Sale of property investments by Kenya National Assurance Company (2001) Limited (KNA)

Our attention has been drawn to reports appearing in a section of the press regarding the sale of property assets of the Life Fund by Kenya National Assurance Company (2001) Ltd. The newspaper reports contained inaccuracies likely to cause disquiet to the policyholders and the general public.

The management of Kenya National Assurance Company (2001) Ltd would therefore like to make the following statement regarding the sale of property investments belonging to the Life Fund to put the record straight:-

Name of Property

Valuation by Official Receiver in 2000

Valuation by Government Chief Valuer in 2004/7

Sale Price

Corner House

Shs550 Million

Shs 620 Million

Shs 700.7 Million

Bima House, Nairobi

Shs 400 Million

Shs 560 Million

Shs 560 Million

Bima Tower, Mombasa

Shs 250 Million

Shs 256 Million

Shs 256 Million

KNAC Tower, Kisumu

Shs 21 5 Million

Shs 224 Million

Shs 224 Million

Protection House

Shs 200 Million

Shs 220 Million

Shs 220 Million

Town House, Nairobi

[_ Shs 190 Million

Shs 210 Million

Shs 210 Million

Salama House

Shs 95 Million


Shs 127,786,000

Bamburi Plot

Shs 22.5 Million

Shs 26 Million

Shs 43,945,000

Eldoret Complex

Shs 27.5 Million

Shs 22.5 Million

Shs 50 Million

Tiwi Plot, Mombasa

Shs 8.76 Million

Shs 11 Million

Shs 16 Million

Managers House, Mombasa

Shs 6 Million

Shs 7.5 Million

Shs 7.5 Million

Managers House, Kisumu

Shs 4.2 Million

Shs 4.8 Million

Shs 4.8 Million

Managers House, Nakuru

Shs 3.5 Million

Shs 2.55 Million

Shs 2.650 Million

Managers House, Nyeri

Shs 3 Million

Shs 3.2 Million

Shs 3.2 Million

Kisumu, Ex-Ohawa Plot

Shs 1.35 Million

Shs 1.35 Million

Shs 1.35 Million

Value of Corner House

Corner House was valued for Sh550 million by Gimco Limited in June, 2000 for the Official Receiver. This valuation was done along with the valuation of all the property investments listed above. The property valuations formed the basis of the total value of the assets transferred to KNAC (2001) Ltd from the Official Receiver in March, 2002. The valuation report and the values of the properties were accepted by the High Court for the purpose of the Transfer.

Subsequent Valuations

The Board requested the Government Chief Valuer to carry out valuation of all properties in March, 2004 in preparation for sale. The valuations formed the reserve prices.

Corner House was valued for Shs570 Million in March 2004 by the Government Chief Valuer. The building was revalued for Shs620 Million in July, 2007 by the Government Chief Valuer before it was advertised for sale.

Advice to Policyholders

We advise institutional policyholders that the balances of the benefits due to you will be paid as soon as the transfer process is completed and the sale proceeds received from the buyers.
Individual policyholders are requested to complete and return the Discharge Vouchers sent to them without delay together with the original policy document and a copy of ID to facilitate payment of their benefits.

Policyholders who have not received Discharge Vouchers should contact General Manager on telephone number 020-2216063, 2215784, 340759, Mobile numbers 0727751024 and 0736491301 or visit our offices in Mezzanine 2, Corner House, Kimathi Street Nairobi. Requests may be posted to General Manager, Kenya National Assurance Company (2001) Ltd, P.O. BOX 20425 - 00200, NAIROBI.


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