ISLAMABAD, Feb 16 (APP): Federal Minister for Commerce Syed Naveed Qamar on Thursday said that country’s financial strength was possible only by prioritizing state interest over personal interest.
He said this addressing a National Insurance Company (NICL) performance ceremony here.
The minister said that NICL pulled through trying times and became one of the top performing entities of the government as reported a record Gross Unwritten Premium (GWP) of 25.65 billion, said a press release.
He lauded NICL’s commitment to promoting economic growth and empowerment of the country’s insurance sector.
He noted that the NICL agricultural policy provided farmers with a comprehensive coverage against losses due to floods, drought, hailstorms and other natural disasters.
He said that such policies would not only provide coverage to farmers against losses due to natural calamities, but also help them to manage their finances more effectively.
The minister praised NICL’s efforts to provide financial security to the citizens of Pakistan through its products and services, and however said lot of work to be done.
He said that the achievement was testament to the hard work and dedication of the NICL team.
This strong performance was driven by profitable business growth and a solid investment performance, he added.
The minister further said that the government was committed to creating an enabling environment for the insurance business in the country and supporting the sector to grow.
He urged the concerned sectors to facilitate such organizations instead of creating hurdles and said that the government would continue to work closely with NICL in order to promote the growth of this sector.
The minister also congratulated the NICL team on their success and wished them all the best for their future endeavors.
He said that the success of NICL was an inspiration for other insurance companies to strive for excellence in their respective businesses.
It is pertinent to mention that, with a robust monetary footing, NICL is one of the highest tax payers contributing to the National Exchequer.
NICL reported a record Gross Unwritten Premium (GWP) of Rs 25.65 billion for the end of FY 2022, demonstrating a growth of 30% from 2021 and an impressive 77.3% increase when compared to FY 2020.
This strong performance was driven by profitable business growth and a solid investment performance.
NICL investment profit for FY 2022 was around Rs 5.5 billion, representing an increase of 28% from 2021 and 45% when compared to 2020.
The company’s underwriting premium was reported to be Rs 14.47 billion in 2020, and by 2022 it had skyrocketed to an impressive Rs 25.65 billion – an increase of 77.3%.
This is a huge accomplishment for the current regime, as the stigma associated with the company has been completely replaced with praise in just two years – largely due to the strong leadership of the CEO Khalid Hamid, appointed in 2021.
