$20.6M Profit For BSP Life’s 2019 Financial Year

This $20.6m comprises of the $19.1m for the Life Business and $1.5m for the Health Business.
11 Mar 2020 13:57
$20.6M Profit For BSP Life’s 2019 Financial Year
aFrom left: Bank South Pacific Group chief executive officer Robin Fleming, BSP Life managing director Michael Nacola and BSP Life chief operation officer Atelina Muavono on March 10, 2010. Photo: Lusiana Tuimaisala

BSP Life has made a consolidated profit of $20.6million for the 2019 financial year.

This $20.6m comprises of the $19.1m for the Life Business and $1.5m for the Health Business.

BSP Life managing director Michael Nacola said this was an improvement of around six per cent from the 2018 financial year result.

Mr Nacola said there was an improvement of 12.5 per cent on their policyholder profits and they would be announcing within the next few weeks the bonus declaration for the 2019 year for their policyholders.
Operation output

In terms of operational output, Mr Nacola said the total benefits paid $72m for 2019 compared to $16m in 2018. That is an improvement of almost 20 per cent.

“The $72m comprises of $58m approximately from BSP Life and around $14m from BSP Health for medical claims.

“So on average, we pay out around $1.4m in one form of benefits to our customers, which is backed up by around 2000 of transactions a week.”

Mr Nacola said in terms of their sales, new business numbers close to $14m in 2019 which is around 18 per cent improvement on the prior year.

“So despite the generally subdued economic environment, we were quite pleased with the outcome of the sale front that was backed primarily by a product that we launched into the market in 2018 called the Bula Delite.

“This product was an extreme success it doubled our expectations in terms of sales results and 70 per cent of those who took up the product a first-time policyholders primarily below the age of 30.”

He said they are now looking forward to 2020.

“There are some challenges in front of us, but we expect to carry forward the momentum from last year into the current financial year.”

New products

Mr Nacola said they have also launched two new products last week the Bula Secure and Bula Secure Plus.
Policy Holder

He said there are around 100,000 policyholders for BSP Life and BSP Health.
Coronavirus outbreak

Mr Nacola said everyone is going to be impacted in some form with the impending economic effect of coronavirus.

“We have measures in place to ensure that we continue to deliver some of the targets that we have set for the year ahead.

“Obviously we have to be smart in the way we approach our market and the way we treat our customers to try and provide fix abilities wherever possible to assist.”

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