SLIC shares to be listed on bourses

The government has planned to list part of its shares in the State Life Insurance Corporation on stock exchanges, instead of its earlier attempts to privatise outright the state entity.

Chairman State Life Insurance Kamal Asfar stated this while unveiling the SLIC’s annual report for 2005.

“The government is in the process of appointing a lead manager to look into the possibilities of divesting part of its shareholding in the SLIC through the stock exchanges,” Kamal Asfar said.

The total assets of the corporation were valued at Rs132,017 million on December 31, 2005 while total liabilities during the year increased to Rs130,982 million from Rs115,556 million in 2004.

The SLIC has invested Rs14,499 million in listed companies while in non-listed companies it has invested Rs205.75 million.

The corporation suffered investment losses, called “provisions for diminution in value of investments”, at Rs170.64 million, down from Rs177.97 million.

In the year 2005, profit before tax went up to Rs248.82 million from Rs210.67 million in the previous year.

The authorised share capital stood at Rs1,000 million while net shareholders’ equity was Rs1,034 million, the annual report said.

The paid-up capital amounted to Rs900 million.

According to audited annual accounts, outstanding claims, not paid by the corporation, rose to Rs4,783 million from Rs4,290 million.

The amount payable to the agents of the corporation increased to Rs587.20 million from Rs469.06 million.

The break-up of income, except for premium income, showed rental income from investment in properties rose sharply to Rs152.51 million from Rs46.15 million, but net investment income fell to Rs12,878 million from Rs13,499 million.

Source: The News