@Spikes
He can't mention that to avoid panicking by investors.
That's where the money went FYI.
Remember they also have a bond which they are to repay with interest.Companies which took corporate bonds in volatile sectors like insurance will have it rough repaying coz;
--Investment returns from equity business hamna coz of bear run.
--High claims and low penetration of insurance products.Most insurance companies are making losses or low profits from the core insurance business.
--High cost of living will lead to less people taking insurance products as most of the money is catering for basics leaving nothing for items considered luxury like insurance
--Saturated property office market especially commercial.It will take more than 5 years for BRITAM and Old Mutual UAP to have their skycrapper buildings fully let.
--In most of the countries where the insurance companies have opened subsidiaries the penetration and returns there are low so they can't bring in tangible returns to offset the slowdown in Kenya.
Exception to this are Jubilee and Kenya Re whose diversification will bring in returns faster.
Wealth is built through a relatively simple equation
Wealth=Income + Investments - Lifestyle