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Pan Africa Insurance Hits Month-Low on Lower Profit Speculation

Nov. 21 (Bloomberg) -- Pan Africa Insurance Holdings Ltd., the Kenyan unit of South Africa’s Sanlam Ltd., fell to the lowest in a month on speculation full-year profit will decline.

The stock dropped 6.3 percent to 22.50 shillings by 12:15 p.m. in Nairobi, the weakest level since Oct. 25, according to data compiled by Bloomberg.

“The decline in the stocks is likely due to investors exiting on expectation of lower full-year return due to the bearish equity market where insurance are expected to invest a third of their premiums,” Eric Musau, an analyst at Nairobi-based Standard Investment Bank Ltd., said on phone.

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