BSP Life today announced $43.8 million in bonuses to eligible life insurance policyholders for the 2024 financial year.

Managing Director Michael Nacola says this marks the first time the bonus pool has surpassed $40 million, representing a 14 percent increase over 2023.

Over the past five years including the pandemic period total bonus payouts have exceeded $180 million.

Nacola notes that the 2024 bonus allocation reflects a consistent year-on-year growth trend.

He adds that customers place a high degree of trust in BSP Life, and it is gratifying to see their loyalty rewarded through these bonuses.

He emphasizes that life insurance policies are long-term commitments, and it requires financial discipline from customers to maintain them.

Nacola also explains that policyholder bonuses are tied to the performance of BSP Life’s investment portfolio, which continues to deliver sound returns despite a subdued economic environment.

He notes that the investment portfolio currently stands at $1.2 billion — the second largest in Fiji after the Fiji National Provident Fund with investments diversified across eight asset classes and spanning a broad range of industries.

Only eight percent of the portfolio is invested offshore, with 92 percent invested locally.

He adds that BSP Life has an active investment pipeline, including a $250 million hotel project in Denarau in partnership with Fiji Airways, which supports the company’s ambition of reaching $2 billion in assets in the near future.

Nacola also highlights strong growth in insurance premiums, as more Fijians are purchasing policies with BSP Life, providing additional capacity to grow investments and support national economic development.

He further mentions increasing interest from young people entering the workforce, demonstrating strong financial acumen that will benefit them in the medium to long term.

Stream the best of Fiji on VITI+. Anytime. Anywhere.