BSP plans to branch into life insurance

Business

BANK South Pacific plans to introduce a life insurance business in the country, chief executive officer Robin Fleming says.
He told The National yesterday that the plan should start next year.
“BSP announced last week the opening of its new asset finance business, BSP Finance Solomon Islands, in the coming weeks. And BSP is also progressing plans to establish a life insurance business in PNG early next year,” he said.
Fleming said the bank’s interim dividend of K0.32 per share would be paid on Oct 22. It represents a yield of around 12 per cent.
“The board continues to ensure that it is delivering value to all its shareholders,” he said.
On BSP’s decision to withdraw its plan for a secondary listing outside PNG, Fleming said the board had determined not to proceed with it.
“Our half-yearly results released to the market in August illustrate that BSP continues to operate profitably in each of the seven countries we operate, with a group net profit after tax of K370.9 million,” he said.
“The board is not presently aware of any circumstances which Lwould see this trend maintained in 2017.”
On Monday, BSP in a market release said it had decided against having a secondary listing outside the PNG market.
Group chairman Sir Kostas Constantinou said it was due to market conditions.

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