Karachi, Pakistan – MAY 12, 2024 – State Life Insurance Corporation of Pakistan (SLIC) is celebrating a record-breaking 2023 financial performance and is proud to announce the State Life Khushali Bonus; a special one-time profit bonus of PKR 10 billion for all with profit participating policies in force as at December 31, 2023. This special bonus adds to the 2023 Annual Profit Bonus allocation of PKR 109.7 billion, bringing the Total Annual Profit Bonus to an impressive PKR 119.7 billion, marking a 23% increase compared to 2022.
Furthermore, SLIC is pleased to report a substantial surge in the Total Profit Bonus allocated to policyholders of its UAE branch, reaching PKR 1.74 billion, reflecting an impressive 84% escalation compared to 2022.
In addition to the policyholder benefits, SLIC announces a Special Cash Dividend amounting to PKR 0.5 billion, disbursed to its shareholder, the Government of Pakistan (GoP). This dividend increment contributes to the Total Shareholder Cash Dividend, which now stands at PKR 2.5 billion, illustrating a substantial 25% increase from 2022.
“The exceptional performance of the corporation in 2023 enables SLIC to declare a special Profit Bonus for our esteemed policyholders, alongside a special cash dividend to the Government of Pakistan,” stated Shoaib Javed Hussain, CEO of SLIC. “SLIC’s strong growth and financial standing serve as a testament to Pakistan’s potential, leading to increased rewards and dividends that enhance the value we offer to our policyholders and the Government of Pakistan.”
About State Life Profit-Sharing Model:
SLIC operates under a unique profit-sharing model, allocating an impressive 97.5% of its annual surplus as bonuses to participating policyholders, with the remaining 2.5% returned to the GoP. Each year, State Life shares its profits with policyholders through bonuses. These bonuses increase the value of SLIC policies and are paid out at maturity or claim settlement. This unique approach reflects SLIC’s dual commitment to enhancing policyholder value and contributing to the nation’s economic growth.
