President Ratu Wiliame Maivalili Katonivere emphasized the importance of capital markets in stimulating economic growth, encouraging innovation, and generating wealth. Speaking at the official listing of Sun Insurance on the South Pacific Stock Exchange (SPX), he highlighted that capital markets offer vital access to capital for businesses, facilitating their expansion, innovation, and job creation.
He noted that for investors, these markets present a chance to invest across a wide variety of companies and sectors, thus supporting the broader development of the national economy. The public listing of Sun Insurance exemplifies the company’s financial strength and vision for future growth.
“Sun Insurance is paving the way for new investment opportunities, which will ultimately benefit its clients, employees, and the wider community,” President Katonivere stated. He praised the company’s innovative strategies, which have established it as a leader in the market, providing reassurance to countless individuals and businesses throughout the country.
Since its inception in 1993, Sun Insurance has been a significant player in Fiji’s insurance sector. Initially named National MBF Insurance, the company’s mission has always focused on delivering reliable and tailored insurance solutions for Fijians. A change in ownership in 1999 led to a rebranding that marked the start of a new phase of growth and innovation.
President Katonivere also pointed out that the rebranding has enabled Sun Insurance to venture into the real estate sector, showcasing its dedication to providing long-lasting value to its stakeholders. The ongoing development of Sun Center Two further demonstrates the company’s commitment to investing in the nation’s progress.
He commended the partnerships between Sun Insurance and its agents, brokers, and corporate allies in promoting this fully Fijian-owned general insurance firm. Additionally, he noted that Sun Insurance’s values of excellence, integrity, and customer focus align with the government’s objectives for economic growth and social advancement.
The Head of State encouraged business leaders to take advantage of the opportunities presented by capital markets and stressed that listing on the stock exchange not only grants access to capital but also improves corporate governance, transparency, and credibility.
Sun Insurance’s listing enhances the representation of the insurance sector on the SPX, which is vital for providing investors with varied investment choices. The company’s initial public offerings have drawn in thousands of new investors, expanding the investor base and positively impacting the capital markets’ dynamics.