After the sale of the non-life insurance business (BIHL Sure!), which included short-term insurance and legal aid, Legal Guard refocused on the Legal Guard business in 2014. Hassam explained that Legal Guard is the second largest contributor to BIHL Group`s turnover after Botswana Life. He said they had introduced a new three-year strategy this year as a roadmap to lead the Legal Guard business to sustainable profitability through recovery and consolidation. “As part of the strategy recovery period, Legal Guard continued its efforts in the first half of the year to revive the business by increasing revenue, improving the customer service experience and improving operational efficiency,” said Hassam. He said the new strategy has led to a significant improvement in financial performance, which translates into a 22% increase in sales compared to the first half of 2014. The new strategy aims to expand the market and educate the public about legal expenses insurance. Equities: Real-time U.S. stock prices reflect transactions reported only through Nasdaq; Prices and full volumes reflect trading in all markets and are delayed by at least 15 minutes. International stock prices are delayed according to the requirements of the stock market. Company fundamentals and estimates from FactSet analysts. Copyright © FactSet Research Systems Inc. All rights reserved. Source: FactSet During the presentation of the Group`s half-year results, which ended on 30 June 2015, Gaffer Hassam, Chief Executive Officer of BIHL Group, said they were looking for market opportunities outside Botswana over the next six months.
“Legal Guard has a three percent market share in the insurance sector in Botswana, so it has a lot of opportunities. But over the next six months, we will explore market opportunities outside of Botswana,” Hassam said. Speaking to BG Business, he said they had not yet identified the countries, but were looking to southern Africa. He said that the year 2015 will be devoted to the continuation of the recovery phase of the business strategy, as well as the launch of activities aimed at taking advantage of a dominant position in the market and the competitive advantages associated with it. “New products will also be launched in the second half of 2015,” Said Hassam. Gaborone – The leading financial services group, The Botswana Insurance Holdings Limited (BIHL), presented its financial results for the year ended 31 December 2018 with strong contributions from all subsidiaries, including short-term insurance company Legal Guard. BLIL is a wholly owned subsidiary of Botswana Insurance Holdings Limited (BIHL), a company listed on the Botswana Stock Exchange. Learn more. “We`ve seen significant earnings growth this year, so we want to maintain that growth standard,” he said. “Legal Guard had profitability problems, but the rebranding resulted in a positive profit. Its brand identity has also been refreshed to symbolize the rejuvenation of the company,” he said.
Since its creation in 2012, BIHL Sure! recorded continuous losses, with an operating loss of 27 million pesos in 2014. In the six months ended June 30, 2015, the Group recorded a 32% increase in net insurance premiums to 1.3 billion pesos and the value of new business increased by nine percent to 78.9 million pesos. In the first half of 2015, the Group introduced the new five-year life insurance strategy, which aims to lead the company towards sustainable growth. Hassam said that with the implementation of the new strategy that is now underway, management firmly believes that despite increasing competition and moderate economic growth, the company will continue to achieve real and sustainable growth for all kpis. BIHL Group`s activities include Life Insurance, Botswana Insurance Fund Management and Legal Guard. It also holds associated stakes of 23% in Letshego Holdings and 33% in Funeral Services Group (FSG). Legal Guard is Botswana`s leading legal protection insurer and has played a key role in Batswana`s judicial system over the past 10 years. Legal Guard provides access to personal legal advice and support with in-house lawyers in each of our 11 offices across the country.
We offer access to our external panel of highly qualified and experienced lawyers who will represent our members in civil, criminal and labour matters, to name a few. We have a client base of more than 86,000 clients to whom we provide immediate and efficient legal services on a daily basis. Learn more. Chaha Skelemani, Head of Legal Custody, said: “We continue to invest heavily in our people and processes as we grow this company to become a more important leader in its field. Performance for the 2018 period has improved, and we are focused on expanding this performance. As for 2019, we`re excited to launch new game-changing products, such as the products we call `Code Green`, a mobile-based emergency legal support service. The data is provided “as is” for informational purposes only and is not intended for commercial purposes. FactSet (a) makes no warranties, express or implied, of any kind with respect to the Data, including, but not limited to, any warranties of merchantability or fitness for a particular purpose; and (b) will not be liable for errors, incompleteness, interruptions or delays, actions taken on the basis of the data, or any damage resulting therefrom. Data may be intentionally delayed according to the provider`s requirements. He said: “This app, which has been downloaded and installed on their mobile phone, allows clients to access the services of a lawyer in the event of a police emergency. You press the app button to make sure your GPS is active, and Legal Guard will hire a lawyer to come by phone or in person to the police station where you need to get your release. This is a service that we are really proud to bring to market.
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Source: FactSet Botswana Life Insurance Limited (BLIL) is the leading life insurer in Botswana with an estimated market share of over 80%. Botswana Life manages more than 251,000 policies and subscribes to recurring premium income of more than 680 million pesos (FY2009). Botswana Life Insurance Limited (commonly known as Botswana Life) was established in 1975. Legal Guard also recorded a 9% year-over-year decrease in operating expenses following the restructuring completed in 2017 and continued to focus on operating cost management. Going forward, Legal Guard will continue to focus on executing its current strategic plan, with a focus on controlling and reversing the recent trend in revenue developments. Calendar and economy: “current” figures are added to the table after the publication of the economic reports. Source: Kantar Media ETF Movers: Contains ETFs and ETNs with a volume of at least 50,000. Sources: FactSet, Dow Jones. Bifm – Botswana Insurance Fund Management – is a wholly owned subsidiary of Botswana Insurance Holdings Limited (BIHL). Bifm is a pioneer in asset management, managing access to 23.9 billion pesos of assets in equities, fixed income, real estate, cash and alternative investments.
Legal Guard continues to focus on improving internal processes to improve business agility and improve customer service. Botswana Insurance Holdings Limited (BIHL) has announced plans to expand its operations division, Legal Guard, outside of Botswana. Despite the pressure on revenue generation, Legal Guard recorded an operating profit of 4.1 million pesos for the year, compared to 1.4 million pesos in 2017. This objective has been achieved as the benefits of initiatives launched in recent years continue to be realized, including greater rationalization and efficiency gains that will be integrated into operations.