SLIC's first year premium business registers 25.46 percent growth in 2011

State Life Insurance Corporation's (SLIC) first year premium business in the year 2011 increased to Rs 12.01 billion from Rs 9.629 billion in 2010, registering an increase of 25.46 percent. Additionally, the renewal premium has increased from Rs 19.710 billion in 2010 to Rs 24.730 billion in 2011.
"Thus altogether (Pakistan and Gulf Zone), the total premium has increased from Rs 29.339 billion in 2010 to Rs 36.731 billion in 2011 showing a total increase of 25.2 percent," Chairman State Life, Shahid Aziz Siddiqui said while addressing a press briefing at his office here on Wednesday. About the firm investment portfolio of SLIC, he said the investment income during the preceding year stood at Rs 27.459 billion which has increased to Rs 30.282 billion in 2011 showing an increase of 10.28 percent.
He said the Life Fund of State Life has increased from Rs 230.42 billion in 2010 to Rs 269 billion in 2011. The numbers of individual life policyholders have increased from 33, 17,192 in 2010 to 37, 00,000 in 2011. In the group and pension sector, the number of lives covered has increased from 3.83 million in 2010 to 5.93 in 2011 resulting in increase of income from Rs 3.940 billion to Rs 4.971 billion in 2011; registering a growth of 26.17 percent.
He termed SLIC as emblem of vigor and trustworthiness, saying that the PACRA has maintained the 'AAA' rating of SLIC for the last three years. Highlighting the future plans of SLIC, he stated that recently State Life had launched a new policy, 'Committee Policy'. This new policy is for the benefits of the common people, short termed with very attractive returns, he added.
He pointed out that the State Life Insurance Corporation of Pakistan is all set to start Takaful business (Islamic Insurance) in the country. "We have already launched bancassurance and planning to introduce more products", he said. About the investment portfolio, he said that State Life has invested 10 percent of its total investment in the equity market and 2.5 percent in the real estate sector. The major chunk of Rs 200 billion out of the total investment of Rs 274 billion was invested in government bonds including Pakistan Investment Bonds and T-bills, he added.