Alexander Forbes has warned investors to expect lower profits for the year ended on 31 March because a business that it had sold was coming back to haunt it. Alexander Forbes said it has been slapped with a £61.9 million (about R1.2 billion) liability related to its former UK subsidiary, Alexander Forbes Consultants and Actuaries Limited. The industry as a whole has been ordered to make redress payments, and because Alexander Forbes sold that business with certain warranties and a limitation of liability, it has to pay that liability. Alexander Forbes said management has obtained legal opinion that the dissenting insurer is incorrect, and it will continue to pursue legal action on the matter. Alexander Forbes will published its 2021 financial results on 14 June 2021.

Source: News 24 June 01, 2021 08:37 UTC