UAP slides into Sh518m loss on increased claims

Old Mutual Group CEO Peter Mwangi (Right) chats with Agnes Chege (Left) Group Financial Controller UAP - OLD Mutual Group during UAP Old Mutual group investor briefing. [Wilberforce Okwiri/Standard]

Financial services firm, UAP Holdings, has posted a Sh518 net loss for the year to December 2018 owing to rising insurance claims and reduced yields from its property investments.

The loss, the first in about a decade, represented a staggering 167 per cent decline in revenue from a net profit of Sh608 million in 2017.