PACRA maintains IFS Rating of State Life Insurance Corporation of Pakistan

The rating assigned to State Life Insurance Corporation of Pakistan’s (SLIC) derives strength from sound market position emanating from extensive and well-penetrated distribution network, experienced management team and robust financial profile. The rating takes into account the Corporation's robust risk absorption capacity on the back of Government of Pakistan's (GoP) guarantee for policyholders' liabilities. Sum insured including bonuses (if any) declared by State Life Insurance Corporation are guaranteed as to payment in cash by GoP under article 35 of the Life Insurance (Nationalization) Order, 1972. During CY22, the Corporation’s Gross Premium Written depicted a significant growth of 50.3% to PKR 244.2bln compared to PKR 162.5bln in CY21. Premiums under health insurance posted a remarkable increase due to health insurance policies undertaken for the Prime Minister's National Health Insurance Program. The total income of the Corporation posted a growth of 41.3% to PKR 383.3bln (CY21: PKR 271.3bln). With an emphasis on existing business lines, the organization pursues a growth strategy that seeks to broaden its product offerings. – Health Insurance, Bancassurance, and Window Takaful. Regarding Health Insurance, the Corporation is implementing mega health insurance program. These programs are projected to cover 170 million population of Pakistan.
State Life Insurance Corporation of Pakistan's ability to maintain its leadership in the life insurance sector is important. In this regard, successful execution of the envisaged business strategy including diversification and continued growth is essential. Additionally, implementation of new ERP system will enable efficient business operations with the real time provision of services to all stakeholders.

About the Entity
State Life Insurance Corporation of Pakistan was incorporated in March 1972 when the Life Insurance business in Pakistan was nationalized. Currently, the Corporation operates through a widespread sales network throughout Pakistan and also has presence in the Middle East. State Life Insurance Corporation is the largest Life Insurer in Pakistan with ~65.6% market share.
The Chairman of the Corporation, Mr. Shoaib Javed Hussain has ~20 years’ experience of successful careers in senior management of global insurance groups and consultancies in the United Kingdom (UK) and Asia. He brings with him breadth of strategic executive perspective and technical acumen gained through global engagements across Europe, North America and Asia. Mr. Hussain holds an MSc in Actuarial Management from CASS Business School, City University, London and is a Fellow of the Institute of Actuaries (UK).

The Corporation has a eight-member board including the Chairman. Other board members are a good mix of individuals belonging to public sector, private financial and corporate sectors. Management team comprises Executive Directors, who are assisted by a team of professionals, associated with the Corporation since long.