State Life Field Workers Federation of Pakistan (SLFWF) has sent a SOS appeal to Prime Minister Nawaz Sharif to save the State Life Insurance Corporation of Pakistan (SLIC) from destruction and appoint a chairman of SLIC and new board of directors consisting of insurance experts.
SLFWF President Muhammad Asghar said that SLIC was earning profit of billions of rupees annually but it could not announce the bonus for its policy holders due to vacant seat of chairman and board of directors. While addressing a press conference at Multan press club along with Secretary General Agha Suhail Kamran, Deputy Secretary General Sajid Mehmood Sheikh, Javed Qadar, President of Sahiwal unit, Muhammad Yousuf Rana, Regional Co-ordinator Mirza Nasir Baig, President of DG Khan unit, Ghulam Shabbir Khokhar, President of Rahim Yar khan unit, Bashir Ahmed, President of Bahawalpur unit, Fayyaz Akbar, SVP Multan unit, Mirza Fayyaz Baig, Ghulam Fareed Darkhshani, Khalid-ur-Rehman, Faheem Mehboob, Irfan Hashmi and Anwar Asim, they appealed to Prime Minister Nawaz Sharif to appoint the chairman and board of directors of SLIC immediately.
Earlier the federal government has appointed Javed Iqbal, a career policeman, as chairman of SLIC on May 21, 2013, who was retired after three months. After that this seat is lying vacant. They said that workers are facing manifold problems in the absence of chairman. All administrative affairs are lying undecided and SLIC could not invest its money in profitable projects during a year.
They said SLIC is the largest life insurance providers in the country. It is one of those public sector organisations which is not a burden on the national exchequer. In fact, SLIC is playing a pivotal role not only in providing financial protection to million of families through life insurance but also playing its role in the economic development of the country.
They said through wise and prudent life insurance policies, SLIC has shown an unprecedented growth in previous year showing 35 percent and 25 percent increase in new business. SLIC has procured new life insurance premium worth Rs 12.01 billion as compared to Rs 9.629 billion in 2010 which is a true indicator of our sound marketing policies and peoples’ trust in us. Not only in new business, SLIC has shown significant growth in other areas of its operations, but also it has shown unprecedented growth in renewal premium, number of policies and life fund which now touching Rs 269 billion currently, they added. PACRA has assigned the Insurer Financial Strength (IFS) rating of “AAA” (Triple A) to State Life Insurance Corporation of Pakistan, they mentioned.