SLIC’s Proactive Strategy Paying Off as Indicated by Its Strong Performance in the First Half of 2023
State Life Insurance Corporation of Pakistan’s (SLIC) growth momentum continues with progress already evident in its strong half-yearly January to June 2023 results.
Shoaib Javed Hussain, CEO of SLIC said: “State Life continues to deliver exceptional business results and we have achieved it once again for the first half of 2023, increasing our premium income by +27% compared to the same period in 2022. Insurance becomes even more important during challenging times and difficult circumstances, and behind these incredible results lie the true essence of our work, which is to provide security and protection to Pakistanis across all strata of society.”
Business Highlights (January – June 2023)
Earnings:
From January to June 2023, the premium income collected amounted to over Rs. 124.59 Billion, showing a 27% increase compared to the same period in 2022, while the investment income for the same period reached over Rs. 94.05 Billion, marking a significant 50% increase from the first half of 2022.
Payouts:
The company paid out claims totaling over Rs. 115.44 Billion to policyholders during this period, which is a 69% increase compared to the same period in the previous year.
Growth:
The assets have grown to over Rs. 1.71 trillion, showing a 17% increase, while the Life Fund has reached over Rs. 1.44 trillion, indicating an 11% growth compared to the first half of 2022.
Operational Highlights
On implementation of the State Owned Enterprises Act, Sulaiman Mehdi accepted the position of Chairman Board of Directors earlier this month. Shoaib Javed Hussain has assumed charge as the first Chief Executive Officer of State Life Insurance Corporation of Pakistan. Since March 2021, Mr. Hussain has stood at the helm of the corporation and by outperforming each subsequent year he has enabled SLIC to achieve close to 70 percent of market share.
Through his proactive, dynamic, and results driven leadership approach SLIC total premium sales witnessed a growth of 67 percent year-on-year in 2022, while the new business sales incurred a staggering growth of 143 percent.
Source: Pro Pakistani