State Life achieves 100pc growth in new business sales: Shoaib

State Life achieves 100pc growth in new business sales: Shoaib

F.P. Report

LAHORE: State Life Insurance Corporation of Pakistan (SLIC) Chairman Shoaib Javed Hussain said on Saturday that the corporation had experienced another outstanding year (2021) of growth in premiums, core revenue and agent count, besides presenting improved services and products to the SLI policyholders.
He was briefing the media on the sidelines of the SLIC Grand Marketing Convention-2022 to encourage the top performer of the corporation’s sales force along with their family from across Pakistan here at a local hotel.
The SLIC having 65 per cent market share is the largest and the only ‘AAA’ rated insurance company in the country.
The chairman elaborated that SLIC succeeded in attaining highest ever policyholder bonus of Rs. 85.6 billion and also paid highest-ever insurance policy claims to the tune of Rs. 98.3 billion during year 2021.
He mentioned that in 2021, the Corporation achieved 100 per cent growth in new business sales with total volume of Rs 71.78 billion, while total premium sales remained at Rs.161.79 billion in 2021, registering a growth of 36 per cent.
Shoaib Javed Hussain said that the SLIC covering life insurance of 140 million Pakistanis, maintained total assets worth Rs 1.37 trillion in 2021, showing 14 per cent growth.
He continued, “We have more than 130 per cent growth in Health Business and over 230 per cent growth in Group and Pension Business, which is highest growth on these counts since SLIC’s inception 50 years ago.”
This outstanding performance has been achieved due to dedication and hard work of the SLIC’s entire professional staff and field workers, as they pursued an innovative vision and competitive strategy, he remarked.
“Within one year, we have transformed the SLIC into a rapidly growing organisation driven by product and digital innovation with a focus on further enhancing policyholder care and services.
A technology-driven enterprise, to launch a Digital Product-Line, ensuring unmatched customer-care and convenience,” he claimed.
To a question, he said the SLIC initiated ‘revival policy’ during COVID-19 days to facilitate the policy holders, who could not pay their respective premiums due to financial constraints, and this facility is extended this year also.
To another query, Shoaib Javed Hussain said that SLCI has also introduced a digital portal service on its website that would feature complaints registration, policy claims, online premium payment and other services in phased manner.
He maintained that on the occasion of its Grand Marketing Convention-2022, the SLIC launched ‘Golden Endowment Plan’ that offers unique incentives including highest surplus distribution at 97.5 per cent to its policyholders, seven years premium payment on competitive rates with coverage term of 20 years for individuals aging between 20 and 55 years.
This new addition in SLIC product line will help ensure coverage to every segment of society as per SLIC vision of providing every Pakistani with solutions that protect their financial future, he concluded.

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