Britam Holdings Limited #ticker:BRIT slid into the red after posting a Sh2.2 billion after-tax loss for the year ended December 2018 following a hit on its equity investment in mortgage lender Housing Finance Group (HF) #ticker:HFCK.
The insurer, which bought a 48.2 percent stake in HF, lost nearly Sh4 billion in paper wealth after the mortgage lender’s share sunk to a 15-year low after a turn of poor financial performance. Britam’s stake in HF totals to 186.2 million shares, which are now valued at Sh1 billion.
