The State Life Insurance Corporation of Pakistan has successfully secured Rs 5 billion as First Year Premium (New Business) by showing an increase of 34.42 per cent thus providing financial protection to four million new policyholders and their families nation-wide in 2008. This was stated by the State Life's Corporate Communication Department in a press release issued on Monday.
Shahid Aziz Siddiqi Chairman State Life congratulated the marketing force, employees of State Life on securing the historic new business in 2008. State Life's new business strategy has paid rich dividends by securing renewal premium that stood at Rs 12.65 billion in the year 2008 by showing an increase of 25 per cent.
The Second and Third Year Persistency has stood at 84.39 per cent and 94.09 per cent, which is higher than international standard. State Life has paid Rs 6.16 billion on account of claims in 2008. Out of the total claims, it paid Rs 1.15 billion as "Death Claims" and Rs 5.01 billion as "maturity claims".
On the Group Life side State Lift has successfully secured Rs 3.51 billion as premium income by marketing 189 new groups till the fourth quarter of 2008. Region wise State Life's Central Region has topped by securing Rs 1.74 billion followed by North Region Rs 1.18 billion, Multan Region Rs 1.10 billion and South Region Rs 0.93 billion while showing an increase of 39.45 percent, 24.66 percent, 46.90 percent and 25.38 percent respectively in 2008.
State Life has shown robust corporate portfolio performance in 2008, State Life's life fund has stood at Rs 174 billion, which resulted in the better yearly allocation of bonuses towards the policies of millions of valued policyholders while the investment income has stood at Rs 18.61 billion in 2008. In 2009 State Life aims to provide a better savings and financial protection by marketing its various life insurance plans and policies to all the families in the country.-PR