BIFM REPORTS ROBUST INTERIM RESULTS: OPERATING PROFIT AND ASSETS UNDER MANAGEMENT SURGE

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 well positioned 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.