BSP Life, a prominent life and health insurance provider in Fiji, has introduced its 150th anniversary logo, celebrating a significant milestone that traces back to 1876, shortly after Fiji was ceded to Great Britain. The unveiling took place during a festive celebration held last week at the Grand Pacific Hotel in Suva.
Initially, BSP Life issued its first life insurance policy under Colonial Mutual Life Assurance and operated for many years under the Colonial Fiji Life brand, establishing itself as a respected local institution. The BSP Financial Group acquired the business in 2010, leading to its rebranding as BSP Life.
Michael Nacola, managing director of BSP Life, highlighted the company’s leadership in life and health insurance, serving over 100,000 Fijians. With an investment portfolio of $1.25 billion, it stands as the second-largest institutional investor in Fiji, following the Fiji National Provident Fund (FNPF).
Mr. Nacola emphasized the importance of the institution’s legacy, stating, “Our proud history of 150 years is built on generations of dedicated staff and insurance advisors, who committed their careers to championing prosperity for our communities.” He acknowledged the invaluable contributions of loyal customers, which have shaped BSP Life into a trusted insurance brand and a significant player in the economy.
In terms of performance, BSP Life reported a record payout of $110 million in customer benefits last year, including $79 million in living benefits, $21 million in medical benefits, and $10 million in death claims. This achievement averages out to approximately $2.1 million a week or more than $400,000 per working day.
The unveiling of BSP Life’s anniversary logo not only marks a historic moment for the company but also serves as a reminder of its steadfast commitment to serving the Fijian community and contributing to the nation’s economy over the past century and a half.
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