BSP Life celebrates 150 years, $1.25b portfolio

BSP Life has marked 150 years of continuous operations in Fiji, a milestone reached by few companies worldwide.

The life insurance business, originally founded as Colonial Mutual Life in 1876, now manages an investment portfolio exceeding $1.25 billion, maintaining its position as Fiji's second-largest institutional investor.

BSP Group chief executive officer Mark Robinson told guests at a commemorative event last night that the company has invested in projects of national importance including One&Only Vatulele resort and the Vatutali joint venture with Fiji Airways.

"In 1876, there was no internet, there was no iPhone, there was no TikTok. The only bit of technology that came on the scene was the telephone," Mr Robinson said.

"Businesses don't grow because they have a long history, or because they are big. They grow because they change for the better service of customers."

Last year marked a record for customer benefits, with BSP Life paying out over $110 million to thousands of families for education, retirement plans, and family commitments.

The company now employs over 700 people in Fiji, making it one of the country's largest employers. BSP's loan portfolio has also surpassed $3 billion, the largest among Fiji banks.

BSP Fiji Board chairman Symon George Brewis-Weston said the bank's purpose was to champion prosperity for Fiji and the region.

"At BSP, our purpose is clear: to champion prosperity for Fiji and the region. It's not measured only in financial performance, but in the confidence we help build in households, businesses and communities over time," Mr Brewis-Weston said.

As part of its modernisation programme, BSP is investing over $600 million across the region in technology, digital channels, operational resilience and staff training.

The Fiji National Provident Fund is now BSP's third-largest investor.