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Slic's Proactive Strategy Paying Off As Indicated By Its Strong Performance In The First Half Of 2023
English
Slic's Proactive Strategy Paying Off As Indicated By Its Strong Performance In The First Half Of 2023
September 14th, 2023 – KARACHI, State Life Insurance Corporation of Pakistan’s (SLIC) growth momentum continues with progress already evident in its strong half-yearly January to June 2023 results. Shoaib Javed Hussain, CEO of SLIC said, “State Life continues to deliver exceptional business results and we have achieved it once again for the first half of 2023, increasing our premium income by +27% compared to the same period in 2022. Insurance becomes even more important during challenging times and difficult circumstances, and behind these incredible results lie the true essence of our work, which is to provide security and protection to Pakistanis across all strata of society.”
Business Highlights (January – June 2023)
- Earnings:
- Premium Income: Over Rs. 124.59 Billion collected – increased by +27% compared to the same period in 2022
- Investment Income: Over Rs. 94.05 Billion – increased by +50% compared to the same period in 2022
- Payouts:
- Claims: Over Rs. 115.44 Billion in claims paid to policyholders – increased by +69% compared to the same period in 2022
- Growth:
- Assets: Over Rs. 1.71 trillion – increased by +17% compared to the same period in 2022
- Life Fund: Over Rs. 1.44 trillion – increased by +11% compared to the same period in 2022
Operational Highlights
On implementation of the State Owned Enterprises Act, Sulaiman Mehdi accepted the position of Chairman Board of Directors earlier this month. Shoaib Javed Hussain has assumed charge as the first Chief Executive Officer of State Life Insurance Corporation of Pakistan. Since March 2021, Mr. Hussain has stood at the helm of the corporation and by outperforming each subsequent year he has enabled SLIC to achieve close to 70 percent of market share. Through his proactive, dynamic, and results driven leadership approach SLIC total premium sales witnessed a growth of 67 percent year-on-year in 2022, while the new business sales incurred a staggering growth of 143 percent.
About State Life Insurance Corporation of Pakistan: State Life Insurance Corporation of Pakistan, established in 1972, stands as a pillar of reliability and excellence in the insurance industry. With a commitment to securing the future of individuals and families nationwide, State Life’s comprehensive range of insurance products caters to diverse needs. With 69 percent of market share, the corporation’s total premium sales witnessed a growth of 67 percent year-on-year in 2022, while the new business sales incurred a staggering growth of 143 percent. This growth makes SLIC the leader in the industry and one of the most successful state-owned entities which is continuously adapting to meet evolving needs of Pakistanis. For more information about State Life, please visit statelife.com.pk.
Media Contact
Hassaan Ishtiaq Ahmed
