BHURBAN, April 18: The State Life Insurance Corporation of Pakistan has successfully earned Rs386 million first year premium (new business) during the first quarter of 2004 by providing financial protection to 40,932 new policy holders and their families nationwide.

This was stated by Chairman State Life Insurance Corporation of Pakistan Rasool Bukhsh Baloch during a press briefing held here at the conclusion of the three-day State Life Convention 2004.

The corporation's executive directors, Mohammad Javid Khan, Zafar Mehmood and Zahid Murad, besides the regional chiefs, zonal heads and senior corporate and marketing executives were also present on the occasion.

Highlighting the corporate performance of the State Life during the first quarter of the current year, Mr Baloch told the mediapersons that the Life Fund of the corporation stood at Rs98 billion, while its market value had reached at about Rs125 billion.

He said Rs6.25 billion were paid as bonus to the policy holders last year on the basis of "actuarial valuation" of year 2002. The valuation of last year, he said, was currently underway.

"The State Life has paid more than Rs2 billion as death and (policy) maturity claims which had benefited as many as 26,707 policy holders and their families last year," Mr Baloch said.

He reiterated that the State Life would continue to serve its policy holders by providing them with quality financial services on doorstep. He said the corporation had set a total target of Rs12.32 billion for the current year, which included Rs8.9 billion as individual life premium, Rs2.85 billion as group premium and Rs573 million as international business.

Mr Baloch hoped that his marketing force would achieve the target by the end of the fourth quarter of the current year with sheer hard work and dedication. Replying to a query, Mr Baloch said the corporation had not increased its expenditure last year, as the expenditure amount had remained the same as that of the year before.

He also dispelled the impression that some of the corporation's sales executives and other staff had, in some cases, not deposited the premium they had received from the policy makers and embezzled the amount owing to which the policy holders later on faced problems while claiming their money along with bonus and interests.

Mr Baloch said there was 100 per cent transparency and check and balance in the affairs of the insurance company. Earlier, the executive director, Zafar Mehmood, also highlighted the business performance of the State Life during the first quarter of the current year.

He said business-wise the central region topped by securing Rs13.39 crore as the first year premium followed by south region with 10.25 crore, north region with Rs10.14 crore and Multan region with Rs5.86 crore.