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Sanlam Kenya has issued a profit warning for the third year in a row as the investment environment got bleaker for the financial provider.
Sanlam, formerly Pan Africa Insurance Holdings, expects its profit after tax to fall by a quarter following a decline in premiums from its life business. The company also attributed the expected fall to marked-to-market fair value losses on equity investments and government securities coupled with lower income from property sales as well as a rise in expenses.
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