BSP Life today announced $43.8 million in bonuses to eligible life insurance policyholders for the 2024 financial year. This marks the first time the bonus pool has surpassed $40million, growing by 14% over 2023, and totalling over $180million over the last 5 years, including the pandemic period.
Managing Director Michael Nacola stated, “We’re delighted to announce the 2024 bonus allocation which shows an increasing year-on-year trend. Our customers place a high degree of trust in us, and it is gratifying to see their loyalty rewarded in the form of their bonuses. Commitments made to life insurance policies are long term, and it takes financial discipline for customers to retain their policies. This loyalty spurs us to strive for excellence in all aspects of our business and ensure we do so in a sustainable manner.”
Mr Nacola added, “Policyholder bonuses are tied to the performance of our investment portfolio which continues to deliver sound returns despite a subdued environment. The portfolio stands at $1.2Billion, the second largest in Fiji after our Fiji National Provident Fund, with investments spread across 8 asset classes that encompass a broad range of industries. Only 8% of our portfolio is placed offshore with 92% invested locally. We have an active investments pipeline, including a $250million hotel on Denarau in partnership with Fiji Airways, that supports our ambition of reaching $2Billion in the not-too-distant future.”
Mr Nacola also noted the solid growth in their insurance premiums as more Fijians purchase policies with BSP Life, providing further capacity to grow their investments and, in the process, support national economic development. He stated, “we’re particularly pleased to see the high interest from young people joining the workforce demonstrating their strong financial acumen which will reap dividends for them in the medium to long-term.”
About BSP Life: 149 Years of Trusted Protection and Prosperity
Established in 1876, BSP Life is Fiji’s leading life and health insurance provider, trusted by generations. Since becoming part of the BSP Financial Group in 2009, BSP Life has grown into a modern, customer-focused insurer with a strong legacy and a bold vision for the future.
Tailored Insurance for Every Stage of Life. BSP Life offers flexible, affordable solutions for individuals, families, and businesses, including:
- Life Insurance for education, retirement, savings, and family protection
- Key-Man Insurance for business continuity
- Group and Individual Medical Plans
- Loan Protection Insurance with funeral benefits
A Leading Investor in Fiji’s Future
BSP Life is Fiji’s largest commercial institutional investor, with an investment portfolio that has more than doubled in the past decade—from FJ$526M in 2015 to FJ$1.2B in 2024, growing at an average of 8.42% annually.
Its diversified portfolio includes:
- Prime Suva CBD properties
- High-end residential developments
- Shareholdings in Sofitel Fiji Resort & Spa, Oceania Hospitals, and Rooster Poultry
Delivering Real Value
In 2024, BSP Life paid out FJ$99 million in benefits—averaging FJ$1.9 million per week—supporting customers through life’s milestones and challenges.
- 71% went toward policy maturities, helping customers achieve personal goals
- The rest provided vital support for medical needs and bereavement
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