State Life Insurance Corporation announces best business results in its 50-year history.

State Life Insurance Corporation of Pakistan (SLIC) held its Annual Marketing Convention in Pearl Continental Bhurban to congratulate its vigorous workforce and determined management team and celebrate the strongest annual results since its inception. Despite macroeconomic and market volatility challenges, 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 surpassed last year’s results and delivered exceptional results in 2022, making SLICs 50th year a truly golden one. This has only been achieved due to the dedication of our professional workforce across our officers, staff, and sales force cadres as they implemented our dynamic corporate leadership’s innovative vision and competitive strategy. Insurance becomes even more important during challenging times and difficult circumstances. Behind these incredible business results lie the true essence of our work: to provide security and protection to our policyholders. Whether for health, saving, children’s education or retirement, State Life is a partner in an individual’s life journey, and we are here to support them in making key life decisions. I want to thank our policyholders, business partners, and shareholders for trusting in State Life; I am confident that 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 continue to drive the organisation. SLIC’s revitalised policies are designed to fit the needs of every citizen and wider diaspora of Pakistan, making them the leaders in the insurance industry.

Posted in Banking & Insurance News.

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