Insurance group Britam Holdings paid a higher-than-usual tax rate of 92.8 percent in the year ended December after it made provisions for investment losses of Sh5.2 billion.
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Britam posts record loss of Sh9bn after asset division hit
Thursday April 29 2021
By VICTOR JUMA
The company did not give details of what went wrong at the asset management unit.
The disclosure of the losses at the fund came after the insurer overhauled its executive and board, including the investment committee.
Britam Holdings #ticker:BRIT reported a record net loss of Sh9.1 billion in the year ended December when its asset management division underperformed.
The insurer had made a net profit of Sh3.5 billion a year earlier. The performance saw the company suspend dividend payouts, having made a distribution of Sh630.8 million or Sh0.25 per share the year before.