State life’s young chairman takes corporation to new heights

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Kapeel Kumar 1st May 2022 – The State Life Insurance Corporation of Pakistan (SLIC) is the largest (AAA rated) 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 a 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.

 

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