Sunday, May 26, 2024
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BSP Life allocates $38.4m bonus to policy holders

BSP Life has announced a bonus declaration of $38.4million for the 2023 financial year to customers with investment-linked insurance policies (policyholders).

This is the highest bonus allocation in its 147-year history.

Managing Director, Michael Nacola said despite market constraints, they maintained the reversionary bonus and the terminal bonus at the same levels since the increase in 2020.

“Our customers are the driving force behind our success, and we are delighted to reward them for their loyalty.”

“Our singular purpose is to make a difference in our customers’ lives. The annually declared bonuses increase the value of customers’ policies supporting them fulfill their financial goals.”

Nacola said it is pleasing to note the year on year increases in the quantum of bonuses declared over the last ten years.

“We will build on this going forward; assuring customers that their Trust in us is well placed.”

“The bonuses are compounding in nature, adding value to policies for the duration of the policy term until it matures. In the event of untimely loss of the life insured, declared bonuses are included in the payout to beneficiaries.”

“The ability to sustain high bonuses is supported by our lean operations, streamlined processes, a dedicated team, and a high returning Investment Portfolio (IP). The IP is carefully curated to optimize returns while mitigating various risks, ensuring long-term financial security for policyholders,” Nacola said.

He said BSP Life’s IP has almost tripled since 2010 surpassing $1Billion in 2023, making it the second largest institutional investor in Fiji after the Fiji National Provident Fund.

The focus is now on growing the portfolio to $2Billion whilst maintaining strong returns.

He has encouraged those looking for a reliable savings and investment plan, particularly job entrants, to enquire about how a BSP Life policy can assist them fulfill their goals as well as be part of a brand that supports our country’s economic growth.

Reginald Chandar
Reginald Chandar
Head of News & Sports | news@fijilive.com

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