Leading insurance group Botswana Insurance Holdings Limited (BIHL) has announced its new strategy that will guide it for the next five years beginning next year. The strategy, which runs from 2017 until 2021, was revealed by the group CEO Catherine Lesetedi-Letegele on Tuesday during the presentation of BIHL group financial results for the sixths months ended 30 June 2016. Letegele said BIHL strives to be the leading regional financial services provider through optimisation of the group’s collective strength. The strategy will among others seek to improve and grow existing offering that is delivering growth and strengthening mature businesses. Letegele said this pillar will be premised on client centricity and ease of access.
Letegele said the group will also look to expand into attractive markets as well as explore in-country opportunities. When giving a welcoming remarks BIHL chairperson Batsho Dambe-Groth said increasing shareholder value remains paramount to their existence, and it is what guides and drives the group. Part of the strategy will include harnessing group synergies and driving operational efficiencies as well as increasing organisational capacity, structure and culture on investing on the people. Letegele said for the latter they have already signed memorandum of understanding with other institutions for the development of their staff.
In terms of pursuing investments in other markets, Letegele said there are opportunities in the continent and would like to tap into those, emphasizing however that scrutiny will be done on those markets before making a move. The group has already acquired a 25.1 percent stake in Nico Holdings in Malawi and at the moment Letegele said BIHL is not looking to increase that stake. BIHL, which has several portfolios, is piggy-backing on Letshego Holdings Limited as the micro lender continues with its expansion. BIHL holds significant portion of Letshego, which is also listed on the Botswana Stock Exchange (BSE) and to that end; Letegele said they will also be relying on Letshego which is presented in 10 African countries. However, it is not clear which markets BIHL is looking to tap into with immediate effect but suggestions are that the group will be using the method similar to Nico Holdings stake acquisition before a complete takeover.