Britam in record 100% annual loss
Malawi Stock Exchange listed insurer Britam says it expects to post a loss of more than 100 percent in 2015.
Britam has said this in a statement ahead of the release of the company’s financial report for 2015 later in the year.
“Britam hereby advises all its shareholders and members of the public that there is reasonable degree of certainty that as at December 31, 2015, the company is likely to report a loss which is more than 100 percent lower than the previous corresponding year,” reads the statement in part.
MSE regulations require that a firm informs stakeholders as soon as there is any reasonable degree of certainty that the financial statements for the period to be reported upon will differ by at least 20 percent from the previous corresponding period.
But Britam management has not disclosed the reasons behind the projected loss.
For merly Real Insurance Malawi, the company in mid-2014 was bought by the British America investments Comp a n y (Britam) following the acquisition of controlling stakes in Real Insurance of Kenya.
At the time, Britam Group Managing Director Benson Wairegi was optimistic that Malawi will greatly benefit from the deal saying Real Insurance will be part of a large continental group.
As of Friday, Britam shares were trading at K2 each on the MSE.