Sanlam Kenya Plc has informed its shareholders that its audited financial statements for the year ended 31st December 2021 will not be ready for publication by the 30th of April 2022, being the deadline required by the Capital Markets Authority (CMA).
“This has been occasioned by a delay in reporting by one of the subsidiaries for which additional time is required by the directors to finalize the financial statements,” said Dr John Simba, Chairman of its Board.
The Company has sought and obtained approval from the CMA for an extension to publish the audited financial statements for the year ended 31st December 2021 on or before 31st May 2022.
This firm is a Kenyan incorporated diversified financial services group listed on the NSE. The firm provides a comprehensive suite of financial solutions to meet the distinctive Kenyan market needs.
Through its subsidiaries, Sanlam Life Insurance Limited and Sanlam General Insurance Limited, Sanlam Kenya is well-positioned to meet unique client needs in the General and Life Insurance space.
Sanlam Kenya Plc origins
Founded on a rich heritage and good corporate citizenship, the firm currently features a branch network of 15 client experience centres across Kenya’s major towns.
The firm enjoys a market share of 6.84% in the Kenyan Life Insurance industry, serving over 78,000 policyholders under individual life and more than 235,000 under group life.
Already, Sanlam Kenya has issued a profit warning that its net earnings after tax for the period ended 31st December 2021 will reflect a decline compared to the prior year’s earnings.
The pandemic negatively affected the firm’s retail and corporate segments through increased premium debt provisioning to reflect associated default risk, while claims and related policyholder reserving were increased to ensure sufficient prudence.
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