The PAC held its meeting on Thursday under its Chairman Syed Khursheed Shah in which the SLIC and NICL gave a briefing on their 10-year performance to the committee.
During the meeting, SLIC Chairman Shoaib Mir explained that the State Life Insurance Corporation has been formed under the LINO 1972. The institution obtains its revenue from three sources, which includes premium, investment income and rental income. The overall income in the year 2006 was Rs 30.83 billion and it has reached to Rs 140 billion in the year 2015.
The corporation remitted actuarial surplus of Rs. 47.33 billion to its policy holders and Rs 1.048 billion as a profit to the Government of Pakistan in addition to Rs 540.5 million as a tax for the year 2015.
These figures are the highest in the insurance industry. The corporation also paid Rs 36 billion in the form of claims to its policyholders. It is the only corporation, which has a unique and outstanding rating of AAA in the life insurance industry.
The total individual life policy holders for the year 2015 were 5.25 million whereas those covered under group life were 5.02 million. The families enrolled till the beginning of this month under Prime Minister National Health Insurance were 447,917 and those covered under Khyber Pakhtunkhwa SehatSahulat Programme were 84,889.
Both these numbers are growing. Thus, in terms of number of persons, it is the leading insurance Company in Pakistan.
