Key Activities & Presence in Botswana

Reinsurance Operations
First Mutual Holdings established a reinsurance business in Botswana through a holding company that consolidates both Botswana and Zimbabwe operations. Over the years, this arm has grown significantly, with premiums increasing from just a few million pula to several hundred million.

Health Insurance License
In May 2025, the group was granted a license to operate health insurance in Botswana. Business development activities are set to roll out in the second half of 2025. They have already appointed key personnel, including a general manager and a locally based principal officer as required by Botswana’s regulations.

Strategic Partnerships
To strengthen its position, First Mutual entered a partnership with a Botswana-based investment firm, which acquired a significant minority stake in its reinsurance business. This move supports growth and aligns with Botswana’s favorable regulatory environment for financial services.

Opportunities & Strategic Significance

Growing Demand: Botswana’s expanding need for health and reinsurance services provides First Mutual with strong growth potential.

Stable Regulatory Environment: The country offers a predictable financial services framework, making it an attractive base for regional operations.

Regional Hub Potential: Establishing operations in Botswana positions First Mutual to serve not only the domestic market but also the wider Southern African region under more stable economic and regulatory conditions.

Challenges & What to Monitor

Operational Rollout: While licenses have been secured, full implementation of health insurance operations is still upcoming, which creates some execution risk.

Cross-Border Finance Risks: With operations spanning multiple countries, managing currency flows and repatriation of funds remains an area to watch.

Compliance Requirements: Botswana enforces strict regulatory standards for insurance and reinsurance, requiring ongoing investment in compliance and governance.