In a market where more than F$10 billion is held in retirement funds, BSP Life has carved out a niche by meeting demand from Fijians for near-term financial security.

Vatu Talei under construction in Denarau. Credit BAI

Established in 1876 and rebranded by the BSP Financial Group in 2010 after acquiring it from the Commonwealth Bank of Australia, BSP Life is a leading Fijian insurer offering life and health insurance products.

Its life insurance products combine a savings and investment component with death and disability benefits — a model once common in Australia and New Zealand but now increasingly rare, according to Michael Nacola, Managing Director of BSP Life.

“With a superannuation fund, you don’t touch most of your money until you retire. We complement what the Fiji National Provident Fund offers, which is long-term, with products that provide cash payouts in the short-to-medium term, wrapped with traditional life insurance benefits that provide needed financial support in the event of death or disability.”

Making a difference

Michael Nacola of BSP Life. Credit: BSP Life

BSP Life has enjoyed significant growth since 2010, when its premium income was F$45 million. It has since doubled to F$90 million in 2025. Over the same period, its assets under management have grown from F$350 million to F$1.2 billion.

“The investment portfolio has grown on the back of a growth in premiums that have enabled us to invest in a wide range of assets that also support the national economy,” Nacola notes. Just as importantly, customer payouts continue to grow year-on-year, hitting a high of F$99million in 2024.

Key investments

“We’re always a life insurance company, first and foremost,’ Nacola says. ‘The investment instruments we delve into must always meet the criteria to deliver back on the dividends to shareholders and give customers bonuses.”

To this effect, the firm has developed a pipeline of investments with a six-year horizon — “a sweet spot” that balances its own liquidity requirements with the solvency requirements of the Reserve Bank of Fiji.

A notable holding is the five-star Sofitel Resort & Spa on Denarau Island, a 50:50 joint venture with Fiji Airways, which completed a F$50 million renovation in 2023. This will soon be joined by Vatu Talei, a new F$250 million luxury hotel.

While tourism remains central, BSP Life is actively looking to diversify its portfolio through investments in sectors such as ICT, agriculture and mixed-use commercial-retail developments.

It is also looking at opportunities with prospective overseas partners.

“Can the foreign investment coupled with our equity, partnered with other local institutions, catalyse large developments that can support growth of our economy? Will these developments be sustainable so that they provide returns over the long-term? These are all critical considerations that drive our investment strategy,” Nacola tells Business Advantage Fiji.

BSP Life — key facts

Fund name	BSP Life
Year established	1876
Assets under management	F$1.2 billion (2025)
Annual member return	8.42% (2015–2024)
Number of fund members	80,000
Notable assets	Co-owner, Sofitel Resort & Spa and Vatu Talei Hotel, Future Farms Pte Ltd, Oceania Hospitals

This article was first published in Business Advantage Fiji 2025, the new business and investment guide to Fiji.