BSP Life has announced the opening of its $8 million Voivoi Warehouse in Nadi which was completed recently.
BSP Life Board Chairman, Mr. Robin Fleming said “The Voivoi warehouse development is symbolic for us as we carried it to completion despite COVID. We have two renowned brands as tenants, DHL and our Drua franchise. This facility forms part of other investments we made through the pandemic. In 2020 we invested $58million and in 2021 we invested $52million in various assets including bonds, term deposits, listed equities, land banks, properties, and expansion of wholly owned subsidiaries. So far in 2022 we have invested $100million.”
Mr. Fleming said BSP Life’s Investment portfolio has supported Fijians during these challenging times and will continue to do so moving forward.
“In the last three years, BSP Life invested over $200million supporting the Fijian economy through one of its toughest crises. The portfolio now stands at $925million making BSP Life the largest commercial institutional investor in Fiji. We are cognisant of our role to support the communities in which we operate. We’re confident that by the end of 2023, we will surpass the $1billion mark, continuing to provide value to our stakeholders and continuing to support Fiji’s economic recovery,” he said.
BSP Life Managing Director, Mr. Michael Nacola, stated, “Our portfolio continued to grow despite the pandemic, a testament to its diversified nature and resilience. We do not invest in a small pool of assets as this can cause significant deterioration in value when calamities occur. We’ve operated in Fiji for 145 years with sound investment experience and purposely broadened our asset base to eight major classes to ensure we can withstand shocks during a crisis. Within each asset class, we have further diversification, for example in private equities we have investments in the Sofitel, Rooster Poultry and Oceania Hospital.”
“The resilience of the portfolio allowed us to sustain value for stakeholders in one of the toughest economic conditions we’ve all had to endure. Our declared bonus rates to policyholders increased in 2020 at the height of the pandemic and remained at that level in 2021. We are extremely grateful to all our customers for their continued Trust in us. We are committed to delivering value for them, and all new customers, now and into the future. We are also fully committed to supporting our economy in our post-pandemic recovery,” he added.