits grew by 78 percent from P102 million to P182 million during the first half of 2022. The growth is mainly a result of lower COVID-19 related claims experience compared to the year 2021. Claims from the COVID-19 pandemic remain subdued potentially from increased immunity in the population and strain variability, however, there is still a future risk from virus mutation and its impact on virus transmissibility, disease severity and vaccine efficacy.

Adding on the excess mortality experienced during the period ended 30 June 2022 and subsequent increases in claims caused a number of shocks to performance in the first half of the period, and as a result, the performance of the period is noticeably lower, and this decline is due to low new business volumes on all income lines.

Net Insurance Premium Income for the first half of 2022 declined by 7 percent from P1.56 billion in 2021 to P1.45 billion. The Single premiums declined by 14 percent from P730 million in June 2021 to P616 million signalling the impact of inflationary pressures and increased interest rates on household income which saw reduced credit life premiums as the banks tightened their lending. Total new business declined by 7 percent year-on-year from P812 million to P755 million due to difficult economic conditions.

Said the BIHL Group CEO, Catherine Lesetedi, “We remain hopeful that the other indicators will improve as time goes on and we will continue executing our digitisation strategy to achieve further top-line growth and margin expansions across all businesses.”

Ronald Samuels, the CEO of Botswana Life, believes that the company’s primary emphasis is on leveraging technology and innovation, and that the team is working diligently at every step to provide Batswana with the greatest possible experience as clients.

“After two years of disruption brought on by the COVID-19 outbreak, we are standing with Batswana by paying out claims in a timely and appropriate manner. We are continuing to speed up the process of digitisation and realising operational online streaming of sales distribution processes (end-to-end), client self-service, and collaborative e-payments platforms in addition to our already established distribution channels. One of the causes for the rise in our operational earnings is as a result of this, concluded Samuels

Tags: Botswana Insurance Holdings Limited (BIHL)Botswana Life Insurance Limited (BLIL)Catherine LesetediCOVID-19Ronald Samuels

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