There is good news for life insurance policyholders as BSP Life has announced $43.8 million in bonuses to eligible policyholders for the 2024 financial year.
BSP Life says this is the first time the bonus pool has gone over $40 million as it has grown by 14% since 2023 and has reached more than $180 million in total over the last five years, including during the pandemic.
Managing Director Michael Nacola says they are happy to announce the 2024 bonus, which has grown each year.
He says customers trust them, and it is good to see that loyalty is rewarded with bonuses.
Nacola explains that life insurance is a long-term commitment, and customers need financial discipline to keep their policies, and their loyalty encourages the company to do its best and operate in a sustainable way.
He adds that policyholder bonuses depend on how well BSP Life’s investments perform, and these investments are still doing well even in a slow economy.
The managing director says the investment portfolio is worth $1.2 billion, and it is the second largest in Fiji after the Fiji National Provident Fund, with investments in eight different areas across many industries.
He says only 8% of their investments are overseas, while 92% are in Fiji, and they are working on new projects, including a $250 million hotel in Denarau with Fiji Airways, as they aim to grow their portfolio to $2 billion soon.
Nacola says more Fijians are buying insurance from BSP Life, leading to strong growth in premiums, which helps them invest more and support the country’s economic growth.
He says they are happy to see many young people starting work and showing good money skills, which will benefit them in the future.
