FijiCare records $679,745 profits

There are plans for a joint venture with Vanuatu’s insurance company to enhance regional portfolio
MARAIA VULA
Suva
The enhanced business volume together with a reduced expense ratio allowed FijiCare Insurance Limited to show an increase in post-tax profits of $679,745.
This was noted by the company non-executive chairman Philipp Thomas during the company’s annual general meeting at the Fiji Club yesterday.
Mr Thomas said: “Highlights for 2013 were the continued reversal to profitability which had already started in 2012.
“Returns from the shareholders fund was further improved over 10 per cent to every 15 per cent. This was because of increase in business volume with the introduction of a new Information Technology system.
“The key contributing factors was more or less a freeze in the total operating costs, whereas a considerable 50 per cent increase in the gross rate premiums. Obviously the profit as residual number had to go up very considerably.”
Mr Thomas highlighted they would likely embark on a Pan Pacific expansion strategy as they have been canvasing the Vanuatu market.
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