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% growth compared to the previous year, resulting in all-time high revenue. Its 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.
The company’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.
The company’s performance can be broken down into several key areas:
Business Performance
The new business has reached 174.5 billion, marking an impressive increase of over 143% from the year 2021. This significant growth demonstrates the company’s ability to attract new business and expand its market share.
Earnings
In terms of earnings, the premium income has seen a substantial rise. The company has collected over Rs. 286.3 billion, which is a 67% increase from the previous year. This growth is a testament to the company’s robust financial health and its ability to generate substantial revenue.
Growth
The company’s assets have also seen a steady increase. They now stand at over Rs. 1.6 trillion, marking a 17% increase from 2021. This growth in assets is a clear indicator of the company’s strong financial position and its ability to manage its resources effectively.
Payouts
When it comes to payouts, the company has been equally generous. It has paid over Rs. 175.5 billion in claims to policyholders, which is a 78% increase from 2021. This is the highest amount the company has ever paid since its inception, demonstrating its commitment to its policyholders.
Bonus to Policyholders
Additionally, the company has also given out bonuses to policyholders amounting to Rs. 97.5 billion. This is a 14% increase from 2021 and is the highest amount ever given out as bonuses since the company’s 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: Pro Pakistani