BSP Life pays $94 million in benefits

February 28, 2024 3:07 pm

BSP Life says it paid $94 million in various customer benefits in 2023.

Managing Director Michael Nacola says this is the highest recorded in its 147-year history.

Nacola says last year they recorded a 13 percent increase over 2022, with 100,000 benefit applications processed, averaging 1,900 a week.

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He adds that their acceptance rate was 97 percent, which means only 3% were declined due to non-conformance with policy terms and conditions.

Nacola adds that they disbursed an average of $1.8 million per week, which included maturity payouts for life insurance policies, death and disability payouts, and payments for expensive overseas evacuations.