Sanlam Kenya Group chief executive Mugo Kibati said the company acted in “abundance of caution” when it issued the profit warning, but later received guidelines from the regulator which necessitated the withdrawal on February 9. The guidelines did come after we had issued the profit warning. We immediately and without delay withdrew the profit warning,” said Mr Kibati. Sanlam has adopted the gross premium valuation method of valuing its long-term insurance business liabilities, changing from the previously applied net premium valuation methodology. The general insurance subsidiary - previously Gateway Insurance and now controlled 68 per cent by Sanlam – continued its loss-making streak.

Source: Daily Nation March 02, 2017 18:45 UTC