The State Life Insurance Corporation of Pakistan (SLIC) has announced impressive financial results for 2023, solidifying its position as a leading financial institution. Under the leadership of CEO Shoaib Javed Hussain, SLIC achieved significant milestones across various sectors.
SLIC’s total annual income reached an all-time high of over Rs 526 billion, reflecting a remarkable 37% growth compared to 2022. This surge highlights the corporation’s robust revenue generation capabilities. Total annual premium income also witnessed a significant rise, surpassing Rs 338 billion, representing an 18% year-over-year increase. This growth demonstrates SLIC’s effectiveness in attracting and retaining a diverse client base.
Investment income also crossed Rs 257 billion in 2023. Strategic investments in government securities and the Pakistan Stock Exchange played a key role in this achievement, contributing to the stability and growth of Pakistan’s capital markets. SLIC’s profitability also saw a positive trend. Profit before tax reached Rs 24.5 billion in 2023, marking an 18% increase over the previous year. Total assets under management also witnessed a significant rise, reaching Rs 1.93 trillion – a 20.5% increase compared to 2022.
The Individual Life segment performed exceptionally well, achieving record-breaking new business premium collections exceeding Rs 26.9 billion in 2023. This represents a 34% growth compared to 2022 and signifies strong customer demand for SLIC’s protection and savings products.
The Group Life and Pensions segment also reached a milestone by recording Rs 12 billion in new business, further solidifying SLIC’s product portfolio and market position. In 2023, SLIC launched new corporate and individual health plans, showcasing its commitment to fulfilling the protection needs of all Pakistanis. The corporation continues to deliver on the government’s Social Health program, prioritizing service to the people of Pakistan.
Building on its strong financial performance, SLIC announced a special one-time policyholder profit bonus – the State Life Khushali Bonus of Rs 10 billion. The total profit bonus allocated to policyholders in 2023 is Rs 119.7 billion, reflecting a significant 23% increase from the previous year. This growth is a testament to SLIC’s financial strength.
SLIC’s UAE branch also demonstrated sound financial standing. The profit bonus allocated to its UAE policyholders increased by 84% compared to 2022, reaching Rs 1.74 billion. Policyholder claims payouts witnessed a substantial rise as well, reaching Rs 247 billion in 2023, marking a 41% increase and emphasizing SLIC’s dedication to fulfilling its commitment to policyholders.
The corporation declared a special cash dividend of Rs 0.5 billion to the Government of Pakistan, increasing its total cash dividend to Rs 2.5 billion – a 25% rise from 2022.
SLIC’s performance in 2023 underscores its commitment to financial growth, product diversification, and exceptional service to its policyholders. This achievement positions SLIC as a vital player in Pakistan’s financial landscape.
