State life Insurance Corporation (SLIC) of Pakistan’s first year premium business in the year 2011 reached Rs12.01 billion, up from Rs9.629 Billion in 2010, showing an increase of 25.46 per cent.
Also, the renewal premium has increased from Rs19.710 billion in 2010 to Rs24.730 billion in 2011. Thus, altogether (Pakistan and Gulf Zone included) the total premium has increased from Rs29.339 billion in 2010 to Rs36.731 billion in 2011 showing a total increase of 25.2 per cent.
This was stated by Shahid Aziz Siddiqui, chairman State Life Insurance Corporation of Pakistan, today during a press briefing at principal office of the corporation. Sharing details of firm investment portfolio of SLIC; he said, investment income during the preceding year stood at Rs27.459 billion which has increased to Rs30.282 billion in 2011, showing an increase of 10.28 per cent.
He further stated that the life fund of State Life has increased from Rs230.42 billion in 2010 to Rs269 Billion in 2011. The number of individual life policy holders has increased from 3,317,192 in 2010 to 3,700,000 in 2011. In the group and pension sector, the number of lives covered has increased from 3.83 million to 5.93 million in 2011 resulting in an increase of income from Rs3.940 billion to Rs4.97l billion in 2011; registering an enhancement of 26.17 per cent.
Chairman SLIC also said that State Life was the emblem of vigour and trustworthiness; “it is visible that the PACRA has maintained the ‘AAA’ rating of SLIC for the last three years”, he further added. By highlighting the future plans of SLIC, he stated that recently State Life has launched the new policy by the name of ‘Committee Policy’. This new policy is for the benefits of common people, touted as being with very attractive returns.
Talking about the business in Gulf region, the chairman said the corporation was not only targeting Pakistanis in various countries of the region but the foreigners were also being catered to. SLIC has also agreed terms with United Bank Limited for introducing the Bank insurance package. The corporation has also ensured the beneficiaries of Benazir Income Support Programme (BISP) who would be given the insurance of at Rs100,000 each. He further said State Life was also introducing health insurance for which the ministry of finance has already released Rs35 million. The chairman informed that SLIC was expecting almost Rs1 billion revenue generations through use of 100 per cent of the available space of its buildings as there were at least 16 per cent of the spaces that were unused.