SLIC allocates Rs 18.59bn as bonus

State Life Insurance Corporation of Pakistan (SLIC) has allocated a record amount of Rs 18.59 billion as bonus on with-profit policies of the valued policyholders as per the actuarial evaluation of 2010, Muzaffar Ahmed, Head of Corporate Communication Department.

Muzaffar Ahmed informed that in an important meeting of the board of directors chaired by Shahid Aziz Siddiqui, Chairman, State Life; a total amount of Rs 18.59 billion as bonus to policyholders has been approved, showing an increase of 28% against last year. State Life has allocated Rs 18.37 billion from Pakistan-based business and Rs 0.224 billion from overseas business.

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.