BSP Life, a prominent life and health insurance provider, achieved remarkable success in the past year, disbursing an unprecedented $110 million in customer benefits to over 100,000 insured individuals. This marks the first time the company has exceeded $100 million in benefit payouts.
The substantial payouts included $79 million in living benefits, $21 million in medical benefits, and $10 million in death claims. On average, BSP Life awarded $2.1 million each week and over $400,000 daily. Managing Director Michael Nacola expressed satisfaction with the year-on-year growth in benefit distributions, highlighting that a significant 72 percent of the payouts were linked to life insurance maturities and periodic cash payments.
“This translates to thousands of our customers enjoying the advantages of their policies while alive, assisting them in achieving their financial aspirations,” Mr. Nacola noted. He attributed these impressive results to the favorable performance of their investment portfolio, along with strong governance, a balanced actuarial framework, effective risk management, and an efficient operational model.
Over the previous five years, BSP Life has cumulatively paid out $449 million. Looking ahead, Mr. Nacola expressed enthusiasm for the upcoming year, which promises digital and product innovations, along with investment announcements aimed at enhancing customer value and contributing to economic growth.
“We extend our heartfelt appreciation to our loyal customers. They have been instrumental in shaping our identity as a trusted insurance brand and a significant contributor to our economy. Our legacy of 150 years is rooted in the confidence our customers have placed in us,” he added.
As BSP Life celebrates its 150th anniversary in Fiji, it stands as the country’s second-largest institutional investor, with a portfolio value of $1.25 billion, just behind the Fiji National Provident Fund. The company is eager to welcome new customers, broadening its success further among Fijian families.
Leave a comment