State Life Insurance Corporation of Pakistan (SLIC) has seen tremendous growth in 2022. Its latest financials show growth surpassing all previous business records. State Life achieved close to a 69 percent growth in revenues compared to the previous year. 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.
The largest insurance player in the country is committed to providing substantial benefits to its policyholders; the corporation succeeded in returning 97.5 percent of profit to policyholders during the year. This practice sets the corporation apart as the only insurance company worldwide that demonstrates such a remarkable level of dedication to its policyholders' financial well-being. For 2022, SLIC announced a gigantic Rs97.5 billion in profit back to its policyholders making it the largest bonus announcement in history.
The corporation focuses on paying insurance claims to its policyholders promptly and reliably. In the year 2022 alone, SLIC disbursed a significant sum exceeding Rs175 billion in insurance claims. Mind you, these vital payouts play a transformative role in offering crucial financial support to individuals and families during times of adversity, such as the loss of a loved one, a debilitating illness, or the aftermath of a natural disaster.
SLIC with its customer-centric approach has been embracing innovation and growth that includes implementing digital solutions. The corporation has launched a live E-Kacheri aimed at personally resolving customer concerns. It has been able to resolve more than 90 percent of all complaints received to date.
State Life is also playing its role in contributing to the overall well-being of the people by focusing on insurance benefits going beyond profitability. This approach sets a benchmark for the industry, reaffirming State Life's position as a leader in the insurance sector.As the corporation continues to lead the industry, its impact on the nation's well-being becomes even more pronounced, cementing its position as the insurance provider of choice for millions of Pakistanis.
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