STATE LIFE INSURANCE CORPORATION OF PAKISTAN HOLDS 2022 CONVENTION IN PC BHURBAN: ANNOUNCES BEST EVER BUSINESS RESULTS IN ITS 50 YEAR HISTORY.
On February 5th, 2023, State Life Insurance Corporation of Pakistan (SLIC) held its Annual Marketing Convention in Pearl Continental Bhurban to congratulateits 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% 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%.
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 15% from 2021.
The convention held at Pearl Continental Hotel in Bhurban focused on the developments made under Shoaib Javed Hussain, Chairman of State Life and speaking at 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. Behind these incredible business results lie the true essence of our work, which is to provide security and protection to our policyholders. Whether it is for health, saving, children’s education or retirement, State Life is a partner in an individual’s life journey, and we are here to be their support in making key life decisions. I want to thank our policyholders, business partners, and shareholders for putting their trust in State Life; I am confident that with their support we will continue to lead the evolving life and health insurance landscape”
SLIC’s dynamic and visionary business strategies focused on technology and customer centric services continues to drive the organization. SLIC’s revitalized policies are designed to fit the needs of every citizen and wider diaspora of Pakistan, making them the leaders in the insurance industry.
