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State life Insurance total premium income,rose to Rs65.7 billion in 2013

State life Insurance total premium income,rose to Rs65.7 billion in 2013

State life insurance total premium income,rose to Rs65.7 billion in 2013, which is 17.3% higher than State Life’s total premium income of Rs56 billion in 2012.Closing Fig of Year 2014 has not yet finalized, but a 10 % Growth rate is seen in the yearstate-life.according to the statics total premium income earned by State Life increased at an average of 23.4% per year between 2009 and 2013.Total assets of State Life stood at Rs420.8 billion at the end of 2013, which was up 20.5% from a year ago.State Life Executive Director Izqar Khan said the top management of the company was quickly making decisions on key issues that remained pending after the ouster of its last chairman. He added that financial accounts for 2014 should be out before the end of April.Replying to a question, Khan said comparing the profitability of State Life with those of its private-sector rivals was unfair. Life Insurance (Nationalization) Order, 1972, makes it mandatory for State Life to distribute 97.5% of its actuarial surplus – the amount by which the company’s fund exceeds the amount it must pay out in benefits – among its policyholders while pay the rest of 2.5% to the government as dividends every year.In contrast, private life insurance companies are required to distribute 90% of their actuarial surplus among their policyholders.