FIJICARE RELEASES FINANCIAL STATEMENTS

FijiCare Insurance Limited (‘FijiCare’) yesterday released the Group audited financial statements for the year ended December 31, 2020.

The FijiCare Group recorded a consolidated profit after income tax of $1.6 million compared to $4.4 million in the previous corresponding period.

The key highlights from the audited financial statements include:

■Increase in consolidated net revenue from insurance activities by $1.2 million resulting in total net insurance revenue of $33 million;

■Increase in consolidated incurred claims to $25.2 million in the 2020 financial period compared to $22.6 million in the 2019 financial period;

■Improved consolidated net assets and shareholders equity position of $16.3 million as at December 31, 2020 compared to $15.3 million as at December 31, 2019.

Commenting on the 2020 audited financial statements, executive director, Avi Raju said, “Undoubtedly, 2020 has been a challenging and unprecedented year given the ongoing COVID 19 global pandemic.

“For FijiCare, the closure of international borders as well as the overall increase in local medical costs has resulted in an escalation of our medical claims.

“Therefore, we are enthusiastic about the opening of Nasese Private Hospital and potentially other private medical providers, which we expect will increase medical facility options for our policyholders.

“Additionally, it has been pleasing to note that international travel restrictions for medical treatments are being gradually eased.

“From November 2020, India has opened its borders for medical evacuations allowing FijiCare policy holders to access overseas medical treatments after seven months of COVID-19 lockdown restrictions in 2020.”

“Despite the decrease in profitability in 2020 which was anticipated, the group continues to be in a sound financial position, with a strong balance sheet and solid liquidity position.

“Our wholly owned subsidiary company, VanCare Insurance Limited, has also demonstrated resilient financial performance.

“We remain optimistic about our financial performance in 2021”, added Mr Raju.