State Life Insurance Corporation of Pakistan (SLICP) has secured Rs 1.68 billion as First Year Premium (New Business) during the first quarter of 2010 showing an increase of 35.32 percent while in the year 2009 the corporation had secured record First Year Premium of Rs 6.96 billion showing an unprecedented increase of 40 percent.
In the year 2009 State Life had also paid Rs 6.92 billion on account of claims thus providing financial protection and savings to thousands of valued policyholders and their families nation-wide. This was stated by Shahid Aziz Siddiqui, Chairman, State Life while talking to the media persons on the occasion of State Life Convention 2010 held at Bhurban Murree.
According to a press release issued here on Tuesday Shahid Aziz Siddiqui said that State Life is one of those public sector organisations which is not a burden on the national exchequer. In fact State Life is playing a pivotal role in providing financial protection to million of families through life insurance.
He informed that State Life has paid Rs 1.15 billion as death claims to 6,600 families of policyholders and Rs 5.77 billion as maturity claims to more than 47,000 families which provided financial relief to policyholders and their families. Shahid Aziz Siddiqui told the media that renewal premium also touched the figure of Rs 15.36 billion showing an increase of 21.43 percent. The marketing force of State Life also extended financial protection to 5,26,000 new families nation-wide during the year 2009.
The Chairman State Life also informed that the corporation's Life Fund which is the key indicator of its financial stability has now reached to Rs 202 billion. He said that State Life is considering launching some new life insurance plans, so that people can invest their small savings in the life insurance policies.
The work is also in progress in Bancassurance and Takaful. He informed that recently the National Assembly Standing Committee for Commerce has also endorsed that State Life is one of those public sector institutions which are successfully playing their role in the national economy. He informed that State Life is a very sound and stable financial institution which is also evident by the fact that it has assigned "AAA" rating by PACRA.
He said that State Life's business in Gulf Region is also improved and in the year 2009 it has procured new premium around $3.2 million showing 10.42 percent increase over the previous year. He said that corporations' investment portfolio is also progressing and in the year 2009 the investment income has reached to Rs 21.38 billion showing an increase of 11.69 percent.
He said that State Life is one of the largest real estate owners of the country. It has wisely invested the policyholders' money in sound real estate projects. This not only provides earnings to the corporation in shape of rent but also provide space for its offices throughout Pakistan. In the year 2009 it has secured Rs 335 million as net income from its real estate operations. The management has also launched construction projects of State Life buildings at Sargodha, Sialkot and Gujranwala to provide quality space for business promotion in these cities. This is in addition to the eighteen-floor under construction Islamabad Towers.
Syed Arshad Ali, Allah Rakha Aasi, and Shoaib Mir Memon Executive Directors State Life and senior corporate executives were present on the occasion. Syed Arshad Ali, Executive Director Marketing while presenting the performance of his portfolios has informed that in the Group Life side in the first quarter of 2010 it has so far secured new premium of Rs 627 million while in the year 2009 it has secured Rs 3.70 billion premium from 1323 groups which also includes 227 new groups. He further said that in individual life business State Life's all four regions have shown exemplary performance.
State Life's Multan, Central, Southern and Northern Regions has shown a record increase of 55.92 percent, 43.65 percent, 36.33 percent and 22.44 percent respectively. He said that a strategy is being chalked out for the redressal of policyholders' grievances. However, he added that there is a sharp decline in the complaints from the policyholders and their families.
He said that payment of claims is delayed due to the non submission of necessary policy documents by the policyholders and their beneficiaries while lodging claims. Earlier, Shahid Aziz Siddiqi congratulated the marketing force and top business leaders on securing their business targets in 2009 and stress that better services be provided to the valued policyholders. Syed Arshad Ali, Executive Director (Marketing) and S.H. Kazmi, Divisional Head (Marketing) congratulated the delegates of State Life Convention 2010. Shields and Awards were distributed amongst the top performers.-PR