MORE people are insuring their lives with BSP Life revealing that its new business sales grew by 32 per cent in 2011.
"The growth was significant especially in the face of challenging economic conditions," BSP Life managing director Malakai Naiyaga said.
"This result validates that we have gained customer confidence in our new brand and that our products and services provide outstanding value. I would like to thank all our customers, sales advisers and staff for their support in reaching this achievement.
"BSP Life has retained its market position by in-force annual premium rankings in life insurance excluding single premiums with a market share of 60 per cent in 2011. For the health business, BSP Life commanded 43 per cent of the Term Life market and a sizeable segment of the Medical Insurance market."
This year, the company expects to give significant growth. Already, the life and health businesses have increased by 30 per cent from last year's figures.
"Since rebranding from Colonial to BSP Life in May 2011, BSP Life has steadily increased its customer base and has over 50,000 policyholders in all sectors of the economy," Mr Naiyaga said.
BSP Life's investment portfolio is over $400 million. Its asset value grew by 5.2 per cent in 2011 with further growth anticipated for 2012.
The growth is supported by favourable investment returns from subsidiaries including the Sofitel Hotel on Denarau, Future Farms Limited and Suva Private Hospital.
Other investments include Term Deposits, Properties, Fixed Interest Securities, On-Shore and Offshore Equities and Mortgages providing a diversified and well balanced investment portfolio for policy holders.
"These investments continue to give good returns in a low interest environment. The 2011 performance enabled BSP Life to maintain bonus rates last year despite challenging economic conditions. We are proud to continue delivering much needed insurance advice and services to members of our community.
"We have invested in the recruitment and upskilling of our sales advisers to better meet our customers' needs, delivered a new product Bula Prime to supplement retirement benefits for customers and lifted the war zone exclusion for our disciplined forces enabling coverage while they are on peacekeeping missions.
"We opened a new office in Lautoka and have introduced new premium payment facilities through e-channels.
"We have also promoted financial literacy through our marketing campaigns and supported the national financial literacy initiatives.
"These developments have enabled BSP Life to serve our community better and successfully provide protection and financial security to the people of Fiji, helping families in their times of need and ensuring protection for their loved ones," he said.