National Insurance Company Limited (NICL), under CEO Mr. Khalid Hamid, has pulled through trying times and became one of the top performing entities of the Government of Pakistan. With a robust monetary footing, it is one of the highest tax payers contributing to the National Exchequer.
NICL reported a record Gross Unwritten Premium (GWP) of Rs 25.65 Billion for the end of FY 2022, demonstrating a growth of 30% from 2021 and an impressive 77.3% increase when compared to FY 2020. This strong performance was driven by profitable business growth and a solid investment performance. NICL investment profit for FY 2022 was around Rs 5.5 Billion, representing an increase of 28% from 2021 and 45% when compared to 2020.
The company’s underwriting premium was reported to be Rs.14.47 billion in 2020, and by 2022 it had skyrocketed to an impressive Rs.25.65 billion – an increase of 77.3%! This is a huge accomplishment for the current regime, as the stigma associated with the company has been completely replaced with praise in just two years – largely due to the strong leadership of the CEO Mr. Khalid Hamid, appointed in 2021.
For this year, we commit to enhancing our current internal control measures with regards to our Internal Audit and Risk Management structures. Moreover, the company is also on the road to putting in place the IFRS17 framework for its financial records. With a dedicated Customer Care Unit, AML/CFT Wing and enhanced working environment as a paperless organization from 1st January 2020, the Company has been making remarkable strides. Striving on the success path already laid out by the CEO, 2023 will witness additional business increase to approx. Rs 30 Billion or higher, with the addition of new businesses and renewals of current portfolios.
The combination of devoted leadership, hard-working workforce and valuable clients is the driving force behind the success of NICL. As our valuable clients and partners look forward to 2023 with enthusiasm and belief towards the mission of “a satisfied customer is the best business strategy of all”, both domestic and international markets will benefit from this success. With new financial targets and raised ambitions for this year, NICL is only moving forward!
