Business tough in 2008, says insurer

May 05, 2009 01:07:55 PM

• A⁺ 
• A^-
• |
• 
• |
• 
• |
• 

Selling insurance was tough in 2008, said Ross Porter, chairman of the Fiji-listed Fiji Insurance Ltd (FIL). 

Announcing “satisfactory results” for the financial year ended December 31, 2008 yesterday, Porter said rising medical treatment costs overseas remained a challenge and a concern for the company going forward. 

“Trading for the year proved to be difficult with increasing competition in the markets in which we deal,” he said.

“The board is currently evaluating the effects of the Fiji dollar devaluation.  This together with other events means the business must review its future plans to take into account the additional resultant expenses.”

FIL announced a net profit of $548,724 from a before tax profit of $762,428. 

Porter said the company would be spending more to promote brand name recognition.

FIL last traded at 67 cents on SPSE.