Sanlam withdraws profit warning after review of liabilities

Sanlam Kenya has withdrawn its profit warning that was issued at the end of last year, saying a fresh review of its liabilities has eased pressure on its bottom line.

The insurer had forecast its profit to fall by at least 25 per cent for the year ending December 2016, based on higher reserving for its long-term insurance liabilities under the previous accounting system that it has now shelved.