The State Life Insurance Corporation of Pakistan (SLICP) has successfully secured Rs 9.33 billion as first year premium (New Business) during the period January 2010 to December 31, 2010 by showing an unprecedented increase of 35 percent as compared to the same period in 2009.
This was stated by Shahid Aziz Siddiqui, Chairman State Life while briefing the media at his office on Tuesday. The executive directors and senior corporate executives were also present on this occasion. Siddiqui pointed out that the Renewal Premium also touched the figure of Rs 19.54 billion showing an increase of 28 percent. He also informed that second and third year persistency during the same period was stood at 84.7 1 percent and 88.80 percent respectively.
The State Life also extended financial, protection to 6,51,460 new families nation-wide during the year 2010 showing an increase of 24 percent which was 5,25,947 policies till 2009. In the year 2010 State Life has disbursed Rs 14.57 billion as bonus to its policyholders. Bonus for year 2011 will be announced after the completion of actuarial valuation process.
The State Life covered 1,326 number of groups till December 2010; total group premium was Rs 3.95 billion a leap forward with 6.7 percent increase from Rs 3.70 billion last year 2009. He pointed out that State Life's all four Regions have shown exemplary performance, State Life's Central Region topped by securing Rs 3.33 billion First Year Premium followed by Multan Region Rs 2.40 billion, North Region Rs l.92 billion and South Region Rs 1.67 billion by showing an increase of 33 percent, 40 percent, 33 percent and 32 percent respectively.
The Chairman State Life said that the Corporation's Life Fund which is the key indicator of its financial stability has now reached to Rs 225 billion, a substantial increase of 14 percent from Rs 198 billion last year 2009.
Replying to a question Shahid Aziz Siddiqui said that State Life has a diverse investment mechanism and in 2010 posted an investment income of Rs 27.73 billion and increase of 34 percent from Rs 20.7 billion in 2009; in the Real Estate the Corporation's net income till 2010 was Rs 240 million.
He said that the State Life considering launching some new life insurance plans, so that people could invest their small savings in the life insurance policies. He said that State Life is a very sound and stable financial institution, which is also endorsed by the fact that it has assigned "AAA" rating by PACRA.
He said that a comprehensive strategy is adopted to handle policyholders complaints and facilitate them in settling their claims promptly this positive step proved fruitful and major chunk of complaints from policyholders has been slashed down. He said that the State Life's business in Gulf Region is also improving and in the year 2010 it has procured new premium around $3.6 million showing 16.1 percent increase over he previous year.
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