KARACHI: The State Life Insurance Corporation of Pakistan (SLIC) is the largest insurance company in the country, which has now broken all previous records of financial-growth and operational-performance, across its life and health business, as reflected in its 2021 full year annual results.
Over the past one year, the corporation has emerged as one of the most successful State-Owned enterprises in the country, despite the massive impact of global pandemic and unprecedented socio-economic challenges.
This year SLIC has paid the highest ever ‘Bonus’ – 85.65 billion Rupees to its policyholders, reflecting a 13% annual increase from Rs.75.97 billion. During this year, it paid a staggering 98.36 billion Rupees of ‘Claims’ to the customers, which shows a 52 percent increase from the previous year’s figure - Rs.64.9 billion.
Moreover, it has achieved a phenomenal and an unprecedented 100% growth in New Business sales, at 71.78 billion Rupees, while the previous year’s figure was 35.91 billion Rupees. The Total Business Sales have grown by 36 percent, from 119 billion Rupees to Rs.161.79 billion. The ‘Investment Income’ earned this year amounted to 117.1 billion Rupees, after a 13 percent increase from previous year’s amount of Rs.103.78 billion. Taking the total value of the corporation’s Assets from 1.2 Trillion Rupees to 1.37 trillion Rupees, an increase of 14%.
The exceptional business growth and performance has resulted in an impressive 57% increase in Net Profit, from 4.2 billion Rupees in 2020 to 6.6 billion Rupees in 2021.
The annual ‘Cash Dividend’ paid to the Shareholders amounted to 1.7 billion Rupees, an increase of 13 percent from last year’s figure - 1.5 billion Rupees. It is important to recall here that SLIC allocates 97.5% of its surplus from life business to its policyholders and retains only 2.5% for its shareholders.
The young and dynamic Chairman of SLIC – Shoaib Javed Hussain stated that: “It is a testament of the trust placed in us by our policyholders, customers and partners that these unprecedented financial and operational results have been achieved, during the year when State Life Insurance is also celebrating its 50th Anniversary.
Today we proudly serve more than 140 million Pakistanis. This outstanding performance has been achieved due to the dedication of our professional workforce, across our officers, staff and sales force cadres; as they pursued the innovative vision and competitive strategy of our dynamic corporate leadership. Within one year, we have evolved SLIC into a rapidly growing organization driven by product and digital innovation with a focus on further enhancing policyholder care and services. Technology-driven enterprise, to launch a Digital Product-Line, ensuring unmatched customer-care and convenience.”
Deployment of innovative solutions, like: a Digital Products and Portal, Health-App, Policyholders-App, E-Office Management System and Automated ‘Complaint Management System’, has transformed the company, enabling round-the-clock responsiveness and cellular accessibility, on-the-go. This way, the corporation is pursuing; operational excellence, complete regulatory-compliance and transparency.
2022, SLIC’s 50th year anniversary, promises to be another year of exceptional performance under the leadership of its Chairman; driven by product innovation tailored to meet customer needs, focus on policyholder servicing and strategic initiatives for sustained future growth.
BOILER PLATE: State-Life Insurance Company of Pakistan (SLIC) is the largest and the only AAA rated insurance company in the country. With a 55 percent market-share, it is ensuring the wellbeing and financial-security of 140 million customers, by offering: Individual-coverage, Bancassurance, Group-Life & Pension, Takaful and Health Insurance.
Copyright Business Recorder, 2022