Imara Capital Securities says Botswana Insurance Holdings Limited (BIHL) shares could rise to about P24.46. This is only about 6% higher than the current price of P23.02 as at 22 September 2025. In a research note, Imara Capital recommended that investors hold on to the shares of the company, citing modest return expectations and ongoing earnings challenges.
Read: Pula Changes: What BIHL’s Response Signals for Shareholders, BIHL Prepares the Ground for Future Shareholders’ Income, Medicine Shortage: Investors Focus On BIHL’s Plans for Sustainable Growth, BIHL Keeps Your Income Flowing As Belts Tighten
So far this year (from January), Imara indicates that the share price of the company has risen by just over 2% to the current P23.02. The broker’s research shows that the company also pays good dividends—about 4.6%—which is almost double what peer companies in the region are paying.
During the first half of 2025 (January 1 to June 30), BIHL made a profit before tax of P201.1 million, which is about 11% higher than the P181.9 million it made in the same period last year.
Read: Less Pay for BIHL Shareholders, More Cushion To Stay the Course
Most of the company’s profit comes from the businesses it owns in majority, mainly Botswana Life and Bifm. Between the two, Botswana Life brings in almost three-quarters of the total profit. However, its profit after tax has been going down.
Botswana Life Profit After Tax
- 2025: P76 million
- 2024: P191 million
- What it means: Profits fell sharply. Last year, Botswana Life was the biggest profit driver, but this year it’s less than half of what it made before.
BIFM (asset management arm)
- 2025: P52 million
- 2024: P68 million
- What it means: Slight drop, but still weaker than last year.
Associates (companies BIHL partly owns, like Letshego and others)
- 2025: P148 million
- 2024: P79 million
- What it means: Big recovery here. Associates more than doubled their contribution.
Impairments of Associates (losses written down from associate investment – Letshego)
- 2025: -P85 million
- 2024: –P189 million
- What it means: Still a loss, but much smaller than last year.
