Publicly listed medical insurer FijiCare Insurance Ltd has recorded a net profit after income tax of $1.35million for the group for the financial period ended December 31, 2023, despite challenges faced in the domestic and global markets.
In 2022, the group had recorded a net profit after tax of $5.93m.
FijiCare Insurance Ltd chairperson Dumith Fernando said the reduced profit was a result of record claims of $35.9m paid out last year, compared with $33.8m paid out in 2022.
He said as anticipated, medical and motor vehicle claims were at all-time highs.
“This has been the trend globally due to post-COVID effects for increased medical treatments and inflationary pressures on motor vehicle parts and general cost of repairs,” Mr Fernando said in the company’s 2023 annual report.
“With this backdrop, we are extremely thankful for and appreciative of the continued support and solidarity from our employees, customers, partners and stakeholders shown during a transitionary year.”
Mr Fernando said the company had continued to grow its premiums with the gross written premium for the group increasing to $53.4m from $50.5m with significant growth noted in medical insurance, comprehensive motor insurance and comprehensive travel insurance.
“FijiCare has become a prominent player in the comprehensive motor vehicle product category. It is also the only insurer offering comprehensive travel insurance in the local market. Our VanCare subsidiary operating in Vanuatu has also performed well and witnessed growth in gross written premiums in comprehensive and compulsory third-party motor insurance.”
Mr Fernando said conducting business with integrity and in an ethically responsible manner is critical both for economic and sustainable growth.
“We embark on our 2024 journey with optimism, even amid a backdrop of continued global market volatility, which may impact our domestic economic conditions.”
