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Sanlam Kenya logs losses on poor property sales
Sanlam Group chief executive Ian Kirk (left) with Sanlam Kenya chief executive Mugo Kibati during the Sanlam media launch at the Sarova Stanley on August 17, 2016. FILE
A slow property market cost Sanlam Kenya heavily as recorded a Sh129 million loss in the first six months of the year compared to a net profit of Sh284 million in the same period last year.
The firm, formerly Pan Africa Insurance Holdings, saw its property (under other income) sales decline sharply to merely Sh40 million in the first six months of the year from Sh641.9 million in the same period last year.
