$36.8m bonus

BSP Life managing director Michael Nacola, centre, talks to the media on their bonus payout announcement and other highlights of the year. Picture: MONIKA SINGH

BSP Life yesterday announced a bonus payout of $36.8 million for the 2022 financial year which will benefit about 40,000 policyholders.

Managing director Michael Nacola said last year they recorded the highest growth in their investment portfolio.

According to Mr Nacola, last year BSP Life received around $89m in investment income, achieved a higher degree of efficiency in business and reduction in cost enabled them to achieve a profit which would be shared among the shareholders and policyholders.

“Over the past 10 years, BSP Life has allocated more than $200m in bonuses with an increasing year on year trend.

“Our ability to consistently allocate high bonuses is underpinned by our diversified Investment Portfolio which grew despite the pandemic. We had the largest year-on-year growth of $89m in 2022 taking the portfolio to $985m, maintaining BSP Life’s position as the second largest institutional fund in Fiji,” Mr Nacola said.

He said they expected the investment portfolio to reach $1 billion this year. According to Mr Nacola, 2022 was a great year for BSP Life considering it was the first year coming out coming out of the pandemic in terms of operational performance.

“We processed 95,000 various benefits and this includes maturities to policyholders as well as payments in our business and to beneficiaries.”

Mr Nacola said they had diversified their investments and while some assets took a hit during COVID there were others that performed really strongly during the same period.

“The outlook for 2023 is positive with further growth anticipated, allowing us to sustain value for customers. Our life insurance products provide an excellent investment platform with returns realised in the short to medium term, complementing long-term retirement savings with the Fiji National Provident Fund. We particularly encourage our young job-entrants to invest with us and be part of a fast-growing investment portfolio.”

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