BSP Life Declares $36.8M Customer Bonus

BSP Life today announced its bonus allocation for the 2022 financial year.

Managing Director, Mr. Michael Nacola stated, “On behalf of our Board and the entire BSP Life Team, I am delighted to announce a total bonus allocation of $36.8million, the highest in our proud 145-year history. The bonuses are distributed to our life insurance customers with investment-linked policies. It is a celebration of their Trust in us and we are excited to reward them for their loyalty following the challenging Covid-19 pandemic period.”

Over the last 10 years, BSP Life has allocated over $200million in bonuses with an increasing year on year trend.

“Our ability to consistently allocate high bonuses is underpinned by our diversified Investment Portfolio which grew despite the pandemic. We had the largest year-on-year growth of $89million in 2022 taking the Portfolio to $985million, maintaining BSP Life’s position as the second largest institutional fund in Fiji,” Mr. Nacola said.

“The outlook for 2023 is positive with further growth anticipated, allowing us to sustain value for customers. Our life insurance products provide an excellent investment platform with returns realised in the short to medium term, complementing long-term retirement savings with the Fiji National Provident Fund. We particularly encourage our young job-entrants to invest with us and be part of a fast-growing investment portfolio.”

Details of BSP Life’s products, investment portfolio, insurance advisors, and customer service centres are available on its website www.bsplife.com.fj.

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About BSP Life
BSP Life is Fiji’s leading Life and Health insurance company with over 145 years’ experience. Formerly owned by the Commonwealth Bank of Australia and operating as Colonial Life & Health, the Company was acquired by BSP in November 2009 and rebranded BSP Life in 2011.

Products and services include:

  • Personal life insurance plans to cover education, retirement, mortgage protection, savings and investment, in addition to financial protection for loved ones in the event of untimely passing of the life insured. Policies are designed to suit the personal circumstances of the individual or family and take into account premium affordability.
  • Key-man policies to enable business continuity in the event of untimely passing of a key person, including Directors.
  • Group Medical and Term Life products. BSP Life currently provides local hospitalization, overseas evacuation and outpatient coverage for most of Fiji’s large corporate companies.
  • Family and Individual Medical policies are also available.
  • Loan protection insurance inclusive of a funeral benefit on the untimely passing of the borrower, for those taking out unsecured personal loans with BSP Bank and vehicle loans with BSP Finance.

As one of Fiji’s largest institutional investors, BSP Life’s investment portfolio is now valued at over F$985 million (Dec 2022). The portfolio includes a number of landmark commercial properties in the Suva CBD, a gated high-end residential property, majority shareholding in Richmond Pte Limited trading as Sofitel Fiji Resort and Spa and 100% ownership of Oceania Hospitals Pte Limited and Future Farms Pte Limited trading as Rooster Poultry. The Investment portfolio is balanced and diversified to ensure returns are optimized for customers who have a direct interest in the portfolio as Policyholders.

BSP Life (Fiji) is the first insurance company for the BSP Group with 10 Sales and Customer Service Centers and 150 Insurance Advisors licensed by the Reserve Bank of Fiji. BSP Life has the largest insurance customer base in Fiji with more than 90,000 customers and over 100,000 policies.

About the BSP Group
The BSP Group is a leading provider of financial services including retail and business banking, life insurance and health insurance. BSP has a proud and established reputation in Papua New Guinea, and a long history of highly successful business in the region. BSP has become the most respected bank in Papua New Guinea. Aside from Papua New Guinea, BSP is represented in Fiji, Samoa, Tonga, Cook Islands and Solomon Islands

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