BIHL reports rise in profits

The BIHL board has announced that the group’s results (profit before tax) for the period ended June 30, 2022, will be higher than those reported for the period ended June 30, 2021, by between 35% and 43%. It translates to an increase of between P86 million and P106 million in the Profit Before Tax (PBT). PBT for the period ended June 30, 2021 was P246 million. The group recorded a drop in claims paid during the period ended June 30, 2022, due to a significant reduction in claims for the Group Life Assurance portfolio which was negatively impacted by COVID-19 in the comparative period. The countrywide COVID-19 mortality rate was reduced due to improved access to vaccinations, and “this led to a review of our claims assumptions which also had a positive impact on the half-year results”. The non-life businesses have also performed well despite the challenging economic environment.