{"id":8180,"date":"2012-02-21T14:21:17","date_gmt":"2012-02-21T12:21:17","guid":{"rendered":"http:\/\/www.myza.co.za\/02\/pan-africa-insurance-pretax-profit-falls-17-pct\/"},"modified":"2012-02-21T14:21:17","modified_gmt":"2012-02-21T12:21:17","slug":"pan-africa-insurance-pretax-profit-falls-17-pct","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/pan-africa-insurance-pretax-profit-falls-17-pct\/","title":{"rendered":"Pan Africa Insurance pretax profit falls 17 pct"},"content":{"rendered":"<p>\t\t<span><\/span><\/p>\n<p>* Disappointing performance by life business<span><\/span><\/p>\n<p><span><\/span><\/p>\n<p>* Sale of properties cushions earnings<\/p>\n<p><span><\/span><\/p>\n<p>By Duncan Miriri<\/p>\n<p><span><\/span><\/p>\n<p>NAIROBI, Feb 21 (Reuters) &#8211; Kenya&#8217;s Pan Africa<br \/>\nInsurance Holdings posted a 17 percent decline in<br \/>\npretax profit for 2011 to 552 million shillings ($6.6 million,<br \/>\nhit by lower valuations of its bonds and equities portfolios, it<br \/>\nsaid on Tuesday.<\/p>\n<p><span><\/span><\/p>\n<p>Controlled by South African insurer Sanlam,  Pan<br \/>\nAfrica commands around 23 percent of the life cover business in<br \/>\nthe east African nation of 40 million people.<\/p>\n<p><span><\/span><\/p>\n<p>Interest rates shot up last year, tracking higher inflation,<br \/>\nresulting in losses for bond holders and dampening enthusiasm<br \/>\nfor shares.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The reduced profitability is attributable to significant<br \/>\nunrealised losses for our marked to market bonds and equities<br \/>\nportfolios,&#8221; Pan Africa said in a statement.<\/p>\n<p><span><\/span><\/p>\n<p>It said the life business had fared worse than it had<br \/>\nprojected as Kenyans reeled from a harsh economic environment<br \/>\nmarked by high inflation and a steep depreciation of the<br \/>\ncurrency against the dollar.<\/p>\n<p><span><\/span><\/p>\n<p>&#8220;The results of our life business are disappointing and<br \/>\nreflect the reduced puschasing power of our individual and<br \/>\ncorporate clients,&#8221; it said.<br \/>\n\u00a0 <span class=\"label\"><strong>Continued&#8230;<\/strong><\/span><\/p>\n<p><span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>* Disappointing performance by life business * Sale of properties cushions earnings By Duncan Miriri NAIROBI, Feb 21 (Reuters) &#8211; Kenya&#8217;s Pan Africa Insurance Holdings posted a 17 percent decline in pretax profit for 2011 to 552 million shillings ($6.6 million, hit by lower valuations of its bonds and equities portfolios, it said on Tuesday. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[830,2370,183],"class_list":{"0":"post-8180","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-news","8":"tag-reuters","9":"tag-south-africa-2","10":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8180","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=8180"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/8180\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=8180"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=8180"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=8180"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}