His Excellency, President Ratu Wiliame Maivalili Katonivere, emphasized the importance of capital markets in driving economic growth, promoting innovation, and generating wealth.
During the official listing of Sun Insurance on the South Pacific Stock Exchange (SPX) on Thursday, President Katonivere stated that capital markets are essential for businesses to access vital funding, which allows them to expand, innovate, and create new jobs.
He noted that for investors, capital markets present opportunities to invest in a wide variety of companies and sectors, thereby enhancing the overall economic development of the nation.
The President highlighted that the public listing of Sun Insurance reflects the company’s financial stability and strategic vision for the future. He remarked, “Sun Insurance is creating new investment and growth opportunities that will ultimately benefit its customers, employees, and the broader community.”
He recognized Sun Insurance’s innovative approach as a factor that has established the company as a leader in the market, providing peace of mind to many individuals and businesses across the country.
Since its inception in 1993, Sun Insurance has been a key player in the Fijian insurance landscape. Originally named National MBF Insurance, it was founded with the aim of delivering comprehensive and dependable insurance solutions tailored to the diverse needs of citizens.
In 1999, after a change in ownership, National MBF Insurance underwent a rebranding, marking the dawn of a new phase filled with growth and innovation.
“The rebranding has allowed Sun Insurance to enter the real estate sector, demonstrating its commitment to providing long-lasting value for its stakeholders. Additionally, the ongoing construction of Sun Center Two highlights the company’s dedication to investing in the development of our nation,” President Katonivere said.
He also acknowledged the valuable collaboration between the company and its agents, brokers, and corporate partners, which is essential for advancing the growth of this entirely Fijian-owned general insurance entity.
President Katonivere noted that Sun Insurance’s dedication to excellence, integrity, and customer-focused values aligns with the government’s objectives of fostering economic growth and advancing social development.
He further encouraged business leaders to seize the opportunities available in capital markets and reaffirmed that listing on the stock exchange not only opens access to capital but also improves corporate governance, transparency, and credibility.
The listing of Sun Insurance also strengthens the representation of the insurance sector on the SPX, which is vital for providing diverse investment opportunities to local investors.
The company’s initial public offerings (IPOs) have drawn thousands of new investors to the SPX, expanding the investor base and enhancing the overall dynamics of capital markets.