BSP Life pays record $110m to Fijian families

BSP Life paid out a record $110 million in customer benefits last year, averaging $2.1m per week to thousands of Fijian families.

The milestone payout was announced as the insurance provider celebrates 150 years of operations in Fiji this year.

Managing director Michael Nacola said 72 per cent of the payouts went towards policy maturities and periodic cash payments, meaning customers benefited while still alive.

“We’re delighted to see year-on-year increases in benefit payouts, with 2025 exceeding $100m for the first time,” Mr Nacola said.

“Pleasingly, 72 per cent of payouts were for life insurance maturities and periodic cash payments. This means thousands of our customers are reaping the benefits of their policies while alive, helping them meet financial goals.”

The record payout comprised $79m in living benefits, $21m in medical benefits and $10m in death claims, averaging more than $400,000 each working day.

Mr Nacola said the payouts were driven by strong investment portfolio performance, sound governance and balanced actuarial oversight.

BSP Life has paid a cumulative $449m over the past five years.

The company, which began as Colonial Mutual Life in 1876, now serves more than 100,000 Fijians and is the country’s second-largest investor, with a portfolio of $1.25 billion.

Nacola said the company has digital and product innovations planned for the year ahead.

“We look forward to welcoming new customers as we extend the success of BSP Life to more Fijian families,” he said.

BSP Life was acquired by BSP Financial Group in 2010 and now employs more than 700 people in Fiji.

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