BSP Life announces 2019 Profits
BSP Life Managing Director Mr. Michael Nacola announced that BSP Life closed 2019 with a consolidated profit of $20.6 million comprising $19.1 million for the life business and $1.5 million for the health business.
“That’s an increase of around 6 percent on the 2018 results. We are also pleased to announce there was an improvement of 12.5 percent on our policy holder profits,” Mr. Nacola said.
“In terms of benefits paid to customers, this exceeded $72 million in 2019 compared to $60 million in 2018 with over 108,000 benefits processed throughout the year at an approval rate of close to 97%. The $72 million comprises $58 million on life insurance pay-outs and $14 million from health insurance. On average, this equates to around $1.4 million and 2000 transactions a week. Combined sales for Life and Health insurance exceeded $19 million for 2019, up 15% on 2018,” Mr. Nacola revealed.
Mr Nacola added that the BSP Life Investment portfolio was approximately $765million in December 2019, a growth of $47 million or 6.5% over 2018.
Mr. Nacola said the overall performance for 2019 was pleasing and credited the success to the loyalty of their customers, the commitment of the entire BSP Life team, both staff and advisors, and the strategic guidance of their Board.
“We anticipate further success in 2020. There are some challenges but we expect to carry the positive momentum from last year into the current year. We have a great team who are committed to delivering value and positive experiences for customers. We recently launched two new products and will soon be launching a new website, customer self-service portal and new advertising campaign to support the growth of the brand. We will continue to innovate and broaden our capability to serve our people better,” he said.
BSP Group Chief Executive Officer, Mr. Robin Fleming acknowledged the efforts of BSP Life.
“The success of BSP Life in Fiji is one of the key reasons we initiated a strategic move to establish BSP Life in PNG. BSP Life in PNG has grown in the last two years and is well supported by the team at BSP Life Fiji. At a Group level, BSP has banking, insurance and asset financing services in Fiji and we are pleased with the performances of all businesses in 2019 and look forward to continued success in 2020,” Mr. Fleming said.