BOTSWANA INSURANCE HOLDINGS LIMITED ABRIDGED UNAUDITED GROUP RESULTS
for the half-year ended 30 June 2023
Improving livelihoods
A
BIHL ABRIDGED UNAUDITED GROUP RESULTS FOR THE HALF-YEAR ENDED 30 JUNE 2023
KEY ACHIEVEMENTS
The directors hereby present the abridged unaudited consolidated financial results of Botswana Insurance Holdings Limited (BIHL) and its subsidiaries (the group) for the half-year ended 30 June 2023.
These financial results are presented in accordance with International Financial Reporting Standards (IFRS) requirements, and the group has adopted IFRS 17 which took effect on 1 January 2023. The comparative numbers have been restated to comply with this new standard.
REVENUE
Insurance service result
23% to P69 million
Investment service result
EARNINGS
Operating profit
é 73% to P351 million
Core earnings
ASSETS UNDER MANAGEMENT (AUM)
é 12% to P41 billion
DIVIDENDS
Paid as dividends during the half-year
P542 million
(Jun 2022: P200 million)
Interim dividend declared net of tax
é 240% to P253 million
Fee revenue
é 11% to P75 million
é 80% to P374 million
Share of profit of associates
é 10% to P129 million
SOLVENCY
Business is well capitalised; required capital for the group subsidiaries is covered
7,8 times
(Jun 2022: 7,7 times)
P198 million
(Jun 2022: P184 million)
Special dividend declared net of tax
P20 million
(Jun 2022: Pnil million)
Value of new business
11% to P63 million
Profit attributable to equity holders
é 98% to P491 million
GROUP EQUITY VALUE
é 6% to P5,56 billion
(Jun 2022: P5,30 billion)
B
Return on group equity value
é 12,1%
(Jun 2022: 9,5%)
BIHL ABRIDGED UNAUDITED GROUP RESULTS FOR THE HALF-YEAR ENDED 30 JUNE 2023
STATEMENT OF
FINANCIAL POSITION
As at 30 June 2023
Restated | Restated | |||
As at | As at | As at | ||
30 Jun | 30 Jun | 31 Dec | ||
2023 | 2022 | 2022 | ||
P'000 | P'000 | P'000 | ||
ASSETS | ||||
Property and equipment | 168 395 | 176 677 | 173 158 | |
Intangible assets | 99 748 | 103 191 | 101 197 | |
Right-of-use assets | 11 771 | 10 439 | 14 713 | |
Investment property | 12 260 | 10 160 | 12 260 | |
Investments in associates and joint ventures | 1 947 545 | 1 849 049 | 1 930 412 | |
Long-term reinsurance assets | 18 823 | 20 487 | 16 039 | |
Deferred acquisition cost asset | 10 367 | 16 009 | 15 231 | |
Non-current assets held for sale | - | 99 988 | 99 988 | |
Financial assets at fair value through profit or loss | 14 847 345 | 15 347 026 | 15 411 628 | |
- Bonds (Government, public authority, listed and unlisted corporates) | 8 646 316 | 8 749 928 | 8 426 652 | |
- Investment in property funds and companies | 1 243 146 | 1 173 471 | 1 205 650 | |
- Equity investments (local and foreign) | 2 501 743 | 2 199 230 | 2 589 245 | |
- Money market instruments | 2 456 140 | 3 224 397 | 3 190 081 | |
Loans at amortised cost | - | 32 059 | - | |
Insurance and other receivables | 98 514 | 100 963 | 82 646 | |
Cash and cash equivalents | 280 420 | 140 649 | 400 711 | |
Total assets | 17 495 188 | 17 906 697 | 18 257 983 | |
EQUITY AND LIABILITIES | ||||
Equity attributable to equity holders of the parent | ||||
Stated capital | 154 936 | 154 936 | 154 936 | |
Non-distributable reserves | 363 211 | 325 410 | 354 149 | |
Retained earnings | 3 261 476 | 3 282 235 | 3 327 068 | |
Total equity attributable to equity holders of the parent | 3 779 623 | 3 762 581 | 3 836 153 | |
Non-controlling interests | 22 542 | 16 705 | 22 428 | |
Total equity | 3 802 165 | 3 779 286 | 3 858 581 | |
Liabilities | ||||
Insurance contract liabilities | 7 012 349 | 6 794 538 | 6 915 107 | |
Investment contract liabilities | 3 505 746 | 3 178 129 | 3 232 518 | |
External investors in consolidated funds | 2 620 050 | 3 536 084 | 3 619 439 | |
Derivatives instrument | 22 533 | 33 166 | 37 259 | |
Deferred tax liability | 108 822 | 127 759 | 112 141 | |
Lease liability | 13 033 | 11 167 | 16 209 | |
Insurance and other payables | 374 435 | 429 401 | 437 294 | |
Tax payable | 32 646 | 13 199 | 26 246 | |
Related party balances | 3 409 | 3 968 | 3 189 | |
Total equity and liabilities | 17 495 188 | 17 906 697 | 18 257 983 | |
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BIHL ABRIDGED UNAUDITED GROUP RESULTS FOR THE HALF-YEAR ENDED 30 JUNE 2023
STATEMENT
OF PROFIT OR LOSS
For the period ended 30 June 2023
Restated | Restated | |||
Actual | Actual | Actual | ||
30 Jun | 30 Jun | 31 Dec | ||
2023 | 2022 | 2022 | ||
P'000 | P'000 | P'000 | ||
Result from life insurance contracts | ||||
Net insurance service result | 69 278 | 89 795 | 291 400 | |
Insurance revenue | 1 403 995 | 1 391 412 | 2 636 460 | |
Insurance service expenses | (1 319 434) | (1 288 472) | (2 310 601) | |
Net expenses from reinsurance contracts held | (15 283) | (13 145) | (34 459) | |
Investment service result | 252 804 | 74 245 | 17 794 | |
Insurance finance income or expense | (146 203) | (117 061) | (285 614) | |
Investment returns | 370 548 | 238 154 | 307 287 | |
Investment contracts (IFRS 9) | 28 459 | (46 848) | (3 879) | |
Net result from life insurance operations | 322 082 | 164 040 | 309 194 | |
Revenue from contracts with customers | 75 476 | 67 783 | 138 753 | |
Net investment income | 55 383 | 38 115 | 96 689 | |
Investment income | 39 563 | 11 820 | 50 451 | |
Interest income using the effective interest rate (EIR) | 2 268 | 1 737 | 4 917 | |
Other interest income from investment contracts | 110 369 | 123 342 | 245 282 | |
Fair value loss from derivative instrument | (10 632) | (9 200) | (5 107) | |
Fair value gain from external investors in consolidated funds | 13 617 | 10 660 | 36 538 | |
Net gain from financial assets held at fair value through profit or loss | 24 184 | 32 586 | 46 428 | |
Change in liabilities under investment contracts | (123 986) | (132 830) | (281 820) | |
Other expenses | (83 919) | (60 943) | (132 476) | |
Administration expenses | (83 534) | (60 624) | (126 169) | |
Finance cost on leases (IFRS 16) | (385) | (319) | (1 076) | |
Impairment losses | - | - | (5 231) | |
Profit before share of profit of associates, joint ventures | ||||
and other income | 369 022 | 208 995 | 412 160 | |
Share of profit of associates and joint ventures | 129 111 | 117 460 | 252 134 | |
Profit on sale of associate | 141 719 | - | - | |
Profit before tax | 639 852 | 326 455 | 664 294 | |
Tax expense | (145 187) | (76 260) | (144 249) | |
Profit for the period | 494 665 | 250 195 | 520 045 | |
Profit attributable to: | ||||
- Equity holders of the parent | 491 216 | 247 337 | 513 821 | |
- Non-controlling interests | 3 449 | 2 858 | 6 224 | |
Total profit for the period | 494 665 | 250 195 | 520 045 | |
Earnings per share (thebe) attributable to ordinary equity holders | ||||
- Basic | 177 | 89 | 184 | |
- Diluted | 177 | 89 | 184 | |
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BIHL ABRIDGED UNAUDITED GROUP RESULTS FOR THE HALF-YEAR ENDED 30 JUNE 2023
STATEMENT OF
COMPREHENSIVE INCOME
For the period ended 30 June 2023
Restated | Restated | ||
Actual | Actual | Actual | |
30 Jun | 30 Jun | 31 Dec | |
2023 | 2022 | 2022 | |
P'000 | P'000 | P'000 | |
Profit for the period | 494 665 | 250 195 | 520 045 |
Other comprehensive income | |||
Items that are or may subsequently be reclassified to profit or loss (net of tax): | |||
Exchange differences on translation of foreign operations | (7 752) | (22 350) | (13 951) |
Total comprehensive income for the period | 486 913 | 227 845 | 506 094 |
Total comprehensive income attributable to: | |||
- Equity holders of the parent | 483 464 | 224 987 | 499 870 |
- Non-controlling interests | 3 449 | 2 858 | 6 224 |
486 913 | 227 845 | 506 094 | |
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BIHL ABRIDGED UNAUDITED GROUP RESULTS FOR THE HALF-YEAR ENDED 30 JUNE 2023
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Botswana Insurance Holding Limited published this content on 30 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 August 2023 06:37:04 UTC.
