BSP Life, a prominent provider of life and health insurance, has reached a significant milestone by disbursing a record $110 million in customer benefits last year, impacting over 100,000 insured clients. This achievement marks the company’s first occasion of surpassing the $100 million mark in benefit payouts.
The record disbursements comprised $79 million in living benefits, $21 million in medical benefits, and $10 million in death claims. This staggering amount translates to an average of $2.1 million paid out each week, equating to over $400,000 every working day. This figure underscores BSP Life’s unwavering commitment to supporting its policyholders.
Michael Nacola, the managing director of BSP Life, expressed his pleasure at the significant year-on-year increase in benefit payouts, revealing that 72 percent of these distributions were tied to life insurance maturities and periodic cash payments. He stated, “This means thousands of our customers are reaping the benefits of their policies while they’re alive, helping them meet financial goals.”
The impressive payout figures can be attributed to the strong performance of the company’s investment portfolio, effective governance, balanced actuarial oversight, and a streamlined operational model. Over the last five years, BSP Life has disbursed a cumulative total of $449 million in benefits.
Looking to the future, Nacola conveys optimism, outlining plans for digital enhancements and product innovations, as well as significant investment strategies aimed at providing increased value to customers and fueling 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,” stated Nacola. He noted BSP Life’s 150-year legacy in Fiji, emphasizing that the company stands as the second-largest institutional investor in the nation, with a portfolio valued at $1.25 billion, just behind the Fiji National Provident Fund (FNPF).
As BSP Life marks this notable anniversary, the company looks forward to welcoming new customers and aims to broaden the scope of its services, extending benefits to more families throughout Fiji.