State Life secures Rs2.13bn during 1QFY11

[Lahore_Real_Estate]

ISLAMABAD: State Life Insurance Corporation of Pakistan has successfully secured Rs.2.13 billion as First Year Premium (New Business) during the 1st Quarter of 2011 showing an increase of 27 percent while in the year 2010 corporation had secured record First Year Premium of Rs.9.33 billion showing an unprecedented increase of 35 percent’.

This was stated by State Life Chairman Shahid Aziz Siddiqui while talking to media persons on the occasion of State Life Convention 2011 held at Bhurban Murree on Thursday.

He informed that ‘State Life till 1QFY11 has paid total amount of Rs.2.48 billion against all claims, thus providing the cover for 17,655 families, out of which Rs.0.329 billion has paid as death claims to 1,702 families of policyholders and Rs.2.16 billion as Maturity claims to 15,953 policyholders,’.

‘While 2010 State Life has also paid Rs.7.85 billion on account of claims thus providing financial protection and savings to thousands of valued policyholders and their families nationwide,’ he added.

Siddiqui informed that Renewal Premium also touched the figure of Rs.19.54 billion showing an increase of 28 percent.

The Marketing force of State Life also extended financial protection to 6,51,460 new families nationwide during the year 2010.

Chairman State Life said that Corporation's Life Fund which is the key indicator of its financial stability has now reached to Rs.225 billion.

Replying to a question Siddiqui informed that State Life is planning to launch some new life insurance plans, so that people can invest their small savings in the life insurance policies. The work is also in progress in Bancassurance & Takaful.

He further stated that State Life in support of Government social programme ‘Benazir Income Support Program’ has provided Rs. 1,00,000 as group insurance to hundred thousands of families.

Siddiqui said that State Life's Business in Gulf Region has also improved and in 2010 it has procured new premium around 36 hundrend thousand US $ showing 16.1 percent increase over the previous year.

Replying to another question, he said that Corporations' Investment Portfolio is also progressing and in 2010 the investment income has reached to Rs.27.73 Billion, while the target for 2011 is Rs. 33 billion.

He further said that in 2010 it has secured Rs. 240 million as net income from its real estate operations.

Siddiqui said that the management has also launched construction projects of State Life buildings at Sargodha, Sialkot and Rahim Yar Khan to provide quality space for business promotion in these cities.

Syed Arshad Ali, Malik Asrar Hussain, Abdul Hafeez Sheikh and Shoaib Mir Memon Executive Directors State Life and senior corporate executives were also present on the occasion.

Syed Arshad Ali, Executive Director Marketing & Group & Pensions said that in the Group Life side it has so far secured new premium of Rs.965 million while in 2010 it has secured Rs.3.955 billion premium from 1294 groups.

He further said that till 1QFY11 in individual life business; State Life's all four Regions have shown exemplary performance.

State Life's Multan, Central, Southern and Northern Regions has shown a record increase of 36.70 percent, 30.81 percent, 17.42 percent, 20.42 percent respectively.

Earlier, Aziz Siddiqi congratulated the marketing force and top business leaders on securing their business targets in 2010 and stress that better services be provided to the valued policyholders.