General insurance provider Sun Insurance Company Ltd recorded an unaudited profit of $5.06million for the first nine months of its current fiscal year ending September 30, 2024.
This represents an extraordinary growth of 766 percent compared to the unaudited post-tax profit of $0.58m recorded in the corresponding period in 2023.
The company attributed this growth in profitability to an improved claims loss ratio mainly due to lower fire claims in the present period as compared to the same period last year.
Sun Insurance also recorded $27.9m in revenue for the first three quarters of this year.
It said this was a notable increase from the $22.6 million turnover achieved for the same period of the previous year, highlighting its robust growth trajectory aided through improved customer relationship and enhanced service coupled with effective sales promotion strategies.
“Given the challenging global environment marked by lower economic growth, our achievement is commendable in addition to the fact that the year 2023 had unprecedented number of claims,” Sun Insurance Company chairperson Padam Lala said in a market announcement issued by the South Pacific Stock Exchange (SPX).
Mr Lala credited this success to their staff, and the partnership and efforts of insurance brokers and agents who have worked tirelessly to drive the company forward.
Looking ahead, he said the company planned to expand their offerings by launching several new insurance products and initiatives in the coming year, further enhancing its position in the market.
Company principal officer Tarlochan Singh said their customers’ confidence in their products and services had been instrumental in driving their success.
Sun Insurance was listed publicly in August this year, and had reported its first-ever post-IPO interim dividend of $2.5m based on its nine-months performance.
