President Ratu Wiliame Maivalili Katonivere emphasized the importance of capital markets in driving economic growth, encouraging innovation, and generating wealth. During the ringing of the trading bell marking Sun Insurance’s official listing on the South Pacific Stock Exchange (SPX), he noted that capital markets provide vital access to capital for businesses, facilitating expansion, innovation, and job creation.
He explained that capital markets present investors with a diverse range of investment opportunities across various sectors, which contributes positively to the nation’s economic development. The public listing of Sun Insurance showcases the company’s financial robustness and its strategic outlook for future growth.
Katonivere stated, “Sun Insurance is creating new avenues for investment and development, ultimately benefiting customers, employees, and the wider community.” He highlighted that the company’s innovative business model has positioned it as a leader in the market, providing valuable services to numerous individuals and businesses across the country.
Since its inception in 1993, Sun Insurance has been a key player in the Fijian insurance industry. Founded as National MBF Insurance, the company aimed to deliver reliable and comprehensive insurance solutions tailored to the unique requirements of its clients. After a change in ownership in 1999, the company rebranded and embarked on a path of growth and innovation.
The President noted that the rebranding has allowed Sun Insurance to enter the real estate sector, demonstrating its commitment to creating lasting value for its stakeholders. He highlighted ongoing projects, such as the construction of Sun Center Two, as an example of the company’s investment in national development.
Katonivere praised the collaborative efforts between Sun Insurance, its agents, brokers, and corporate partners in advancing the growth of this fully Fijian-owned general insurance company. He affirmed that Sun Insurance’s dedication to excellence, integrity, and customer-focused approach aligns with the government’s objectives for economic advancement and social progress.
He further encouraged business leaders to take advantage of the opportunities present in capital markets, reiterating that listing on the stock exchange not only secures access to capital but also fosters better corporate governance, transparency, and credibility. The listing of Sun Insurance enhances the representation of the insurance sector on the SPX, which is essential for providing investors with diverse options. The company’s initial public offerings (IPOs) have attracted thousands of new investors to the SPX, thereby expanding the investor pool and enriching the dynamics of the capital markets.