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Monday June 24, 2024

SLIC declares special bonus

By News Desk
May 14, 2024
The State Life Insurance Corporation of Pakistan building in Karachi. — Statelife website/File
The State Life Insurance Corporation of Pakistan building in Karachi. — Statelife website/File

KARACHI: The State Life Insurance Corporation of Pakistan (SLIC) has declared a special one-time profit bonus, dubbed the State Life Khushali Bonus, amounting to Rs10 billion for all with-profit participating policies active as of December 31, 2023.

"This special bonus adds to the 2023 annual profit bonus allocation of Rs109.7 billion, bringing the total annual profit bonus to an impressive Rs119.7 billion, marking a 23 percent increase compared to 2022," SLIC said in a statement.

"Furthermore, SLIC is pleased to report a substantial surge in the total profit bonus allocated to policyholders of its UAE branch, reaching Rs1.74 billion, reflecting an impressive 84 percent escalation compared to 2022."

In addition to the policyholder benefits, SLIC announces a special cash dividend amounting to Rs500 million, disbursed to its shareholder, the government of Pakistan. "This dividend increment contributes to the total shareholder cash dividend, which now stands at Rs2.5 billion, illustrating a substantial 25 percent increase from 2022."

“The exceptional performance of the corporation in 2023 enables SLIC to declare a special Profit Bonus for our esteemed policyholders, alongside a special cash dividend to the government of Pakistan," said Shoaib Javed Hussain, CEO of SLIC. “SLIC's strong growth and financial standing serve as a testament to Pakistan's potential, leading to increased rewards and dividends that enhance the value we offer to our policyholders and the Government of Pakistan.”