SLIC premium revenue grew by 64 percent in 2022

ISLAMABAD, Feb 04 (APP): Chairman State Life Insurance Company of Pakistan (SLIC) Shoaib Javed Hussain on Saturday said that the premium revenue of the company increased by 64 percent during the year 2022 and reached to Rs Rs279 billion.

Addressing the SLIC annual marketing convention, he said that 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, which was up by 64% as compared the revenues of the same perid last year.

Meanwhile, the new business also recorded Rs173 billion, which increased by over 161% during the year 2022, adding that it is the highest-ever premium collected since the inception of the company.

Besides, significant progress was also recorded in group life and health insurance, adding that the highest-ever new business was also attracted during the period under review.

The SLIC earnings were registered at over Rs122 billion, he said adding that investment yield witnessed about 10.5% growth and it paid out claims worth over Rs167 billion to policyholders, which were also the highest ever since the  inception of SLIC.

The bonus allocated to policyholders valuing over Rs95 billion, he said adding that the assets of the company also stood at over Rs1.56 trillion, which grew by 15% from 2021.

Chairman SLIC further said that Pak-Life Fund reached to over Rs1.4 trillion and increased by 15% from 2021.

He said that SLIC is the largest and the only ‘AAA-rated’ insurance company in the country. As the leading insurer of the country, it is ensuring the well-being and financial security of its policyholders and partners and has emerged as one of the most successful State-Owned enterprises in the country.

He said that in any country, the existence of a vibrant and growing insurance industry is essential for the growth of its economy, adding that 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 professional workforce, across our officers, staff, and sales force cadres as they implemented the innovative vision and competitive strategy of corporate leadership, he added.

Insurance becomes even more important during challenging times and difficult circumstances, he said adding that whether
it is for health, saving, children’s education or retirement, State Life is a partner in an individual’s life journey and  support in making key life decisions.

He also thanked policyholders, business partners, and shareholders for putting their trust in State Life and it will continue to lead the evolving life and health insurance landscape by paying special focus on technology and customer centric services continues to drive the organization. He informed that 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.

Shoaib Javed informed that State Life Insurance has introduced a new product to protect women from chronic diseases like cancer with a lowest ever annual premium of Rs1,500 and provides health care cover upto Rs 1.5 million.

Besides, he said that the company was also determined to provide insurance cover for farmers across the country to protect their crops and families to attain sustainable economic growth and social prosperity in the country.