State Life Insurance distributes Rs 6520 million as actuarial surplus to its policyholders

KARACHI (May 21 2003) : The State Life Insurance Corporation of Pakistan (SLIC) has distributed Rs 6520 million as actuarial surplus to its policyholders.

This shows an increase of 68 percent during the year 2002, said Muhammad Latif, acting chairman of SLIC, here on Tuesday.

He was addressing the officers of the organisation at a reception hosted in honour of Samee-ul-Hasan, who has completed three years while serving as chairman of the State Life Insurance Corporation of Pakistan (SLIC).

Latif paid rich tributes to Samee, the out-going chairman, for the services he had rendered for the organisation.

He said that the life fund of State Life stood at Rs 85110 million while the total income stood at Rs 19040 million showing an increase of 14 percent and 26 percent respectively during the year 2002.

Latif said that the SLIC is now one of the soundest financial organisations in the country that is providing quality financial services to millions of its individual as well as group policyholders and their families by marketing saving friendly life assurance plans, policies and products nation-wide.

He stated that the State Life Insurance Corporation of Pakistan (SLIC) is committed to meet the challenges of life assurance market.

Earlier, Zafar Mehmood, Executive Director (Administration), paid glowing tributes to Samee-ul-Hasan and said that the SLIC has attained operational turnaround during the period 2000-03.

He said that the restructuring initiated by Samee-ul-Hasan in line with the Insurance Ordinance 2000 has led to the procurement of quality new business while improving the second year business persistency.

Zafar said that the SLIC has taken stringent measures to enhance the policyholders services during the last three years.

He said that the reforms introduced during Samee's tenure have resulted in the operational turnaround of SLIC.

Samee congratulated the senior corporate and marketing executives, officers and staff of State Life Insurance Corporation of Pakistan (SLIC) on consistently achieving their respective targets that has sustained the growth and development of State Life.

He thanked the Board of Directors on realising his vision to make State Life a corporate leader in country's insurance sector.

Javed Khan, General Manager (Marketing) and Sohail Hashmi, General Manager (Personnel), also spoke.

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