2019 Year End Financial Results Announcement Financial Performance

2019 Year End Financial Results Announcement

Financial Performance Kudakwashe Mukushi Group CFO

BWP Million 1, 457 1, 305 1, 140 1, 044 Revenue 98 Recurring premium Single premium Actual Dec 2019 107 Fee revenue Actual Dec 2018 40 8 Shareholder investment return

BWP Million 1, 649 1, 499 Expenses 397 318 311 Claims and benefits Sales remuneration Actual Dec 2019 308 Administration expenses Actual Dec 2018

Sustainability BWP Million 1, 800 1, 649 1, 600 1, 533 1, 400 1, 499 1, 382 1, 297 1, 200 1, 000 800 600 400 324 311 324 308 318 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019 200 Claims and benefits Administration expenses Linear(Claims and benefits) Linear(Administration expenses)

BWP Million 437 376 375 371 Profitability 158 142 147 53 Operating profit Profit Attributable to S/holders Actual Dec 2019 Associate Share of profit Actual Dec 2018 Value of New business

Delivering on our promises 35 16 11 67 67 59 Dividends (thebe per share) 55 55 55 60 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dividends Interim 44 Final Special Dec 2019

Value of New Business BWP Million 180 160 140 120 100 80 60 40 20 Dec 2015 Dec 2016 Dec 2017 Dec 2018 Dec 2019

Embedded Value BWP Million 1, 811 1, 489 1, 432 1, 664 2, 851 2, 831 2, 756 2, 841 Dec 2016 Dec 2017 Dec 2018 Dec 2019 1, 329 1, 640 Dec 2015 Value of Net assets Value of inforce business

Financial position

BWP Million 35. 00 30. 00 25. 90 26. 70 27. 50 29. 20 25. 00 20. 90 20. 00 14. 3014. 40 15. 00 15. 5715. 81 16. 49 10. 00 4. 16 4. 34 4. 31 4. 42 4. 65 5. 00 AUM Total assets Dec 2015 Dec 2016 Dec 2017 Dec 2018 EV Dec 2019

Embedded Value Earnings - GEV Movement P 5, 100 m P 122 m P 91 m P 4, 900 m (P 20)m P 170 m P 4, 700 m P 31 m P 17 m (P 3)m (P 369)m Return on SH Change in FV Movement in Assets Adjustments Treasury Shares Dividends P 39 m P 147 m P 4, 500 m P 4, 300 m P 4, 100 m P 3, 900 m P 3, 700 m P 3, 500 m Opening Embedded Value Expected Return New Business Operating Variances Assumption Changes Economic assumption Changes Investment Variances Closing Embedded Value P 4, 654 m P 4, 429 m

Return on Embedded Value 30. 00% 25. 00% Axis Title 20. 00% 15. 00% 10. 00% 5. 00% 0. 00% ROEV Target BIHL 13. 20% 14. 50% BLIL 22. 40% 16. 40% BIFM 14. 90% 15. 00% Legal Guard 10. 70% 18. 50% Letshego 8. 50% 15. 00% FSG 18. 50% 15. 50% BIC 0. 10% 13. 50% Nico 12. 60% 27. 40%

Engineered to deliver, as we engineer legacies.

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