Pakistan State Life Insurance Corporation


State Life Insurance

Pakistan State Life Insurance Corporation

State Life Insurance Corporation (SLIC) has been a well-known name in the country for the past 50 years and a leader in the insurance industry. Over the years, the corporation has introduced individual and corporate health insurance, established drive-thru operations, and formed strategic partnerships that have not only reduced disparities and financial barriers, but have also positioned State Life as a leader. of the industry in innovation.

Past Performance During 2019, the corporation’s financial performance remained generally satisfactory. State Life’s total revenue increased 14 percent year-on-year including unrealized capital gain. This was because acquisition expenses for the year 2019 showed a decrease of 31 percent year-on-year, while administrative and marketing expenses decreased by 11 percent year-on-year. Overall, the ratio of management expenses to total premium income for 2019 was around 24 percent compared to 32 percent in 2018. Payments to policyholders saw year-on-year growth of 14 percent as well. in 2019.
2020 was a challenging year due to the COVID pandemic that negatively affected the economy, including the insurance sector. State Life Insurance Corporation’s revenue growth during the year was around 8 percent year-on-year, where acquisition cost remained stable and administrative and marketing expenses decreased by 21 percent year-on-year. Overall, the ratio of management expenses to total premium income for 2020 was around 21 percent compared to 24 percent in 2019. Insurance benefits paid to policyholders grew by 13.4 percent. cent in 2020.


In 2021, the economy moved towards a recovery in the post-pandemic era, especially in the second half of the year. SLIC’s financial performance in terms of revenue also improved as the corporation’s revenue grew 21 percent year-on-year. Acquisition expenses also increased due to the revival of activity by approximately 21 percent year-on-year in 2021, as did marketing and administrative expenses (up 23 percent year-on-year). The corporation’s overall management expense ratio to total premium income for 2021 fell to 18 percent from 21 percent in 2020. Insurance benefits paid to policyholders saw a massive increase of more than 50 percent. percent year-on-year during the year.

According to data released by the Insurance Association of Pakistan (IAP), SLIC grew its individual and group life business across its conventional and takaful product line in 2021 compared to 2020 and also outperformed the industry growth. This helped the corporation witness a growth in overall market share up to 55 percent.

2022 Performance Insurance

In the face of economic turmoil and difficult times, the State Life Insurance Corporation of Pakistan has remained resilient in the insurance industry. During 2022, the corporation achieved remarkable growth that surpassed all previous business records. Despite a slight decline in the cumulative results of the insurance industry in 2022 (excluding State Life gross written premium), State Life achieved growth of close to 69 percent compared to the previous year. year, resulting in record revenues. The corporation’s gross written premium (GWP) of over Rs 286 billion surpassed the combined GWP of all other insurance companies in Pakistan, which stood at approximately Rs 128 billion. Total premium sales saw 67 percent year-over-year growth in 2022, while new business sales saw staggering 143 percent growth.

State Life’s growth played an important role in driving the overall progress of the industry, contributing to nearly 43 percent. State Life Insurance Corporation’s market share in 2022 increased to 70 percent compared to over 55 percent in 2021, also representing close to 24 percent growth in market share.

The corporation also accounted for an impressive 73 percent of total claims paid across the industry, which bodes well for its financial position and for meeting the needs and obligations of its clients.


The corporation has focused on building a differentiated and profitable organization, which is driving not only its own growth but also the entire insurance landscape in the country. The corporation has been understanding the changing needs of different segments to develop customized products for the young and technologically self-employed Generation Z, demonstrating its commitment to meeting the diverse financial needs of its customers as well as corporate customers. During 2021 and 2022, the corporation has made significant progress in the digital landscape and plans to make innovation and securing technology a key component of growth in the coming years as well.

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