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State life has paid rupees 2.732 billion to 17,278 Families as claims in quarter-1, 2012– Shahid Aziz Siddiqui – State life convention held at ‘Bhurban’

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by April 25, 2012 General

Karachi: “State Life Insurance Corporation of Pakistan till Q-1, 2012 has paid total amount of Rs.2.732 billion against all claims, thus providing the cover for 17,278 families, out of which Rs.0.394 billion has paid as death claims to 1,909 families of policyholders and Rs.2.338 billion as Maturity claims to 15,369 policyholders. While in the year 2011 State Life has also paid Rs.8.597 billion on account of claims thus providing financial protection and savings to thousands of valued policyholders and their families nationwide.

This was stated by Mr. Shahid Aziz Siddiqi, Chairman State Life while talking to the media persons on the occasion of State Life Convention 2012 held at Bhurban Murree. Mrs. Yasmeen Saud, Mr. M. Arif Khan, Mr. Abdul Hafeez Sheikh (Executive Directors) State Life, Mr. Izqar Khan(G.M Marketing) and senior corporate executives were also present on the occasion.

He said that State Life has successfully secured Rs.2.471 Billion as First Year Premium (New Business) during the 1st Quarter of 2012 showing an increase of 15.74% while in the year 2011 Corporation had secured record First Year Premium of Rs.12.00 billion showing an unprecedented increase of 25%”.

Mr. Shahid Aziz Siddiqui said that State Life is one of those public sector organizations which are not a burden on the national exchequer. In fact State Life is playing a pivotal role in providing financial protection to millions of families through life insurance.

He further stated to the media persons that State Life in support of Govt. of Pakistan’s social programme “Benazir Income Support Program” has provided Rs.1,00,000 (one lac) as group insurance to hundred thousands of families; in this regard, a pilot project had already initiated in Faisalabad providing ‘Health Insurance’ to approx. 44,000 families. Under this scheme, people will avail up to Rs.25,000 of health cover annually. Mr. Shahid Aziz Siddiqui informed the media persons that Renewal Premium also touched the figure of Rs.24.78 billion showing an increase of 27%.

The Marketing force of State Life has also extended financial protection to 728,449 new families nationwide during the year 2011, the No. of policy holders expanded to 7.5 Millions. Chairman State Life also informed that Corporation’s Life Fund which is the key indicator of its financial stability has now reached to Rs.269 billion.

Replying to a question Mr. Shahid Aziz 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; new plan naming ‘Committee Policy’ has already been launched for those looking for the short term investment. The work is also in progress in Bancassurance and Takaful.

He informed that State Life is a very sound and stable financial institution which is also evident by the fact that it has assigned “AAA” rating by PACRA (Pakistan Credit Rating Agency) consecutively for the last three years.

Mr. Siddiqi informed that State Life’s Business in Gulf Region is also improved and in the year 2011 it has procured new premium around 43 lac US $ showing 21.5% increase over the previous year. Replying to a question; Chairman State Life has informed that Corporations’ Investment Portfolio is also progressing and in the year 2011 the investment income has reached to Rs.30.282 Billion, showing an increase of 10.28%.

The investment income till the Q-1, 2012 stood at 8.366 Billions showing an increase of increase of 12.15%. Chairman said that State Life is one of the largest Real Estate owners of the country. It has wisely invested the policyholder’s money in sound Real Estate Projects.

This not only provides earnings to the Corporation in shape of rent but also provide space for its offices throughout Pakistan. In the year 2011, it has secured Rs. 730 million as net income from its real estate operations.

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. This is in addition to the eighteen floors under construction Islamabad Towers.

Mr. Shahid Aziz Siddiqi, while presenting the performance of Marketing, Group and Pensions; that in the Group Life side in the 1st Quarter of 2012 State Life has so far secured new premium of Rs.1.150 billion from 1290 groups while in the year 2011 it has secured Rs.4.971 Billion premium.

He further said that till Q1-2012 in individual life business; State Life’s all four Regions have shown exemplary performance. State Life’s Multan, Central, Southern and Northern Regions have shown a record increase of 14.67%, 17.18%, 10.76%, and 19.33% respectively. Mr. Siddiqi said that a strategy is being chalked out to redress the policyholder’s grievances. However, he added that there is a sharp decline in the complaints from the policyholders and their families.

Responding to media query the Chairman said that payment of claims are being made promptly as per rules, however complaints are delayed only due to the non submission of necessary policy documents by the policyholders and their beneficiaries while lodging claims. Earlier, Mr. Shahid Aziz Siddiqi congratulated the marketing force and top business leaders on securing their business targets in 2011 and stress that better services be provided to the valued policyholders.

All Executive Directors and Mr. Muhammad Izqar Khan, Divisional Head (Marketing) also congratulated the delegates of State Life Convention 2012. Shields and Awards were distributed amongst the top performers.

For more information, Contact:
State Life Insurance Corporation of Pakistan
Corporate Communications Department
Principal Office
1 st Floor, State Life Building No. 9
Dr. Ziauddin Ahmed Road,
Karachi 75530
Telephone No. 99202819 and 99204597
Fax No.99202868
E-mail No.


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