SLIC’s 2023 business growth uncovers Pakistan’s untapped potential

KARACHI: The State Life Insurance Corporation of Pakistan (SLIC) has disclosed its outstanding financial accomplishments for the fiscal year 2023. Under the leadership of Shoaib Javed Hussain, CEO of SLIC, the corporation has achieved remarkable milestones, establishing itself as a financial powerhouse in Pakistan.

Highlights of 2023

– Total Annual Income surged to an all-time high, exceeding Rs 526 billion, marking a substantial +37% increase from the previous year, highlighting SLIC’s strong revenue generation capabilities.

– Total Annual Premium Income witnessed a notable uptick, surpassing Rs 338 billion, reflecting an 18% increase compared to 2022, demonstrating the corporation’s ability to attract and retain a diversified portfolio of policyholders.

– Investment Income crossed Rs 257 billion in 2023, with substantial investments in Government Securities and the Pakistan Stock Exchange, contributing to the growth and stability of Pakistan’s capital markets.

– The profit before tax for the year 2023 increased to Rs 24.5 billion which is +18% increase over the year 2022. The profit after tax was Rs 14.7 billion in 2022.

Total Assets under Management for the year 2023 increased to Rs 1.93 trillion which is +20.5% increase over the year 2022.

Business Performance by Segment:

– The Individual Life segment achieved record-breaking New Business premium collections, surpassing Rs 26.9 billion in 2023 (Rs 20.1 billion in 2022), showing a growth of +34% signifying strong customer demand for SLIC’s diversified range of protection and savings products.

– The Group Life and Pensions segment achieved a milestone by recording Rs 12 billion in New Business, further strengthening SLIC’s product offerings and market position.

– SLIC launched its corporate and individual health plans in 2023, diversifying its product portfolio with a commitment to meet protection needs of all Pakistanis across all strata of society

– SLIC continues its strong delivery on the Government’s Social Health program, showcasing service to the people of Pakistan as its paramount ethos.

Payouts and Profit Allocation:

– On the basis of the strong financial performance in 2023, SLIC has announced a special one-time policyholder profit bonus, the State Life Khushali Bonus of Rs 10 billion, symbolizing SLIC’s commitment to rewarding its policy holders.

– The Total Profit Bonus allocated to policyholders in 2023 is Rs 119.7 billion in 2023, showcasing a substantial +23% increase from last year, reflecting SLIC’s strong financial performance.

– The profit bonus allocated to its UAE branch policyholders in 2023 has also increased to Rs 1.74 billion, an increase of +84% from last year, demonstrating sound financial performance of the UAE branch office.

– Policyholder Claims Payouts were Rs 247 billion in 2023, marking a significant +41% increase from the prior year, emphasizing SLIC’s dedication to honouring its promise to policyholders.

– The corporation announced a special cash dividend of Rs 0.5 billion to the Government of Pakistan, increasing its total cash dividend to Rs 2.5 billion, an increase of +25% from 2022.

Copyright Business Recorder, 2024