His Excellency, President Ratu Wiliame Maivalili Katonivere, emphasized the vital role of capital markets in driving economic growth, fostering innovation, and generating wealth. While officiating the listing of Sun Insurance on the South Pacific Stock Exchange (SPX) on Thursday, Ratu Wiliame noted that capital markets are essential for businesses seeking access to necessary capital, which allows them to expand, innovate, and create employment opportunities.
President Katonivere stated, “For investors, capital markets present the chance to invest in a diverse array of companies and sectors, thus playing a significant role in the overall advancement of the national economy.” He viewed the public listing of Sun Insurance as a testament to the company’s financial strength and its strategic ambitions for the future.
He remarked, “Sun Insurance is unleashing new investment and growth prospects that will ultimately benefit customers, employees, and the broader community.” He lauded Sun Insurance for its innovative approach, which has positioned the company as a market leader, providing assurance to many individuals and businesses across the nation.
Since its founding in 1993, Sun Insurance has been a key player in the Fijian insurance sector. Initially branded as National MBF Insurance, it was established with the goal of providing comprehensive and dependable insurance solutions tailored to meet the diverse needs of all citizens.
Following a change in ownership in 1999, the company underwent rebranding, marking the start of a phase characterized by growth and innovation. President Katonivere noted, “The rebranding effort has enabled Sun Insurance to expand into the real estate sector, demonstrating its commitment to delivering lasting value for its stakeholders. Additionally, the construction of Sun Center Two highlights the company’s determination to invest in the nation’s development.”
The President also recognized the partnership among the company, its agents, brokers, and corporate allies in promoting the growth of this fully Fijian-owned general insurance entity. He stated, “Sun Insurance’s dedication to excellence, integrity, and customer-focused values is in harmony with the Government’s objectives of economic expansion and social development.”
Furthermore, the Head of State urged business leaders to seize the opportunities presented by capital markets, reiterating that a listing on the stock exchange not only enhances capital access but also improves corporate governance, transparency, and credibility. Sun Insurance’s listing bolsters the representation of the insurance sector on the SPX, which is vital in providing investors with varied investment opportunities.
The company’s initial public offerings (IPOs) have successfully attracted thousands of new investors to the SPX, expanding the investor base and enriching the overall dynamics of the capital markets.