The country’s largest life insurance company State Life Insurance (SLI) has earned Rs 154 billion in profits during the fiscal year 2016-17. During the last fiscal year, SLI distributed over Rs 38 billion among its policy holders.
This was stated by Chairman SLI Naveed Kamran Baloch on Friday, while briefing the National Assembly Standing Committee on Commerce here at Principal State Life Office in Karachi. Chairman National Assembly Standing Committee Siraj Khan lead the delegation, with State Minister of Commerce Haji Akram Ansari, MNA Shazia Marri , MNA Nazir Bughio , and MNA Dr Fauzia also attending the briefing.
Chairman SLI Naveed Kamran said that State Life Insurance is a very profitable government organization.
“It has paid more than Rs 2billion profit and income tax to the federal government,” Mr Baloch told the committee.
In his briefing, the chairman said that SLI has made a substantial increase in Investment income; it has introduced Structural reforms in HR, and that it has made commendable increase in its Premiums. On top of that, SLI has Introduced Enterprise resource procedure (ERP) in three Zones of the country.
Talking about the reforms he has introduced in SLI, Mr Baloch said that the IT- based accounting system has been introduced in the company, apart from revamping service delivery with respect to Policy holder services.
“These are some of the important measures we taken to make the entire system transparent, responsive to policy holders; making it a more profitable organization,” he said.
The Chairman gave a detailed briefing on the performance, working and future planning of State Life. The committee greatly appreciated the briefing and gave a standing ovation to the Chairman.