ISLAMABD - The revenue of state-owned National Insurance Company Limited (NICL) has rose to record level of approximately Rs 21 billion in the year 2021 mainly owing to the good governance system in the company.
As per details, NICL, in the recent past, was in the headline of the press due to different mega financial scams. However, the NICL has been now improving fast mainly due to best leadership, customer care policy, and restoration of NICL’s official’s confidence etc. The gross written premium of NICL in the year 2019 was at Rs. 10.6 billion; in the year 2020 was at Rs. 15billion and by the end of the year 2021, it stood at above Rs. 20 billion. And, this is an increase of around 100% as compared to the year 2019 and 33.33% as compared to the year 2020, while the overall insurance industry growth was very minimal.
Chief Executive Officer (CEO), NICL, Khalid Hameed further told to media that NICL’s investment portfolio was at Rs. 65 billion by the year end 2021 which was mostly consisted of investment in the government securities with having an investment income/return of around Rs.4.5 billion. He said that NICL has been paying Rs. 500 million to national exchequer (Ministry of Finance) on annual basis which is 25% of paid-up capital of the company. He said during the year 2021, NICL paid Rs. 2.3 billion to the Federal Board of Revenue (FBR) which is one of the highest paid revenues amongst the government-owned entities. Surprisingly, the total staff strength of NICL by the year end 2021 was only 576, said NICL chief.
The NICL chief also said that those officials of NICL who were not involved in any corruption had to face inquiries in the past due to a real state scam and due to these inquiry the morale of NICL’s officials were down which affected their performance. However, the morals of NICL’s officials are high now because of taking best care and welfare of the staff of NICL. The company (NICL) has now emerged as a financial strong state-owned company, said NICL CEO. About recovery, the CEO said that a substantial amount of Rs. 2.29 billion has been recovered against real estate scams of Year 2009-10. He said NICL has more than 250 clients having different multiple locations and risk covered against property, engineering and miscellaneous policies.
As per details, NICL, in the recent past, was in the headline of the press due to different mega financial scams. However, the NICL has been now improving fast mainly due to best leadership, customer care policy, and restoration of NICL’s official’s confidence etc. The gross written premium of NICL in the year 2019 was at Rs. 10.6 billion; in the year 2020 was at Rs. 15billion and by the end of the year 2021, it stood at above Rs. 20 billion. And, this is an increase of around 100% as compared to the year 2019 and 33.33% as compared to the year 2020, while the overall insurance industry growth was very minimal.
Chief Executive Officer (CEO), NICL, Khalid Hameed further told to media that NICL’s investment portfolio was at Rs. 65 billion by the year end 2021 which was mostly consisted of investment in the government securities with having an investment income/return of around Rs.4.5 billion. He said that NICL has been paying Rs. 500 million to national exchequer (Ministry of Finance) on annual basis which is 25% of paid-up capital of the company. He said during the year 2021, NICL paid Rs. 2.3 billion to the Federal Board of Revenue (FBR) which is one of the highest paid revenues amongst the government-owned entities. Surprisingly, the total staff strength of NICL by the year end 2021 was only 576, said NICL chief.
The NICL chief also said that those officials of NICL who were not involved in any corruption had to face inquiries in the past due to a real state scam and due to these inquiry the morale of NICL’s officials were down which affected their performance. However, the morals of NICL’s officials are high now because of taking best care and welfare of the staff of NICL. The company (NICL) has now emerged as a financial strong state-owned company, said NICL CEO. About recovery, the CEO said that a substantial amount of Rs. 2.29 billion has been recovered against real estate scams of Year 2009-10. He said NICL has more than 250 clients having different multiple locations and risk covered against property, engineering and miscellaneous policies.