Insurance firm doubles profits

FIJICARE Insurance Ltd (FIL) released its audited financial statements for the year ended December 31, 2017 last Friday showing a group net profit after tax of $1,531,971.

The figure is more than double the group profits recorded in 2016 of $722,778.

The holding company likewise also increased its profit to $1,260,356 from the $664,423 recorded in 2016, which represented an increase of 90 per cent.

In view of the much improved performance, the company’s basic and diluted earnings per share also doubled from $9.50 (2016) to $19.06 in 2017. And while the holding company’s net assets grew from $6.72 million in 2016 to $7.92m in 2017, representing an increase of 18 per cent, the net assets of the group grew 27 per cent from $6.46m (2016) to $8.18m in 2017.

An interesting event that happened subsequent to balance was that FIL had received a bidder’s statement from Mount Sophia Investments (Fiji) Pte Ltd in February 2018 for 75-80 per cent of FIL’s issued shares.

While the company had responded with a target statement on March 1, 2018 where an independent director had recommended acceptance by shareholders and the bidder had indicated that the proposed acquisition would not significantly alter the strategy or operations of the holding company.

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