State Life Insurance earns Rs154 billion profit

KARACH: The State Life Insurance has earned a profit of Rs154 billion during 2016-17 and distributed over Rs38 billion among its policy holders.

This was stated by Chairman State Life Insurance Naveed Kamran Baloch on Friday while briefing the chairman and members of National Assembly Standing Committee on Commerce here at the Committee room of the Principal State life office. 

Those who attended the briefing include Chairman National Assembly Standing committee Siraj khan, State Minister of Commerce Haji Akram Ansari, MNA Shazia Marri , MNA Nazir Bughio , MNA Dr Fauzia and others.

Chairman SLI Naveed Kamran said that State Life Insurance has earned Rs 154 billion profit.  "It has paid more than Rs2billion profit and income tax to the federal government," Mr Baloch told the NA Standing committee.

In his briefing, the chairman said that SLI has made a substantial increase in Investment income; it has introduced Structural reforms in HR, it has made commendable increase in Premium and top of it, the SLI has Introduced Enterprise resource procedure (ERP) in three Zones of the country.

Talking about reforms he has introduced in SLI, Mr Baloch said that IT- based latest accounting system has been introduced apart from revamping service delivery in Policy holder services. "These are some of the important measure we taken to make the entire system transparent, responsive to policy holders and making it more the profit-earning organisation," he said.

The Chairman gave a detailed briefing on the performance, working and future planning of State life. The committee greatly appreciated the briefing and gave a standing ovation to the Chairman at the conclusion.