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McPherson Forecasts Positive Growth for 2018

McPherson Forecasts Positive Growth for 2018
From left: FijiCare Insurance Limited newly appointed chairman Avinesh Raju, company shareholder and agent Anandilal Amin with a staff member, FijiCare Insurance managing director Peter McPherson and independent director Tukana Bovoro after the company’s annual general meeting at Fiji Club Suva on May 16, 2018. Photo: Maraia Vula
May 17
11:06 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.”

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