KARACHI: State Life’s unparalleled performance and strategic growth can be attributed to its highly competent leadership, diversified management, and professional team.
State Life has achieved close to a 67 percent growth compared to the previous year, resulting in all-time high revenue.
It’s Gross Written Premium (GWP) of PKR 286 billion plus surpasses the combined GWP of all other insurance companies in Pakistan, which stands at approximately PKR 127.87 billion. State Life’s growth has played a significant role in driving the industry’s overall progress, contributing to a nearly 43% growth in the industry in 2022. State Life Insurance Corporation’s market share in 2022 has increased close to 70%, compared to 55% plus in the previous year, which is close to 24% growth in the market share as well.
* Business performance:
o New business: 174.5 billion increasing by over 143% from 2021
Earnings: Premium Income: Over Rs.286.3 billion collected – increased by 67% from 2021
Growth: Assets: Over Rs. 1.6 trillion – increased by 17% from 2021
Payouts: Claims: Over Rs. 175.5 billion in claims paid to policyholders – increased by 78% from 2021; highest ever since inception
Bonus to policyholder: Rs. 97.5 billion – increased by 14% from 2021; highest ever since inception
State Life Insurance Corporation of Pakistan, under the leadership of Mr. Shoaib Javed Hussain, has emerged as a trailblazer in the insurance industry. With a clear focus on bolstering the industry’s contribution to the nation’s GDP, State Life plays a pivotal role in fortifying the economy’s backbone through the strategic alignment of technology, data, and a human-centric approach.
Source link: https://www.thenews.com.pk/print/1080642-state-life-achieves-67pc-growth-high-revenue