The asset portfolio of the life insurance sector in Fiji stood at $1.9 billion in 2022, states the Fiji Insurance Report that was tabled in Parliament last week.
The Reserve Bank of Fiji, which prepared the report, states economic recovery to pre-pandemic levels has been well in progress, which was also reflective of the performance of the life insurance industry in 2022.
“The positive growth was evident in the increased premiums for new life business by 12.3 per cent to $70.1 million, and the total sum insured which increased by 33.7 per cent to $617.9 million,” states the report.
“In line with the positive operating results, the life insurance sector reported an after tax profit of $16.2 million in 2022.
“The asset portfolio of the life insurance sector stood at $1.9 billion in 2022, noting growth in investments in shares in related persons, land and buildings, and Government securities.
“Total liabilities also increased by 8.9 per cent to $1.8 billion.
“The balance of revenue account continued to be the major liability of life insurers at 95.6 per cent.
“Gross premium income received by the life insurance sector increased to $188.8 million in 2022, largely due to higher premiums received from the endowment class.”
