BIHL Unveils New Strategy for 2024 Amid Strong 2023 Performance 

  • Says Group “laid a significant groundwork” for growth with 2018–2023 strategy
  • Profit up 74 percent to a “substantial” P782 million year on year
  • The strong results defy inflation and external shocks like of Ukraine war
  • Top executives have assumed full responsibility for life business


Botswana Insurance Holdings Limited (BIHL) is poised to embark on a new strategic path starting in 2024, having concluded its 2018–2023 strategy period.

Group CEO Catherine Lesetedi highlighted the transition in the BIHL Integrated Annual Report for 2023, emphasising the solid foundation laid over the years that the company will leverage moving forward.

“Management has laid a significant groundwork, and our efforts will continue to strengthen the group’s market position,” she stated.

Returns to shareholders 

Focus areas for the next period include driving growth in new business, enhancing client retention, developing human capital, and improving operational efficiency. Lesetedi said these efforts aim to deliver robust returns to shareholders.

Despite facing challenges in 2023, including elevated inflation rates and bank rate hikes resulting from external economic shocks such as the Russian invasion of Ukraine, BIHL delivered strong financial results.

Lesetedi noted that the executive leadership has now assumed full responsibility for the life business departments, reporting to the Botswana Life board and the Group CEO under a matrix structure. “Forums are now in place for the regular management of the Botswana Life operations,” she added.

Life insurance and asset management 

“Building long-term corporate relationships with key clients and partners across the group was a primary focus area, including opportunity exploration workshops with new and existing partners.”

Lesetedi also detailed the Group’s organisational structure, which is divided into two principal business areas based on their products and services. These segments form the reportable operating units: the life insurance segment and the asset management segment.

The life insurance segment operates through Botswana Life, the leading life insurance company in Botswana and a full subsidiary of the Group. The asset management segment provides services through Bifm and Bifm Unit Trusts, which are also subsidiaries of the Group.

Three subsidiaries 

“Segments that do not fall under these two key areas are classified as ‘other’,” she explained. These include associate businesses such as Letshego, Nico Holdings, BIC, Grand Reinsurance Tanzania, and BIHL Insurance Company Limited, as well as the holding company.

Meanwhile, BIHL has reported a substantial profit of P782 million for the year, which is a 74 percent increase over the previous year.

This strong performance enabled the Group to distribute significant dividends to shareholders. The company’s financial position remains robust, with assets under management (AUM) rising by 16 percent to P44 billion and total group assets amounting to P17.9 billion.

Leveraging groundwork

Established in 1975, the BIHL Group has grown to become a leading financial services provider in Botswana. It has been listed on the Botswana Stock Exchange since 1991 and serves as the holding company for three subsidiaries while also holding stakes in two associate companies.

As BIHL embarks on its new strategy for 2024, the focus remains on leveraging the groundwork laid over the past five years. Lesetedi emphasised the importance of continuing to strengthen the Group’s market position through growth initiatives, client retention, human capital development, and operational efficiency.

“Our goal is to deliver solid returns to shareholders while navigating the challenges of the external economic environment,” she said.