Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.


Pan Africa Insurance profit drops 42 pct, shares tumble

08 August 2014, 11:56

Nairobi -  Kenya's Pan Africa Insurance Holdings first-half pretax profit fell by 42 percent due to a decline in investment income, triggering an 8 percent fall in its stock.

The company, controlled by South African insurer Sanlam, said investment returns fell by 59 percent to 221 million shillings ($2.52 million) in the period ending June, leading to a decline in pretax profits to 495 million shillings.

Pan Africa said the Nairobi Stock Exchange share index had fallen by 1 percent to 4,885 points by the end of June this year compared to a similar period last year, while property sales also fell eroding its investment income.

By 0803 GMT, its shares traded down 8.59 percent at 117 shillings on the day.

The company said its core life insurance business rose, pushing gross premiums up by 30 percent from the previous year. It also said it plans to start new products this year, having launched a life cover as well as an insurance policy that insures customers who lose their jobs.

The insurer's earnings per share fell by slightly more than half to 4.07 shillings from 8.34 shillings. The group said its board did not recommend paying an interim dividend consistent with the company's dividend policy.

- Reuters


Read News24’s Comments Policy

Comment on this story
Comments have been closed for this article.

Read more from our Users

Submitted by
Victor Tinto
EACC officers raid Deputy Governo...

EACC officers raided the home of a Deputy Governor as theft case continues in court. Read more...

Submitted by
Wilson Ochieng
New IEBC bosses to be named Novem...

New IEBC bosses will be named on November 30. Read more...

Submitted by
William Korir
DP Ruto has spoilt my name, activ...

DP William Ruto has spoilt my name, activist complains. Read more...

Submitted by
Wilson Ochieng
Apologise for attack on Auditor G...

Apologise for attack on Auditor General, President Uhuru Kenyatta is told by Kisumu Senator Anyang Nyong'o. Read more...

Submitted by
Wilson Ochieng
Quit if you can't fight corruptio...

An MP has told President Uhuru Kenyatta to quit office if he cannot fight corruption. Read more...

Submitted by
Wilson Ochieng
Investigate Uhuru, Ruto for corru...

Investigate President Uhuru Kenyatta and DP William Ruto's offices over corruption, CORD leader Raila Odinga has said. Read more...