Nairobi, March 31 -- Insurance group Old Mutual Holdings has issued a profit warning for the year ended December 2022, citing the write-off of deferred tax assets.

The firm said it anticipates its earnings to decline by at least a quarter, indicating that it will make a net loss larger than the Sh1.1 billion it reported the year before.

The company is, on Friday, expected to report a net loss of at least Sh1.3 billion for the review period.

"The board brings to the attention of the public that the earnings for the current financial year are expected to be lower by at least 25 per cent than the earnings reported for the same period in 2021," the company said in a statement.

"Whilst profits from operations improved by more than 40 perce...