BSP improves 12.5% on policyholder and will announce bonus declaration in few weeks time

BSP Life Managing Director Michael Nacola says they made an improvement of 12.5% on policyholder profits and will be announcing the bonus declaration for their 100,000 policyholders in a few weeks time.

He says BSP closed their 2019 financial year with a consolidated profit of $20.6 million comprising $19.1 million for life business and $1.5 million for the health business that is an improvement of around 6% from 2018.

He says for operational output, the total benefits paid was $72 million in 2019 compared to $60 million for 2018 which is an improvement of almost 20%.

Nacola says from the $72 million, approximately $58 million of it is from BSP Life and $14 million is from BSP Health.