State Life Insurance Corporation of Pakistan in the year 2015, has paid total amount of Rs 13.762 billion against all claims, thus providing financial protection and savings to millions of valued policyholders and their families nation-wide, this was stated by Chairperson State Life, Nargis Ghaloo, in an inaugural speech on the occasion of the Convention 2016.
Executive Directors Jamil Anwar, Irfan Anwer Baloch and Izqar Khan, along with G.M. Marketing Azhar Hussain, Senior Corporate Executives and delegates from all over Pakistan attended the Convention.
Nargis Ghaloo said that 'State Life' is the leading insurer in the country and is extending the benefits of life insurance to all sections of society, especially to the more affluent segments of the society spread in towns & villages throughout Pakistan.
She said that State Life in the year 2015 secured 1st Year premium including renewal, which has increased from Rs 59.627 billion to Rs 66.804 billion; showing an increase of 12 percent. State Life has procured new premium of $3.798 million in Gulf Region covering Kuwait, UAE and Saudi Arabia in the year 2015. The marketing force of State Life has extended financial protection to 675,463 families nation-wide during the year 2015. The total number of in-force policies till the end of 2015 are 5.236 million.
She said that in 2012, State Life launched Bancassurance, an alternative and cost effective channel of distribution. The Corporation's current banking partners include United Bank Ltd (UBL), First Women Bank Ltd (FWBL), National Bank of Pakistan (NBP), NIB, Samba Bank, Summit Bank and Silkbank. Efforts are being made to expand this network of distribution.
Chairperson also highlighted the performance of State Life's Group & Pension Division; it has so far secured new premium of Rs 7.096 billion from 1,131 groups in the year 2015. Besides this, State Life also offers customised pension products according to the needs of the client. The clients not only include local institutions, but foreign embassies as well.
She further added to state that in order to expand Life and Health Insurance coverage to more marginalized sections of Pakistan, State Life has been placing increased focus on social health insurance. The SLIC has signed an agreement with Government of Pakistan (Ministry of National Health Services Regulation & Co-ordination) for implementing Prime Minister's National Health Programme in 23 Districts of Pakistan to cover around 3.1 million families.
State Life currently is preparing to launch Window Takaful operations. With its years of experience in the conventional Life Insurance industry, strong capital position and widely spread out agency commission channel, the Corporation expects to capture considerable demand. Besides the remarkable performance shown by State Life, it is also worth highlighting that it is the only Life Insurance company which has been awarded the Insurer Financial Strength rating of 'AAA' by PACRA.
This is the highest possible rating which an insurer can get and denotes State Life's exceptionally strong capacity to meet policyholder and contractual obligations.-PR