BIHL absorbs COVID-19 shocks

… The group reaffirms commitment to Batswana as funeral claims grow

STAFF WRITER

STANDARD BANK PROCESSES OVER CNY 8 BILLION IN PAYMENTS THROUGH CHINA’S CROSS-BORDER INTERBANK SYSTEM

Electricity generation jumps 20%

BSE, DMCC sign landmark MoU

editors@thepatriot.co.bw

Botswana Insurance Holdings Limited (BIHL) Group says as COVID-19 continues to take a veritable socio-economic toll, businesses who stand to bear a direct as well as indirect strain from the worsening pandemic situation are gearing themselves to withstand any further shocks.

The BIHL Group this week shared financial results for the six months ended June 30, 2021 before key stakeholders, showing lower financial performance indicators than the prior year.

Most notably, operating profit for the Group decreased by 44% over the six months to June 2021 compared to the prior year, and operating profit for Botswana Life decreased by 48% to P102 million. This was on account of excess mortality experienced during the period.

P119 million worth of claims were classified as COVID-19 claims across the different product lines, representing 29% of the total claims.

The BIHL Group Chairperson Batsho Dambe-Groth said the impact of COVID-19 on financial performance was notable during the period and is reflected in the results shared.

She said despite increased claims affecting business performance, they have worked to keep their promise and pay benefit claims during this difficult time when Batswana need them the most.

“With our team – considered as frontline workers – at the branches operating even on weekends, we have worked to ensure that we are able to assist clients for funeral claims. The last thing we want clients to worry about is delays or difficulties on claim pay-out,” Dambe-Groth said.