Life and health insurance provider BSP Life paid out a record $110 million in customer benefits last year to more than 100,000 insured customers – exceeding $100m in benefit payouts for the first time.
That comprised $79m in living benefits, $21m in medical benefits and $10m in death claims.
The payouts averaged $2.1m a week and more than $400,000 each working day, according to BSP Life.
BSP Life managing director Michael Nacola noted the year-on-year increases in benefit payouts, saying it was pleasing to see that 72 per cent of payouts were for life insurance maturities and periodic cash payments.
“This means thousands of our customers are reaping the benefits of their policies while they’re alive, helping them meet financial goals,” Mr Nacola said.
“These payouts are tied to the positive performance of our investment portfolio, strong governance and balanced actuarial oversight, cohesive risk framework, supported by an efficient operating model,” he said.
Over the last five years, BSP Life has paid out a cumulative $449m.
Mr Nacola said BSP Life had an exciting year ahead with digital and product innovations in the pipeline, together with a series of investments announcements that would build further value for its customers and expand its contribution to economic growth.
“We pay special tribute to our loyal customers. They’ve shaped who we are, not only as a trusted insurance brand but also a vital contributor to our economy.
“For 15 decades, our existence has been anchored in the confidence our customers place in us.”
He added they looked forward to welcoming new customers as it spreads the success of BSP Life with more Fijian families.
BSP Life, which celebrates its 150th year of continued operation in Fiji this year, is the country’s second largest institutional investor with a portfolio of $1.25 billion, second only to the Fiji National provident Fund (FNPF).
