Nairobi Securities Exchange listed non-bank financial services provider, Sanlam Plc has announced the withdrawal of an earlier posted profit warning notice ahead of its full year results release.
The withdrawal notice attributes the revised position to a reduction in the level of actuarial reserving for its life insurance businesses.
According to the company’s CEO Mr. Mugo Kibati, 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 and was not based on the change of its accounting system or method and had been approved by 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provisions against some of our banking exposures has necessitated this withdrawal and the earlier profit warning is no longer valid.”
