Insurance provider FijiCare Insurance Limited (FIL) reported a consolidated profit after income tax of $6.56 million for the financial year ending December 31, 2024. This represents a dramatic increase from the previous year’s profit of $1.35 million.
The group’s total consolidated comprehensive income also saw a rise, reaching $7.53 million compared to $1.39 million in 2023. This impressive growth can be attributed to FIL’s market expansion, improved claims management, and diversified revenue streams. The company noted a boost in gross written premiums and increased market share, alongside strong performances from its subsidiary companies.
In 2024, approximately 176,000 claims were processed, yielding a claims settlement ratio of 97 percent. In a market announcement released to the South Pacific Stock Exchange, FIL executive director Avi Raju stated that these results were a reflection of their strategic execution and focused growth initiatives. He emphasized the company’s commitment to investing in technology and innovating insurance products to enhance customer experiences.
With a robust balance sheet showing net assets of $32.33 million, FIL remains optimistic about future performance. In light of this strong financial health, the FijiCare board has declared a final dividend of $0.25 per share for the 2024 financial year, an increase from $0.23 per share in 2023, set to be distributed at the end of the month.
Similar articles highlight a positive growth pattern in Fiji’s insurance sector, with the overall gross premium income climbing by 7.5 percent to a record $440.7 million in 2023, indicating sustained industry vitality post-COVID-19. Although challenges such as rising claims payments and reinsurance costs persist, the commitment to customer service and innovation suggests a robust future for FIL and its peers in the Fijian insurance landscape.
Overall, the optimistic outlook for the insurance industry, bolstered by favorable economic conditions and strategic initiatives, reflects a growing confidence among stakeholders as they navigate through challenges while seeking continued growth and innovation.
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