By Omer Bilal ISLAMABAD, March 09 (INP-WealthPK): The National Insurance Company Limited (NICL) has earned a record Rs1 billion premium (profit) in the first two months of 2022 from its investments in commercial properties and offices across Pakistan. The company has a strong resource base with under-investment assets and funds worth Rs60 billion. According to WealthPK, the gross written premium of NICL in the year 2019 was Rs10.6 billion, which increased to Rs15.6 billion in 2020, and further expanded to over Rs20 billion by the end of 2021. However, in the first two months of 2022, the company added Rs1 billion to its profits, which is unprecedented. “The company has achieved a landmark number by crossing the Rs20 billion mark at the start of the year 2022,” said an NICL official, while talking to WealthPK. He addd that an all-time high investment profit of approximately Rs4.4 billion was achieved in general insurance industry in the year 2021. The Federal Board of Revenue data (2016-2020) shows that on average, NICL alone paid around 28.5% in taxes compared with the whole insurance industry. The NICL’s tax share in 2020 was 40% compared to the overall insurance industry. The year 2021 emerged as highly profitable for NICL with extraordinary performance while serving its valued and prestigious government clients, including Pakistan International Airlines, Pakistan National Shipping Corporation, Oil & Gas Development Company, Civil Aviation Authority, Kot Addu Power Company Limited, Pakistan State Oil, Water and Power Development Authority, Sui Northern Gas Pipelines Ltd, Sui Southern Gas Company Limited, etc. NICL provides general insurance to assets of the federal and provincial governments. However, it now plans to also offer its services to corporate bodies in the private sector. Its main services include travel insurance, aviation insurance, crop insurance, engineering insurance, fire insurance, marine hull insurance, marine cargo insurance, miscellaneous insurance, and motor insurance. NICL is a wholly-owned government entity functioning under the administrative control of the ministry of commerce as a public limited company under the Companies Ordinance 1984 and through NIC (Reorganisation) Ordinance 2000. A client can have his/her insurance claim processed within 15 working days by providing all the relevant documents to any NICL office across Pakistan. The NICL official informed WealthPK that the company continues to provide its services with sophisticated analysis, quality advice, innovative solutions, and with capacity to transfer risks to internationally renowned ‘A’ rated re-insurers. “All the services are optimally provided by technically-equipped professionals through teamwork, integrity, sharing of knowledge, and above all, putting the client’s interests first. “Our competitive advantage will continue to be built around quality professionalism and expertise and not necessarily around the size.”