Firstly, I echo the sentiments of our Chairman in thanking our valued customers for their confidence and support of our new brand. I also acknowledge the support of our Directors, our business partners, our regulators and the entire team at BSP Life for a successful first year of operations. This sets the platform for bigger and better things to come.
Some of the major highlights of the last twelve months include:
* Appointment of key Executives to lead, change and improve the overall performance of the business.
* Significant sales growth for both Life and Health insurance businesses. Our combined year on year sales growth for 2011 over 2010 was 30 per cent and we are expecting a similar growth rate in 2012. This growth is significant considering current economic conditions and is attributed in large part to our customers embracing the brand change and their support of the products and services we are now offering. We are grateful to their support of our business and will continue to find innovative ways to meet their changing needs.
* Weve grown our sales force and now have close to 150 agents in our team. Our Life Insurance business is distributed through our experienced sales force who have been instrumental in promoting the need for life insurance to all segments of the community throughout all parts of Fiji. All our agents are qualified professionals and are granted annual licenses by the Reserve Bank of Fiji. Last year we had two consultants from New Zealand conduct thorough training for our sales team to further upskill their product knowledge and enhance their customer service skills.
* Based on market feedback, we identified the need to have a retirement solution to cater for customers seeking investment/protection plans that can supplement their Superannuation (FNPF). We launched a new product called Bula Prime in August last year which is tailored to this market and is the only product in Fiji where you can also insure your spouse. We have experienced good sales and expect further growth this year. Other product initiatives include the amendment to the restriction that apply to war zones. Members of Fiji disciplined forces that are engaged in internationally sanctioned peacekeeping engagements are now fully covered.
* Opened a Customer Service office in Lautoka to cater for the needs of our Lautoka to Rakiraki customers.
* Continued the current rate of bonuses, at a compounding rate, on investment related policies.
* Engaged in a number of community projects and sponsorships that show that we are part and parcel of the daily lives of our people.
* Internally were continuously striving to ensure we consistently provide efficient and quality service to all our customers.
In the course of the next few months there will be further product and service initiatives rolled out to benefit our existing and potential new customers. We invite you to be part of this exciting journey. We want to work with you in securing your and your familys future financial wellbeing.