Listed insurance group, Britam Holdings has announced a pretax loss of Ksh. 9.7 billion for the financial year ended December 31, 2020.
The firm has blamed the loss on valuation losses to the tune of Ksh. 4.3 billion on its investments in equities and properties.
“The results were further depressed by a provision for investment losses of Ksh. 5.2 billion in Wealth Management Fund LLP, a Fund managed by Britam Asset Managers which is a fully owned subsidiary of Britam Holdings PLC. The Holdings Company is committed to support the Fund to fulfill its obligations as they fall due through management oversight of the Fund’s operations and the agreed recovery plan.”
More to follow.
