Ahmed Mukhtar Naqshbandi
ISLAMABAD: Federal Minister for Commerce, Naveed Qamar has said that the state’s financial strength is only possible when we show primacy to our own interests.
While addressing the National Insurance Company (NICL) performance ceremony here on Thursday, the minister said that NICL pulled through trying times and became one of the top performing entities of the Government as reported a record Gross Unwritten Premium (GWP) of Rs25.65 billion.
He appreciated the commitment of NICL to promoting economic growth and empowerment of the country’s insurance sector.
He noted that the NICL agricultural policy provides farmers with comprehensive coverage against losses due to floods, hailstorms, drought and other natural disasters.
The minister said that such policies would not only provide coverage to farmers against losses due to natural calamities, but also help them to manage their finances more effectively.
Minister hails NICL’s role in financial strength
The Minister praised NICL’s efforts to provide financial security to the citizens of Pakistan through its products and services, and however said lot of work to be done.
He added that this strong performance was driven by profitable business growth and solid investment performance.
The Minister further said that the government is committed to creating an enabling environment for the insurance business in the country and supporting the sector to grow.
He urged the concerned sectors to facilitate such organizations and said that the government will continue to work closely with NICL in order to promote the growth of this sector.
The Minister congratulated the NICL team on their success and wished them all the best for their future endeavors.
It is pertinent to mention that, with a robust monetary footing, NICL is one of the highest taxpayers contributing to the National Exchequer.
NICL reported a record Gross Unwritten Premium (GWP) of Rs25.65 billion for the end of FY 2022, demonstrating a growth of 30% from 2021 and an impressive 77.3% increase when compared to FY 2020.
This strong performance was driven by profitable business growth and solid investment performance.
NICL investment profit for FY 2022 was around Rs5.5 Billion, representing an increase of 28% from 2021 and 45%, compared to 2020.
The company’s underwriting premium was reported to be Rs14.47 billion in 2020, and by 2022 it had skyrocketed to an impressive Rs25.65 billion, an increase of 77.3%, which is a massive accomplishment for the current regime, as the stigma associated with the company has been wholly replaced with praise in just two years, mainly due to the strong leadership of the CEO Khalid Hamid, appointed in 2021.
