McPherson Forecasts Positive Growth for 2018
2017 was another successful year for FijiCare Insurance Limited.
FijiCare managing director, Peter McPherson said the company’s annual general meeting yesterday ratified Avinesh Raju as a company director and the board chairman.
Mr Raju is the Mount Sophia Ventures (Fiji) Pte Limited managing director.
Mount Sophia Ventures recently successfully acquired 6,150,879 shares in FijiCare representing 75 per cent interest in the company.
Mr McPherson said: “I call it the new FijiCare emerging with a new chairman coming in at a young age of 44.”
He said it brings in new corporate governance and a new thought process.
“We are willing to make FijiCare bigger and stronger into a multimillion dollar company within years to come.
“At this stage there won’t be any changes made to the business. There will be changes to investment but not in the insurance side. It’s exciting.
“Avi Raju is the new board chairman elected two weeks ago at a board meeting in Singapore and was ratified today as the new chairman.”
He said Mr Raju replaces Philipp Thomas who was a member of the FijiCare Board since 2006 and has been chairman since 2012.
Mr Thomas’ retirement is seen in the context of Mount Sophia having made an offer to acquire up to 80 per cent of FijiCare’s shares at a considerable premium over net asset value per share.
Mr McPherson said the company made a record profit of $1,531,971 after tax for the year ending December 31st, 2017.
“Last we processed 57,280 for medical claims.
“Yes we are looking forward to a successful year this year, after four months we are on target for 2018.”
Future plans
In terms of future plans, he said: “Well we can be bigger, stronger on the investment side.
“Mr Raju brings tons of experience from Hong Kong and Singapore in terms of investment.
“After 20 years it’s good that we have young staff who coming up and learning the trade so I can phase out in years to come and they can takeover.”
The nine products offered by the company are medical – local/ overseas hospitalisation, medical Outpatient, Term Life / TPD Mortgage, Protection Insurance, Motor Vehicle Insurance, Public Liability, Workers Compensation, Funeral Policy, Personal Accident, Marine Cargo and Micro Insurance
“We have 30 staff at the insurance office, five at the medical centre and four in VanCare Insurance Limited in Vanuatu which is 100 per cent owned by the FijiCare which is doing very well.
“There are plans to venture out in to other regions, we have Vanuatu up and running now, and we’ve looking at Solomon Islands, Tonga and Samoa in due course.”
“FijiCare will continue to provide quality products, excellent claim services, medical treatment through the medical centre and continue to provide insurance products specifically tailored for the people of Fiji.
“Change in FijiCare Board of Directors, shareholding and strategies going forward will have a positive return to our shareholders.”