President Ratu Wiliame Maivalili Katonivere emphasized the vital role of capital markets in driving economic growth, encouraging innovation, and generating wealth. During the official listing of Sun Insurance on the South Pacific Stock Exchange (SPX) on Thursday, he highlighted that capital markets provide businesses with essential access to funding, which allows for expansion, innovation, and job creation.
Katonivere noted that capital markets present various investment opportunities, enabling investors to support a range of companies and sectors, thereby advancing the nation’s economic development. He described the public listing of Sun Insurance as a testament to the company’s financial health and future strategic vision.
He stated, “Sun Insurance is creating new investment and growth opportunities that will ultimately benefit its customers, employees, and the broader community.” The president praised Sun Insurance’s innovative approach, which has positioned the company as a leader in the market, providing assurance to many individuals and businesses across the country.
Since its inception in 1993, Sun Insurance has been a significant player in the Fijian insurance sector. Originally founded as National MBF Insurance, the company aimed to deliver reliable insurance solutions tailored to the needs of local citizens. Following a change in ownership in 1999, the company underwent a rebranding, leading to a period of growth and innovation.
Katonivere noted the company’s transition has allowed Sun Insurance to enter the real estate market, further demonstrating its commitment to providing lasting value for stakeholders. He pointed to the ongoing construction of Sun Center Two as a sign of the company’s dedication to enhancing its investments in national development.
The president acknowledged the collaboration between Sun Insurance, its agents, brokers, and corporate partners in fostering the growth of this fully Fiji-owned general insurance firm. He highlighted that the company’s commitment to excellence, integrity, and customer-focused principles aligns with the government’s aims for economic growth and social progress.
Additionally, Katonivere urged business leaders to capitalize on the opportunities within the capital markets. He reiterated that a listing on the stock exchange not only grants access to capital but also boosts corporate governance, transparency, and credibility.
The listing of Sun Insurance adds significant representation for the insurance industry on the SPX, which is essential for providing investors with diverse investment opportunities. The company’s initial public offerings have attracted thousands of new investors to the SPX, broadening the investor base and enhancing the overall capital markets dynamics.