SLIC growth momentum continues with strong performance in 1H2023

KARACHI: State Life Insurance Corporation of Pakistan’s (SLIC) growth momentum continues with progress already evident in its strong half-yearly January to June 2023 results.

Shoaib Javed Hussain, CEO of SLIC said, “State Life continues to deliver exceptional business results and we have achieved it once again for the first half of 2023, increasing our premium income by +27% compared to the same period in 2022.

Insurance becomes even more important during challenging times and difficult circumstances, and behind these incredible results lie the true essence of our work, which is to provide security and protection to Pakistanis across all strata of society.”

Business Highlights (January – June 2023)

Earnings:

• Premium Income: Over Rs. 124.59 Billion collected – increased by +27% compared to the same period in 2022

• Investment Income: Over Rs. 94.05 Billion – increased by +50% compared to the same period in 2022

Payouts:

• Claims: Over Rs. 115.44 Billion in claims paid to policyholders – increased by +69% compared to the same period in 2022

Growth:

• Assets: Over Rs. 1.71 trillion – increased by +17% compared to the same period in 2022

• Life Fund: Over Rs. 1.44 trillion – increased by +11% compared to the same period in 2022

Operational Highlights

On implementation of the State Owned Enterprises Act, Sulaiman Mehdi accepted the position of Chairman Board of Directors earlier this month. Shoaib Javed Hussain has assumed charge as the first Chief Executive Officer of State Life Insurance Corporation of Pakistan.

Since March 2021, Hussain has stood at the helm of the corporation and by outperforming each subsequent year he has enabled SLIC to achieve close to 70 percent of market share. Through his proactive, dynamic, and results driven leadership approach SLIC total premium sales witnessed a growth of 67 percent year-on-year in 2022, while the new business sales incurred a staggering growth of 143 percent.

Copyright Business Recorder, 2023