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Fiji’s major health insurance player FijiCare Insurance Limited (FIL) has posted an after-tax profit of $549,000 for the year ended December 31, 2008.
The figure is a drop of $121,000 from the $670,000 profit recorded for the previous corresponding full year.
In its report to the South Pacific Stock Exchange (SPSE), FIL said its profits were driven by a number of factors, including:
• the implementation of more stringent guidelines in underwriting new businesses and renewals;
• the phasing out of consistently bad accounts and reduction in operational costs;
• the introduction of new international accounting standards;
• the implementation of a 15-point strategic plan which the FIL team worked on and maintained, and;
• the provision of new IT systems to enhance its efficiency.
FIL was today trading at $0.67 cents per share on the SPSE.
