FijiCare Group records $1.6m consolidated profit after tax
3 April, 2021, 6:30 am
The FijiCare Group has recorded a consolidated profit after income tax of $1.6million for the financial year ending December 31, 2020.
For the previous corresponding period, the Group posted a $4.4million profit.
In the group’s audited financial statements issued via the South Pacific Stock Exchange (SPX), the medical insurance service provider noted an increase in consolidated net revenue from insurance activities by $1.2m resulting in total net insurance revenue of $33m.
Other highlights also included: an increase in consolidated incurred claims to the tune of $25.5m in the 2020 financial period compared to $22.6m in the 2019 financial period; and improved consolidated net assets and shareholders equity position of $16.3m as at December 31, 2020, compared to $15.3m as at December 2019.
FijiCare Group executive director Avi Raju said the year 2020 had undoubtedly 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,” Mr Raju said.
“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.”
Mr Raju said despite the decrease in profitability in 2020, which was anticipated, the Group continued 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,” he added.