Post-COVID economic recovery drives Fiji Care profits

FijiCare Insurance Ltd (FIL) ended its 2022 financial year recording a $5.3 million Net Profit After Tax, according to its 2022 Annual Report, filed at the South Pacific Stock Exchange this week.

While this was a slight drop compared to 2021, FIL chairperson Dumith Fernando described the overall financial performance as “solid” and driven by “record increase in gross written premium for the Group from FJ$38.1m in 2021 to FJ$50.5m in 2022 financial period as well as the efficient use of assets to diversify the Group’s investment portfolio.”

A strong post-COVID recovery in Fiji’s economy as international travel and tourism resumed was instrumental in the positive performance from its Fiji business while in Vanuatu, FIL’s subsidiary VanCare maintained its stable revenue stream and profitability.

“The VanCare business is primarily based on Compulsory Third Party (CTP) and Comprehensive Motor Insurance with Medical insurance coverage as well. While we have witnessed resilient performance from VanCare over the years, we are cautiously monitoring the global market volatilities and local market situation in Vanuatu and its subsequent impact on the subsidiary’s operations and performance,” said Fernando.

FIL also strengthened its partnership with MIOT International through MIOT Pacific Medical and there are plans to open a chain of medical and diagnostic centers across Fiji under FijiCare’s wholly owned subsidiary, OmniCare Pte Limited.

FijiCare is one of the largest insurance companies in Fiji providing a range of insurance covers to more than 235,775 Fijians.

The Company expanded its operations to Vanuatu in 2014.

FIL shares last traded at $11.75 on the South Pacific Stock Exchange.