Life and health insurance provider BSP Life has announced an investment portfolio exceeding $1 billion for the first time in its 147 year history.
BSP Life’s Managing Director Michael Nacola attributed the milestone achievement 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,” he said.
BSP Life’s has investments in a wide range of sectors, including tourism and hospitality, medical, manufacturing, food processing, financial services, supermarket chains, 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,” said Mr Nacola.
“We also have a proud history of supporting economic growth. Over the past 13 years, our investment portfolio has grown by $600 million though investments we’ve made in various sectors that tie with national development. As Fiji’s economy grows, we all grow”, he said.
Prime Minister Sitiveni Rabuka commended BSP Life for its achievement when he launched celebrations to mark the event early this week.
“This is the kind of commitment government wants from the private sector for growth and prosperity in our country. The People’s Coalition Government reaffirms its commitments to nurturing a business environment that is conducive to investment and economic growth,” he said.
He called on closer and structured collaboration among financial institutions such as BSP Life, the Fiji National Provident Fund. iTaukei Trust Fund, Fijian Holdings Ltd and the Unit Trust of Fiji together with the banks to help create new industries and diversify the economy.
“Tourism will remain the mainstay of our economy in the short to medium term and its continued success is vital to our economy. However, to truly optimize our potential, we need to diversify our economic base. And the best way to achieve that is through partnerships between the large institutions, the private sector with, of course, the support of government,” Mr Rabuka said.
BSP Life is wasting no time in achieving its new ambition to grow its investment portfolio to $2b and recently embarked on a new $200 million hotel development project in Denarau.
The 190-room luxury Vatu-Talei hotel will be one of Fiji’s largest hotel developments to date and is a partnership between Fiji Airways and BSP Life.
