Sun Insurance Unveils Inaugural Annual Report

Sun Insurance Unveils Inaugural Annual Report

Sun Insurance Company Ltd (SUN) is excited to announce the release of its inaugural annual report for shareholders, marking a significant milestone since our recent transition to a public company. This comprehensive report covers the financial year ending December 31, 2024, and highlights our commitment to transparency and accountability as we embark on this new chapter.

During the fiscal year 2024, Sun Insurance achieved remarkable financial success, reporting a net profit before tax of $8.35 million. This impressive figure reflects a substantial growth of 117% compared to the previous year, demonstrating our robust operational performance and strategic initiatives. Additionally, our total revenue for the year surged by 23%, reaching $32.97 million, underscoring our ability to adapt and thrive in a competitive market.

As of December 31, 2024, the total assets of Sun Insurance stood at an impressive $157 million, solidifying our financial stability and resilience.

In his report to shareholders, Chairman Padam Lala emphasized the dynamic nature of our business, stating, “While the insurance sector remains our largest revenue generator, we are pleased to report that our property portfolio has significantly outperformed expectations and delivered greater profitability this year.” This shift not only highlights our diversified revenue streams but also reflects our commitment to maximizing shareholder value.

The company declared a total dividend of $6.1 million for the financial year 2024. Of this amount, $2.5 million was paid out as the first interim dividend in December 2024, with the remaining balance scheduled for payment in May 2025.

We extend our gratitude to our shareholders, employees, and partners for their unwavering support and trust as we continue to build a powerful and innovative
insurance company poised for future growth.

Chair also writes in his report that as the youngest company listed on the South Pacific Stock Exchange, we aim to continue setting ourselves apart. During the year, the Sun Insurance share price fluctuated between $1.05 and $2.15, providing more than 100%
return to shareholders who subscribed to the primary share issue.