KARACHI: National Insurance Company Limited (NICL) after having gone through difficult time in the past has now emerged as one of the top earners/performers as entity of the Government of Pakistan and stands on strong financial footing and one of the highest tax payers contributing the national exchequer under the leadership of the new CEO Khalid Hamid.
NICL reported a remarkable Rs 15.5 billion plus record premium underwritten till the end of November 2021, grew by around 50% from the year 2019, supported by profitable business growth and a strong investment performance. This was the first time that a company has achieved a milestone of crossing the Rs 15 billion target before year end and all time highest investment profit of Rs approx Rs 4.5 billion in general insurance industry in the year 2021. By year-end the additional business will be added and expected to reach, close to Rs 20 billion, even higher mark including renewals and additional business.
The company’s underwriting premium was reported to be Rs 10 billion in the year 2019 and now at as the year 2021 (ending November), their underwriting premium was underwritten and collected to be over Rs.15.5 billion. This is big achievement for the current regime as the stigma associated with the company has now been completely shifted to commendation in 2021 with almost 50 % growth (as compared to Year 2019) in underwritten premium with a strong leadership of the new CEO appointed in Year 2021.
The year 2021, emerged as the highly profitable for the NICL with extraordinary performance to serve their valued and prestigious government clients all over Pakistan.
Management is optimistic that the Year 2022 will be more prospective and prosperous for NICL, for which road map is already been chalked by the new CEO. It can’t be done without the support of their valuable clients, who supported NICL during their tough days, keeping their trust on NICL and its management. NICL have attained its objective without losing any business/clients, on the contrary new prospective clients has been added to their portfolio.
It is a landmark achievement for NICL to be part of beginning of a new era under Ministry of Commerce’s Silk Route Reconnect Policy and partnered this venture to promote trade of Pakistan by Road Transport for trade connectivity with neighbouring and other far countries to attain the vision of the Prime Minister of Pakistan. It is a milestone in making Pakistan a Transit and transhipment hub by trucking.
This is due to current management that NICL is working on paperless organization from year 2020, and using the e-filing system all over Pakistan and becomes the only few entities in Government organization, who adopted the e-filing/digitization envision by the current regime.
Copyright Business Recorder, 2021