Health insurer posts $549,000 profit

April 01, 2009 06:41:32 PM

• A⁺ 
• A^-
• |
• 
• |
• 
• |
• 

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.