The State Life Insurance Corporation of Pakistan (SLIC) has disclosed its outstanding financial accomplishments for the fiscal year 2023. Under the leadership of Shoaib Javed Hussain, CEO of SLIC, the corporation has achieved remarkable milestones, establishing itself as a financial powerhouse in Pakistan.
Key Financial Highlights of 2023:
Total Annual Income surged to an all-time high, exceeding PKR 526 billion, marking a substantial +37% increase from the previous year, highlighting SLIC’s strong revenue generation capabilities.
Total Annual Premium Income witnessed a notable uptick, surpassing PKR 338 billion, reflecting an 18% increase compared to 2022, demonstrating the corporation’s ability to attract and retain a diversified portfolio of policyholders.
Investment Income crossed PKR 257 billion in 2023, with substantial investments in Government Securities and the Pakistan Stock Exchange, contributing to the growth and stability of Pakistan’s capital markets.
The profit before tax for the year 2023 increased to PKR 24.5 billion which is +18% increase over the year 2022. The profit after tax was PKR.14.7 billion in 2022.
Total Assets under Management for the year 2023 increased to PKR. 1.93 trillion which is +20.5% increase over the year 2022.
