BSP Life PNG sold over 900 insurance policies in 2021

by | Mar 22, 2022

BSP Life PNG delivered 908 Wantok Delite policies in 2021, with an Annual Premium of K2 million, that’s 258 more policies than 2020’s 650 policies at K1.6 million.

An outstanding performance that was 40 percent above policy count and 27% above Annual Premium basis from 2020, BSP Life PNG Country Manager Nilson Singh congratulated his team on their overall 2021 performance and thanked the Top Agents at the Annual Sales Awards Night on Friday 18th March, 2022.

“Despite the continued challenges from the pandemic in 2021 and with less than 3 percent insurance penetration in PNG and lack of savings culture, our agents did push through and delivered a better performance than 2020.

“Our Top five agents have delivered a combined 290 policies with K0.7m in Annual Premium. Four of them delivered over K100,000 in premiums in 2021.  The highest new business on Annual Premiums for 2021 was K183,000,” Mr Singh said.

Top Agent Valentine Morububuna sold 72 policies; Daisy Joke Gabriella – 78 , Robert Toiveguwa – 60, Malele Silikara- 46 and Sandra Kase – 31 policies. Nagi Towedori from the Lae TopTown Sales office sold 23 policies within four months of the new office launch in Lae to finish off the year. 

“This year will be another exciting year, we will be launching a New sales office in Mt Hagen by end of June 2022 and then Kokopo by the second quarter of 2023. These new sales offices will give us further geographical reach in PNG,” Mr Singh added.

We will be launching additional endowment insurance products this year that cater for members over 50 years old as well products which provide life insurance cover for children.

BSP Group CEO Robin Fleming who was present at the event acknowledged BSP Life subsidiary’s 2021 performance and thanked the Agents for their efforts and contributions to the group’s overall 2021 Net Profit After Tax of K1.075b.

“Being part of an organisation as Agents and staff of BSP that employs over 4560 from all around the Pacific is an achievement.  As we celebrate our 20th Anniversary since the privatization and amalgamation of PNGBC with BSP in April, we come to realize that whilst the group has achieved outstanding profitability outcomes, what is equally important is the real desire to provide financial services right throughout Papua New Guinea.

He added that what’s more important is not just growing the business but extending that beyond banking services to financial products such as Life Insurance “and you as Agents contribute to that. Being an agent you are able to contribute to BSP and contribute to the development of PNG and for the benefit of our shareholders,”