SLIC announces best business results in its 50-year history

ISLAMABAD: State Life Insurance Corporation of Pakistan (SLIC) held its Annual Marketing Convention at local hotel in Bhurban to congratulate its vigorous workforce and determined management team; as well as to celebrate the strongest annual results since its inception.

Despite challenges posed by macro-economic and market volatility, SLIC delivered the strongest business numbers in its history and grew its premium revenue to Rs 279 billion, increasing by 64 percent from last year.

New business

173 billion increasing by over 161% from 2021.

Individual Life– Highest ever premium collection since inception

Group Life and Health– Highest ever new business since inception

Earnings

Premium Income: Over Rs 279 billion collected – increased by 64% from 2021.

Investment Income: Over Rs 122 billion – Investment yield 10.5 percent.

Payouts

Claims: Over Rs 167 billion in claims paid to policyholders – Highest ever since inception.

Bonus allocated to policyholder: Over Rs 95 billion – Highest ever since inception.

Growth

Assets: Over Rs 1.56 trillion – increased by 15% from 2021.

Pak Life Fund: Over Rs 1.4 trillion – increased by 15pc from 2021.

Shoaib Javed Hussain, Chairman of State Life speaking on the occasion, he reiterated, “In any country, the existence of a vibrant and growing insurance industry is essential for the growth of its economy.

State Life has surpassed last year’s results and delivered exceptional results in 2022; making SLICs 50th year a truly golden year. This has only been achieved due to the dedication of our professional workforce, across our officers, staff, and sales force cadres as they implemented the innovative vision and competitive strategy of our dynamic corporate leadership. Insurance becomes even more important during challenging times and difficult circumstances.”

Copyright Business Recorder, 2023