Page 28 - Islands Business September 2023

BSP Life’s Investment Portfolio Surpasses $1 Billion

means that it has delivered value even through the uncertainty of
COVID-19.
“In 2022, we paid a historic $80 million in customer benefits and
announced our highest-ever bonus allocation of $36 million. By
June 2023, we have surpassed $40 million in customer benefits and
anticipate exceeding 2022’s figures. We continue to invest in our
business, technology, and our people, ensuring we can respond to
changing customer needs and market conditions.”
Ultimately, while policies with BSP Life deliver stakeholders financial
security and a tangible stake in the economic growth and health of
their nation, they also provide peace of mind at the most difficult times.
Tina Jackson was young, had a loving husband and two healthy
children and fulfilling work as an aircraft engineer, when she was
diagnosed with Hodgkin Lymphoma. It seemed her world suddenly
stopped turning.
“It was terrifying. When I first learned I had cancer, my husband
was with me, yet I felt deeply lonely. My first thoughts were about my
children; my babies were 4 and 6 then. What would happen to them?”
But as a BSP Life customer, she was instantly covered.
“You don’t have to worry about accommodation, travelling, medical
expenses, or medical bills; BSP Health covers all of these. I’m so
fortunate we had coverage with BSP Health through my company,”
Jackson said.
“If it wasn’t for BSP Life Insurance, I definitely would not be here
An artist’s impression of the ‘Vatu Talei’ project (‘The Jewel’), a FJ$230 million extension of Sofitel Fiji Resort & Spa. Vatu Talei ground breaking ceremony today.”
BSP Life paid $44 million in Customer Benefits for January – June
Shiu Prasad is BSP Life’s oldest customer. Born in had the largest year-on-year growth of $89 million 2023. This equates to around $1.7 million a week, an increase of 13%
1928, he purchased his first policy in 1968 as owner in 2022, taking the portfolio to $985 million. This from the average of $1.5 million a week in 2022.
of T. Makanji shop in Sigatoka. Over the years, his maintains BSP Life’s position as the second largest Most payments were for survival benefits and maturities from life
policies have enabled him to expand into new institutional fund in Fiji,” Nacola said. insurance policies at $30 million. Death and Disability payments
business ventures. That investment portfolio, which includes some totalled $6 million while Health insurance payments totalled $8 million.
Mr Prasad now enjoys the fruits of his policy as of Fiji’s most iconic brands, has since crossed the $1 “We are delighted to see an increasing trend in benefit payments
BSP Life’s most loyal and longstanding customer. billion mark, and every customer with an investment- which is tied to customers commitment to their policies, particularly
BSP Life officially announced that its Investment linked policy—in entrusting their contributions to investment linked insurance policies that are long-term in nature. It
Portfolio has passed the $1 Billion milestone at an BSP Life—can see their investment at work almost takes commitment and financial discipline to keep policies active, and
event attended by Prime Minister Sitiveni Rabuka on everywhere they look. we take great pride in seeing customers benefit from the wise financial
August 29. Through these investments, BSP Life employs choices they make,” said Nacola.
Customers like Mr Prasad benefit from this high hundreds of Fijians, supporting the livelihoods of “Of the total $44 million in payouts so far this year, 68% were for
performing Investment Portfolio, and a share in the theirs and their families. living benefits meaning customers receive lump-sum cash to support
$80 million in customer benefits, and $36.8 million BSP Life’s portfolio includes tourism properties their life goals ranging from children’s education, to starting a business,
customer bonus—the highest in BSP Life’s history— such as the Sofitel Fiji Resort and Spa on Denarau purchasing an asset, retirement, or taking a family holiday.”
announced earlier this year. Island, Vatu Talei (The Jewel Project) which is a BSP Life, which is proudly ‘100% local’, also has deep links and
Marking the $1 Billion milestone, BSP Life new luxury resort area set to open in 2026, medical respect for the communities in which it has flourished and continues
Managing Director, Michael Nacola stated: “Today services such as Oceania Hospitals, manufacturing, to operate. That is why its customers see it represented, as a sponsor
holds a distinct significance not only for BSP Life but food processing, financial services, retail, and participant, in a broad range of community activities, from
also for all our subsidiaries, stakeholders including supermarket chains, and government bonds and environmental initiatives to plant mangroves and trees, at school sports
the people of Fiji and our valued customers. BSP investments. Shiu Prasad Tina Jackson with her family festivals, as platinum sponsor of Leadership Fiji and through last year’s
Life’s story is unique, entwined with Fiji’s history and Its property holdings include iconic commercial ‘50 million step challenge’ to raise funds for WOWs Kids Foundation.
development for over 145 years. I am delighted to properties, luxurious residential complexes and As for the future, BSP Life is confident it will build on last year’s
share this significant news of BSP Life’s remarkable vital industrial warehouses, creating landmarks that successes throughout 2023.
accomplishment of our investment portfolio stand as a testament to the company’s dedication to “The outlook is positive with further growth anticipated, allowing
surpassing the one-billion-dollar milestone. This excellence. us to sustain value for customers. Our life insurance products provide
achievement firmly positions us as a leading BSP Life’s stake in Rooster Chicken—now an excellent investment platform with returns realised in the short- to
institutional investor in Fiji.” inextricably linked to Fiji’s all-conquering Fijiana medium-term, complementing long-term retirement savings with the
Remarking earlier on the bonus payments, Drua rugby team and the mighty Fijian Drua—has Fiji National Provident Fund. We particularly encourage our young job-
Nacola said: “The bonuses are distributed to our seen the business grow from a family-owned entrants to invest with us and be part of a fast-growing investment
life insurance customers with investment-linked business in Ba to an international quality accredited portfolio.”
policies. It is a celebration of their trust in us, and we operation assisting Fiji’s self-sufficiency in poultry BSP Life’s oldest customer, Shiu Prasad has already ensured that his
are excited to reward them for their loyalty following and one of the largest employers in the Western whole family is reaping the benefits of holding policies with BSP Life.
the challenging COVID-19 pandemic period.” Division. His son, Aman reflects: “Looking at my dad’s investments in life
While it was the largest bonus payout in BSP Life’s “These investments have been carefully crafted insurance policies and how he used these to assist him grow his
145 years of service, it is just the latest in a decade of to ensure the portfolio consistently generates high businesses over the years, compelled me to also take out life insurance
growth. Over the last 10 years, BSP Life has allocated returns, particularly for our policyholders. It also policies. Today, my whole family has policies, my dad, wife, and my
over $200 million in bonuses. supports thousands of jobs and builds communities. daughters – we all have policies. Seeing the Bonus allocations, like $32
“Our ability to consistently allocate high bonuses So, the breadth of BSP Life’s investments is intricately million shared last year, makes us feel really good that our investments
is underpinned by our diversified investment interwoven in the fabric of Fijian society.” are growing. We have made wise decisions to invest in life insurance
portfolio which grew despite the pandemic. We The diversified nature of the investment portfolio BSP Life portfolio growth BSP Life investment portfolio with BSP Life.”

28 Islands Business, September 2023