Botswana Insurance Fund Management Limited (Bifm) is pleased to report an exceptional financial performance for the six months ended 30 June 2024. The business’s Assets Under Management (AUM) increased by 16% to P48.2 billion.
Operating profit has grown by 41% compared to the same period last year. This impressive growth reflects improved performance across most underlying businesses, showcasing the company’s resilience and strategic focus.
The business’s Zambian operations have notably contributed to this growth, benefiting from favourable Pula/Kwacha currency movement effects and a once-off accounting adjustment. Excluding the impact of the Zambian operations, Bifm’s operating profits still registered a solid 25% year-on-year growth, highlighting the strong performance across the board.
The significant increase in operating income, which closed 15% higher than the prior year, was a key driver of the profit growth. This increase was primarily driven by a substantial rise in Assets Under Management (AUM), further reinforcing BIFM’s position in the market. Bifm Unit Trust also delivered a positive performance, with operating profit soaring 3.8 times compared to the same period in 2023.
Total Assets Under Management for the Group increased by 16%, to close the period at P48.2 billion as compared to 41.4 billion in June 2023. This includes P6.8 billion from the Zambian operations and P2.6 billion from BIFM Unit Trusts.
The Bifm Chief Executive Officer, Clair Mathe-Lisenda said, “These results are a clear testament to our commitment to growth and our ability to deliver consistent value to our stakeholders. The significant increase in AUM is particularly encouraging, as it reflects both the strength of our offerings and the confidence our clients place in us.”
Bifm’s impressive interim results set a strong foundation for the second half of the year and highlights that the business is wellpositioned to capitalise on emerging opportunities that will enhance its growth trajectory. The management team is confident that the strategies in place will continue to drive success, ensuring that BIFM remains a leading force in the asset management industry. Bifm’s strong performance was bolstered by retention of key mandates, acquisition of new mandates and its strong fee revenue.
“As we conclude this interim period, I am confident in our ability to achieve even greater milestones. Our interim results represent the culmination of strategic initiatives that have been carefully planned and executed. As we continue on this path, our priority is to leverage most of our products to customers and unlock new opportunities for growth and further solidify our position as a market leader, ensuring that we remain at the forefront of the industry,” concluded The BIHL Group Chief Executive Officer, Catherine Lesetedi.
