Kenya's Pan Africa Insurance Holdings 2014 profit falls 24 per cent

Kenya's Pan Africa Insurance Holdings reported on Friday a 24 percent drop in full-year pretax profit for 2014, hit by unrealised gains in equity investments and slow property sales.

The company, controlled by South African insurer Sanlam, said pretax profit fell to 1.15 billion shillings ($12.6 million) from 1.52 billion in 2013.

"Demand for our property was depressed in 2014 compared to 2013, but we expect this to pick up again in 2015," the company said in a statement.

Gross written premiums fell marginally to 5.2 billion shillings from 5.3 billion, while investment income rose to 1.99 billion shillings from 1.53 billion.

Earnings per share fell to 9.07 shillings from 13.05 shillings. The firm's directors recommended a bonus dividend of one new share for every two held.

Pan Africa shares closed unchanged at 112.00 shillings on Thursday.