Pan African Insurance issues profit warning

Pan Africa Insurance issued a profit warning on Wednesday, which posts a decrease by 25% in 2014.

The company, controlled by South African insurer Sanlam, said the fall in profits, compared with the previous year, was mainly due not only to "unrealized mark-to-market gains on equity investments, which did not repeat to the same extent in 2014", but also to lower earnings from property insurance sales.