NEW AFRICA CAPITAL LAPSES DEVASTATE LIFE PROFITS.

Byline: Stephen Cranston

But the old Metropolitan remains financially sound NAC management has quite rightly been criticised by analysts for delaying its profit warning until two weeks before the year-end. The timing was particularly unfortunate as it was soon after Saambou went into curatorship and in the same week that government intervened to guarantee BoE's book.

Out of the R582m in new individual life recurring premiums written during the year, R98m lapsed from inception. Until the Persal government payroll system closed to new business in mid-2000, Metropolitan Life - which is still by far the largest contributor to NAC - received 40% of its premiums …