Skip to content
Market News

Sanlam Kenya Issues Profit Warning, Blames Losses on Equity Investments and Govt Securities

BY David Indeje · December 30, 2016 07:12 am

Sanlam Kenya PLC has issued a profit warning for its financial results ending 31 December 2016 noting that difference between consolidated profit after tax by more than 25 percent of the level of profit earnings reported in a similar period 2015.

“The anticipated decline in profit is mainly attributable to marked-to-market fair value losses on equity investments and government securities combined with a negative persistency experience in the life book, lower income from property sale an increase in expenses related to the implementation of the new Group strategy,” read a statement signed by Dr. JPN Simba, Chairman and Mugo Kibati, the Group Chief Executive.

Pan Africa Insurance Holdings rebranded to Sanlam Kenya with an objective of diversifying its product offerings on the Kenyan market.

Sanlam Group is listed on both Johannesburg and Namibian Stock Exchange.

Related: KCSE Results Out, Another Surprise for 2016 Candidates

 

David Indeje is a writer and editor, with interests on how technology is changing journalism, government, Health, and Gender Development stories are his passion. Follow on Twitter @David_Indeje David can be reached on: (020) 528 0222 / Email: info@sokodirectory.com

Trending Stories
Related Articles
Explore Soko Directory
Soko Directory Archives