The Life
Insurance Business in Pakistan was
nationalized during March 1972.
before that 32 Life Insurance
Companies are working in
Pakistan. In November 1, 1972
these all companies are merged and
all Life Insurance Business was
consolidated and entrusted to the
State Life Insurance Corporation
of Pakistan. State Life Insurance
Corporation of Pakistan is headed
by a Chairman and assisted by the
Board of Directors of State Life
which runs the affair of this
Corporation.The basic structure of
the Corporation consists of Four
Regional Offices, Twenty-Six Zonal
Offices, a few Sub-Zonal Offices,
111 Sector Offices, and a network
of 461 Area Offices across the
country for Individual Life
Insurance; Four Zonal Offices and
6 Sector Offices with 20 Sector
Heads for Group & Pension are
involved in the Marketing of Life
Insurance Plans policies and
products offered by State Life and
a Principal Office. Major
Achievements The major function of
the State Life Insurance
Corporation of Pakistan is to
carry out Life Insurance Business;
however, it is also involved in
the other related business
activities such as investment of
policyholders’ fund in Government
securities, Stock market, Real
Estate etc. The major achievements
of State Life are as under:
- On the commencement of the
operations, the Corporation took
a very important step by
effecting reduction up to 33% in
the premiums on the past and
potential Life Policies for the
benefit of the Policyholders.
- State Life is profitable
organization and it paid
Rs.1.729 billion as dividend to
the Government of Pakistan since
its inception in 1972. The
Investment Portfolio of State
Life as at 31.12.2005 stands at
Rs.124.983 billions.
- Investment portfolio also
includes investment in Real
Estate which stands at a book
value of Rs.2.309 billion as at
31.12.2005 whereas it fair value
is around Rs.17.625 billion in
the same period.
- Total statutory fund of
State Life stands at Rs.122.775
billion in 2005 as against
Rs.1.494 billion in 1972.
.Objectives
- To run life insurance
business on sound line.
- To provide more efficient
service to the policyholders.
- To maximum the return to the
policyholders by economizing on
expenses and increasing the
yield on investment.
- To make life insurance a
more effective means of
mobilizing national savings.
- To widen the area of
operation of life insurance and
making it available to as large
a section of the population as
possible, extending it from the
comparatively more affluent
sections of society to the
common man in towns and
villages.
- To use the policyholders’
fund in he wider interest of the
community.
Quality PolicyTo ensure
satisfaction of our valued
policyholders in processing new
business, providing after sales
service and optimizing return on
Life Fund through a quality
culture and to maintain ourselves
leading life insurer in Pakistan.
