GAZETTE REPORTER
The Asset Management, a division of the Botswana Insurance Holdings Limited (BIHL) Group, Bifm continues to operate profitably in the recently announced BIHL Group’s 6 months ending 30 June 2022 financial results.
Overall, the Bifm group was able to produce better results during the first half of the year as compared to the same period in the year 2021. The operating profit increased 40 percent year on year. This was due to a rise of 29 percent in the operating income, as a result of larger Assets Under Management (AUM) and it has led to the reduction of operating expenses. Both factors contributed to the success of the business as a whole.
The growth in Botswana assets was supported by additional inflows in addition to positive market movements. On the other hand, the Zambian operating results were driven by general growth in the asset base in addition to positive currency effects resulting from the Pula/Kwacha currency movements that occurred during the period under review. As of the 30th of June 2022, overall, AUM was BWP 37 billion, which includes Zambia assets at BWP 5.7 billion; this is an increase of 11 percent growth from the previous year.
Said the BIHL Group CEO, Catherine Lesetedi, “We are overjoyed that our subsidiary Bifm continues to grow its profits despite the socio-economic challenges the world is faced with. In the first half of the year, global stock and bond indexes decreased as a result of reduced economic growth predictions, increasing inflation, and the persistence of geopolitical tensions. During the same time frame, prices for oil & energy, as well as food, pushed up the value of commodities globally. Despite all these predicaments, we continue to improve our processes and systems in order to deliver an excellent customer experience.”
Concluded Bifm Chief Executive Officer Neo, Bogatsu, “To guarantee shared value creation for all of our key stakeholders in a completely sustainable way, we also keep focusing on cooperation and synergies with other subsidiaries in accordance with the Group’s strategic approach. We mitigated the impacts of COVID-19 and significant adverse weather events to turn into a solid operational performance. Our adoption of the Digitalisation Strategy has borne fruits for we have been able to capitalise on it and use it to our benefit.”