National Insurance Company Limited (NICL), a Federal Owned State-Owned Entity (SOE) under administrative control of Ministry of Commerce is performing great and touching new heights.
The company has increased its revenue (GWP) by 100% in a span of 3 years and now has GWP of PKR 30 billion by end of 2023 with a market share of around 17.5% in general insurance industry. With largest equity in insurance industry has the huge underwriting capacities for both Marine and Non-Marine businesses to cater for needs of national projects and assets.
Generating profit of more than PKR 5 billion. The investment portfolio has increased to PKR 60 billion as compared to the whole insurance industry investment portfolio of PKR 115 billion in FY-2022. The company earns investment return of PKR 6 billion besides PKR 560 million in rental income. NICL pays PKR 700 million dividend to Federal Government (MoF) on a yearly basis and is the highest taxpayer in the industry.
NICL has satisfied customer base with net claim ratio of 54% as compared to industry average of 47% in FY-2022.