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Business Recorder
2 days ago
- Business
- Business Recorder
FPCCI offers mixed reaction to budget
ISLAMABAD/ KARACHI: The business community of the country has expressed mixed reaction on the presentation of federal budget 2025-26, saying the government has totally ignored women entrepreneurs. Speaking at a press conference simultaneously from Islamabad, Karachi and Lahore, the leaders of Federation of Pakistan Chamber of Commerce and Industry (FPCCI) led by Atif Ikram Sheikh, president FPPCI, overall appreciated the budget proposals, adding that the business community will give detailed reaction within the next few days after detailed study and review of the budget. The FPPCI representatives said the government in some sectors has provided relief and some sectors have all together been ignored. Education sector is also ignored; exporters should also be facilitated as an estimated Rs2,500 billion deficit is on the cards and enhancing exports is one of the key factors to bridge the budget deficit. They said that the government has also ignored infrastructure of Information Technology (IT) sector. They; however, appreciated the government for taxing e-commerce, saying this is a good tax which will help promote local online business platforms. FPCCI President Sheikh, while welcoming the budgetary proposals, said that the government has accepted most of the demands and proposals regarding relief in taxation, measures to reduce power prices, and taking steps for ease of doing business. He; however, said that since the inflation has reached the lowest level; therefore, the government should have announced reducing the rate of interest from the present 12 percent level to 6-7 percent, which is critical to boost commercial activities. A reduction in super tax from one per cent to 0.5 per cent is also appreciable, as well as, a reduction in stamp duty on property from four per cent to 2.5 per cent. Sheikh said that earmarking a hefty Rs716 billion budget for the Benazir Income Support Programme (BISP) to help around 10 million households of marginalised segment will help reduce the poverty level. He said that the FPPCI in the next few days will give a detailed reaction after detailed consultation with all the sectors. The FPPCI president said that the government needs to pay serious attention towards Large Scale Manufacturing (LSM) which has shown negative growth during out going financial year, saying that the growth of LSM will increase employment. He said that overall business community was satisfied with the performance of national economy with 2.7 percent GDP growth and setting 4.2 percent GDP growth target was also not overestimated. Pakistan has made a good economic recovery, the government needs to take this recovery towards stability, he added. This year, the size of the economy has exceeded $400 billion for the first time, which is a great achievement, said Sheikh. However, he was of the view that in addition to these achievements, more work is needed on many sectors of the economy. The major decline in large-scale manufacturing in the current fiscal year is worrying, he expressed. Patron-in-Chief United Business Group (UBG) SM Tanveer also hailed the overall budgetary proposals from providing relief to construction industry to GDP growth but flayed the government for imposing 18 percent tax on solar panels. He said that the imposition of 18 percent tax on solar panels will increase the cost of solar electricity which at present was the only cheap source of energy for all the segments of the economy from household to industry. Tanveer also appreciated the government for creation of the National Seed Development and Regulatory Authority (NSDRA), saying in other countries there are a maximum five to six dozens seed supplying and developing companies but in Pakistan at least 1,200 fake seed companies are operating. The government must take stern action against such fake companies which will help increase agriculture productivity. He also hailed the government for reducing taxes on the salaried class and asked the government to immediate reduce interest rate from 12 percent to 6-7 percent. The UBG leader stressed the need for a five-year industrial policy and reduction in electricity prices, saying a long-term industrial policy is the only way to put the country on the path of economic development. Copyright Business Recorder, 2025
Business Standard
3 days ago
- Business
- Business Standard
Future Generali India Life Nears Breakeven; FY25 Individual New Business Premium Up 19% to Rs 476 Cr
PNN Mumbai (Maharashtra) [India], June 10: Future Generali India Life Insurance (FGILI) announced its business and financial performance for FY 2024-25. The Company's total new business premium increased by 96% to Rs1,192 crore in FY25, up from Rs609 crore in FY24. While individual new business premiums rose by 19% to Rs476 crore in FY25 from Rs398 crore in FY24, group new business premiums increased by 240% to Rs716 crore in FY25 from Rs211 crore in FY24. The gross written premium of the Company also marked an increase of 39% to Rs2,511 crore in FY25, up from Rs1,811 crore in FY24. The Company is nearing breakeven, reporting a loss of Rs6.4 crore only in FY25, down by 94% from Rs113.9 crore in FY24. Moreover, the Company reinforced its commitment to policyholder satisfaction and financial security, with the claim settlement ratio for individual business rising to 98.08% in FY25, up from 96.08% in FY24. Similarly, the claim settlement ratio for group business increased to 99.78% in FY25 from 99.18% in FY24. Renewal premiums also recorded a 10% year-on-year increase, reaching Rs1,318 crore in FY25 from Rs1,201 crore in FY24, reflecting the Company's strong policyholder retention and sustained engagement. The Company's Assets Under Management (AUM) rose to Rs8,784 crore in FY25 as compared to Rs7958 crore in the previous fiscal year. This growth in AUM demonstrates the Company's strong fund management capabilities and continued trust from policyholders. The flagship Equity ULIP Fund--Future Midcap Fund has delivered over 33% CAGR returns over the last five years and holds a 4-star rating from Morningstar. Since its inception in November 2018, the fund has outperformed the benchmark by 2.9%, demonstrating consistent performance and strong returns. The total sum assured in effect also increased by 9%, amounting to Rs1,61,595 crore, compared to FY24 at Rs1,47,781 crore. The Company has also expanded its distribution footprint by introducing new products, increasing operational units, and strengthening partnerships, ensuring broader market reach and enhanced accessibility for customers across diverse segments. While commenting on the business achievements, Mr. Alok Rungta, MD & CEO at Future Generali India Life Insurance said "We are proud of the remarkable business growth achieved by Future Generali India Life Insurance Co. Ltd in FY25. With a customer-first mindset and strategic investments in technology and talent, we continue to create value for customers and stakeholders. This remarkable performance is a testament to our dedication to delivering transparent, efficient, and customer-first financial solutions, reinforcing our position as a trusted partner in securing financial futures. Building on this success, we remain focused on innovation, expanding product offerings, and deepening customer engagement to continue driving excellence in the insurance sector. We remain committed to simplifying life insurance for our customers and making it more accessible for everyone, while continuing to deliver value across our distribution channels." ABOUT FUTURE GENERALI INDIA LIFE INSURANCE Future Generali India Life Insurance Company Ltd. is headquartered in Mumbai and was established in 2006. The Company has a presence in 1300+ owned and partnered locations in India and offers total insurance solutions across both the individual and group fronts. Generali is the largest shareholder in Future Generali India Life Insurance with a stake of 73.99% in the Company. Generali brings in 190+ years of insurance expertise as well as its global network's best practices, capabilities, and resources, driving sustainable and profitable growth for communities, clients, employees, and shareholders. Established in 1831, Generali is present in over 50 countries in the world, with 82 thousand employees serving 68 million customers globally.
