NSE listed firm revokes earlier profit warning notice

The revocation. CEO Kibati said, has been necessitated by a reduction in the level of impairment provisions.

 

The Nairobi Securities Exchange (NSE) listed firm in regulatory filings and a Public Notice on Thursday in the local daily, has withdrawn the profit warning notice earlier issued on 29th December 2016 reflecting the prospect of posting good growth in its yet to be released full year results.

The withdrawal notice, jointly signed by Sanlam Kenya Chairman, John Simba and Group Chief Executive Officer, Mugo Kibati attributes the revised position to a reduction in the level of actuarial reserving for its life insurance businesses.

Speaking when he confirmed the new developments, Kibati said the profit withdrawal notice had also been necessitated by a reduction in the level of impairment provisions; earlier considered for some of the firm’s investments in banking entities.

The Profit Warning withdrawal, Kibati stressed was not based on a change of accounting system or method and had been done with the approval of the Capital Markets Authority.

“The withdrawal has been undertaken based on engagements with the relevant regulatory agencies as part of our corporate governance policies,” Kibati said, adding that, “a review on our life business liabilities and impairment provisions against some of our banking exposures has necessitated this withdrawal and the earlier profit warning is no longer valid.”

The company, he further said, has stepped up the implementation of its robust five-year growth strategy.

The strategy last year was headlined by a strategic rebranding process with all the former Pan Africa Insurance Holdings subsidiaries adopting a single identity under the Sanlam brand.

In Africa, the Sanlam Group continues to enjoy pride of place as the single largest non-bank financial services provider with interests in life, general insurance and wealth management solutions among others.

In Kenya, the group is making steady progress with the implementation of its new five-year strategy.

Beyond the rebranding programme, the new strategy has also seen a significant transformation for the firm’s life and general insurance business distribution channels, as well as investment in capacity to support accelerated future growth.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.

Eyewitness? Submit your stories now via social or:

Email: news@pulselive.co.ke

Recommended articles

Baringo church disowns man arrested for burning children's feet

Baringo church disowns man arrested for burning children's feet

2022 election campaign period officially begins, other key dates from IEBC [List]

2022 election campaign period officially begins, other key dates from IEBC [List]

Artist stranded after pushing Ruto's sculpture on wheelbarrow from Nakuru

Artist stranded after pushing Ruto's sculpture on wheelbarrow from Nakuru

Kalonzo’s super deal with Raila and cabinet slots before Azimio comeback

Kalonzo’s super deal with Raila and cabinet slots before Azimio comeback

Inside the Cleophas Malala degree fiasco and heated interview [Video]

Inside the Cleophas Malala degree fiasco and heated interview [Video]

Ruto woos Narok voters with tough talk on Kenyatta Family-owned land

Ruto woos Narok voters with tough talk on Kenyatta Family-owned land

Kalonzo still vying & accepted Raila's offer - Wiper officials send mixed messages

Kalonzo still vying & accepted Raila's offer - Wiper officials send mixed messages

Uhuru makes surprise appearance at KDF airshow driving himself, Ethiopian PM

Uhuru makes surprise appearance at KDF airshow driving himself, Ethiopian PM

Traders flee to police station over incitement to violence in Kericho

Traders flee to police station over incitement to violence in Kericho