SA’s largest pension fund administrator, Alexander Forbes, has warned shareholders that headline profit will fall by more than R230m in its year to end-March, with the group feeling the effects of lost earnings after the sale of its SA insurance business and a R1.2bn liability related to a former subsidiary in the UK.

Total headline earnings per share is expected to fall as much as 65% to end-March, the group said in a trading update, warning shareholders that liability costs related to redress payments in the UK had risen significantly...

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