Insurance policies

BSP Life PNG has sold over 900 insurance policies

An exceptional performance that was 40% higher than the number of policies and 27% higher than the annual premium base from 2020.

BSP Life PNG Country Manager Nilson Singh congratulated his team on their overall performance in 2021 and thanked top agents at the annual sales awards night.

“Despite the continued challenges of the pandemic in 2021 and with less than 3% insurance penetration in PNG and the lack of savings culture, our agents were successful and performed better than in 2020.

“Our top five agents provided a total of 290 policies with K0.7 million in annual premiums. Four of them delivered over 100,000K in premiums in 2021. The highest new activity on annual premiums for 2021 was 183,000K,” Mr Singh said.

Top Agent, Valentine Morububuna sold 72 fonts, Daisy Joke Gabriella – 78, Robert Toiveguwa – 60, Malele Silikara – 46 and Sandra Kase – 31 fonts.

Nagi Towedori of Lae TopTown Sales Office sold 23 policies within four months of launching the new office in Lae to end the year.

Mr. Singh said that in 2022, BSP will launch a new sales office in Mt Hagen and Kokopo by the second quarter of 2023.

BSP Group CEO Robin Fleming, who was present at the event, acknowledged the performance of the BSP Life subsidiary in 2021 and thanked the agents for their efforts and contributions to the group’s 2021 net profit after tax of 1.075 billion by K.

“Being part of an organization as agents and staff of BSP that employs over 4,560 people across the Pacific is an achievement.

“As we celebrate our 20and Anniversary since the privatization and merger of PNGBC with BSP in April, we realize that while the group has achieved outstanding profitability results, what is equally important is the genuine desire to provide financial services throughout Papua- New Guinea.