BSP Life, a leading life and health insurance provider, has achieved a historic milestone by paying out a record $110 million in customer benefits last year, benefiting over 100,000 insured customers. This marks the first time the company has exceeded $100 million in benefit payouts.
The record payouts included $79 million in living benefits, $21 million in medical benefits, and $10 million in death claims. This translates to an average of $2.1 million allocated weekly, which comes to more than $400,000 every working day, highlighting the company’s commitment to its policyholders.
Michael Nacola, managing director of BSP Life, expressed satisfaction with the year-on-year growth in benefit payouts, noting that 72 percent of these payouts were linked to life insurance maturities and periodic cash payments. He emphasized, “This means thousands of our customers are reaping the benefits of their policies while they’re alive, helping them meet financial goals.”
Nacola attributed the impressive payout figures to the favorable performance of the company’s investment portfolio, robust governance, balanced actuarial oversight, and an efficient operational model. Over the past five years, BSP Life has disbursed a cumulative total of $449 million in benefits.
Looking ahead, Mr. Nacola expressed optimism about the year to come, with plans for digital advancements and product innovations, along with significant investment announcements aimed at delivering greater value to customers and boosting economic growth in Fiji.
“We pay special tribute to our loyal customers. They’ve shaped who we are, not only as a trusted insurance brand but also as a vital contributor to our economy,” Nacola stated. He highlighted BSP Life’s 150-year legacy in Fiji, underscoring its position as the country’s second-largest institutional investor with a portfolio valued at $1.25 billion, surpassed only by the Fiji National Provident Fund (FNPF).
As BSP Life celebrates this significant anniversary, it looks forward to welcoming more customers into the fold, aiming to extend the benefits of its services to additional families across Fiji.