BSP Life, Fiji’s leading Life and Health Insurance provider, today announced that its Investment Portfolio has exceeded $1 Billion, making it the second institutional investor to do so, after the Fiji National Provident Fund.
BSP Life’s Managing Director, Mr. Michael Nacola said “This milestone is attributed to the vision of our Board, the commitment of our people, past and present, and the loyalty of thousands of customers over many generations. We extend our profound appreciation to all our customers for their Trust in Us over the last 147 years.”
BSP Life’s Investment portfolio has been skilfully crafted to ensure it is value-generating and sustainable. It encompasses a diverse range of industries, from Tourism and Hospitality to Medical, Manufacturing, Food Processing, Financial Services, Supermarket chains to Government Bonds and offshore investments.
“The balanced and diversified nature of the portfolio has supported our ability to provide strong returns even in times of uncertainty, such as the COVID pandemic. In 2022, we paid a historic $80 million in customer benefits and announced our highest-ever bonus allocation of $36 million. By June 2023, we surpassed $40 million in customer benefits and anticipate exceeding last year’s figures. Our enduring returns are backed by continued investments in technology, capital projects, governance, risk management, and our people, across all businesses that make up the BSP Life Group,” he said.
“We also have a proud history of supporting economic growth. Over the past 13 years, our Investment Portfolio has grown by $600 million through investments we’ve made in various sectors that tie with national development. As Fiji’s economy grows, we all grow”, he added.
BSP Life is now focused on growing to $2 Billion and believes that strategic partnerships is fundamental to accelerating national economic development. A recent demonstration of this was the groundbreaking ceremony of the $200 million Vatu-Talei Project, a new luxury resort development by Richmond Limited, co-owned by Fiji Airways and BSP Life, which promises to take hospitality in Fiji to new heights.