SLIC stands on a strong footing with 2024 half-yearly results

KARACHI: The State Life Insurance Corporation of Pakistan (SLIC) closed its half yearly results (January – June 2024), reporting a gross profit of Rs 18 billion showing an 80 percent growth compared to the same period last year.

Shoaib Javed Hussain, CEO of SLIC said, “State Life continues to be the leader and driver of innovation in the insurance industry. More so, our strategic focus is increasingly on contributing to the financial stability and growth of Pakistan’s financial ecosystem.”

The results were announced in SLIC’s Annual Bhurban Convention where the determined efforts of is officers, staff area managers and field force were recognized and celebrated by the senior leadership. Hussain reiterated, “the key strategic pillar to our strategy is the ethos of fulfilling our promise to our policyholders. I extend my gratitude to our policyholders and business partnersor their continued trust in State Life.”

Business Highlights (January – June 2024)

Earnings:

Gross Premium Income: +PKR 165.24 Billion collected, increased by +18% compared to the same period in 2023

Investment Income: +PKR 152.08 Billion, increased by +59% compared to the same period in 2023

Payouts:

Claims: +PKR 102.80 Billion in claims paid to policyholders

Growth:

Assets: Rs 2.11 trillion showing an increase by 23 percent compared to the same period in 2023

Life Fund: Rs 1.79 trillion, indicating 18 percent growth compared to the same period in 2023

Shareholder Profit:

Gross profit: Ra 18 billion showing an 80 percent growth compared to the same period last year

Net profit: Ra 11.01 billion marking an increase of 85%compared to the same period of last year

Outlook for 2024

With the launch of the new Platinum Plus individual life policy, sales momentum gained in June is expected to continue into the second half of the year, with new business sales anticipated to exceed growth objectives. The structural drivers of growth in Corporate Health, Group, Takaful and Bancassurance businesses remain strong, supported by ongoing demand for protection, long-term savings, and retirement solutions.

SLIC is confident in achieving its 2024 financial and strategic goals, driven by dynamic business strategies and a commitment to technology and customer-centric services.

Copyright Business Recorder, 2024