State Life’s half-year profits up 80pc

KARACHI: The State Life Insurance Corporation of Pakistan (SLIC) has posted a growth of 80 per cent in its half yearly gross profits, which increased to Rs18 billion in the period from January to June 2024.

Shoaib Javed Hussain, CEO of SLIC said, “State Life continues to be the leader and driver of innovation in the insurance industry. More so, our strategic focus is increasingly on contributing to the financial stability and growth of Pakistan’s financial ecosystem.”

Hussain reiterated, “The key strategic pillar to our strategy is the ethos of fulfilling our promise to our policyholders. I extend my gratitude to our policyholders and business partners or their continued trust in State Life.”

During the half year, gross premium income remained at Rs165.24 billion, up by 18 per cent compared to the same period in 2023. Investment income recorded at Rs152.08 billion, up 59 per cent compared to the same period in 2023. During this period Rs102.8 billion in claims were paid to policyholders. Assets stood at Rs2.11 trillion showing an increase by 23 per cent compared to the same period in 2023 while Life Fund increased by 18 per cent to Rs1.79 trillion.

The company recorded a net profit of Rs11.01 billion marking an increase of 85 per cent compared to the same period of last year.According to a press release of the company, with the launch of the new platinum plus individual life policy, the sales momentum gained in June is expected to continue into the second half of the year, with new business sales anticipated to exceed growth objectives.

The structural drivers of growth in Corporate Health, Group, Takaful and Bancassurance businesses remain strong, supported by ongoing demand for protection, long-term savings and retirement solutions.