State Life Convention end at Bhurban. State Life Insurance Corporation of Pakistan 3-day Silver Jubilee Convention concluded here in P.C Bhurban.all over the Country Marketing delegates and the senior management attained this Convention.Chairman Naveed Kamran Baloch, Executive Directors Ghufran Memon and Izqar Khan along with GM Marketing Azhar Hussain, senior corporate executives were also present at the convention.
Chairman Naveed Kamran Baloch in the inaugural speech said that ‘State Life’ is the leading insurer in the country and is extending the benefits of Life Insurance to all sections of society, especially to the different segments of the society spread in towns & villages throughout Pakistan.
Chairman addressing the State life Convention participant said that State Life secured 1st Year premium including renewal, which has increased from Rs. 69 billion to Rs.76 billion; showing an increase of 10.38 percent in the year 2016; has paid total amount of Rs.16.5 billion against all claims, thus providing financial protection and savings to millions of valued policy-holders and their families nationwide. State Life has procured new premium of 3 million (USD) in Gulf region covering Kuwait, UAE and Saudi Arabia in the year 2016. The marketing force of State Life has extended financial protection to 636,183 families nationwide during the year 2016. Total number of in-force policies till the end of 2016 are 5.5 million.
In 2016, State Life has inducted 51,897 new Sales Representatives spread in far corners of the country. Its aim is to widen the area of operation of life insurance and make it available to as large a section of the population as possible. State Life is also fulfilling its obligations to the nation by providing respectable job opportunities to the masses to work as ‘State Life’s field workers’.
The Chairman further stated that in 2012, State Life launched Bancassurance, an alternative and cost effective channel of distribution. The Corporation’s current banking partners include United Bank Ltd (UBL), First Women Bank (FWB), National Bank of Pakistan (NBP), NIB Bank, Samba Bank, Summit Bank and Silk Bank; efforts are being made to expand this network of distribution.
It has been able to achieve this with its extensive range of products designed for different sections of the society. State Life has 32 active Individual Life plans and 8 active Group Life products fulfilling the insurance, Investment (Long term and short term), saving and other needs of the population.
The chairman also highlighted the performance of State Life’s Group & Pension Division; it has so far secured new premium of Rs. 6 billion from 1,109 groups in the year 2016. The clients include local and international institutions.
He also briefed that Corporation’s Life Fund, which is a key indicator of its financial stability, has now reached to Rs. 614.18 billion in 2016.
He further stated that in order to expand life and health insurance coverage to more marginalized sections of Pakistan, State Life has been placing increased focus on Social Insurance. The corporation has already signed an agreement with the Government of KPK for social health insurance schemes to be launched in Chitral, Malakand, Mardan and Kohat districts. Total lives to be covered under these schemes are estimated to be 700,000. Efforts are also underway to launch Social Health Insurance schemes in other parts of Pakistan.
State Life currently is preparing to launch Window Takaful operations. With its years of experience in the conventional life insurance industry, strong capital position and widely spread out agency commission channel, the Corporation expects to capture considerable demand.—PR