State Life Insurance Corporation of Pakistan

Updated on Oct 08, 2024

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Industry Life Insurance Total assets 450 billion PKR Founded 1972 Headquarters Karachi		Website www.statelife.com.pk Owner Government of Pakistan Number of employees 5,500 Type of business Government organization

Key people Nargis Ghaloo (Chairperson) Products Life insurance Pensions Annuities

State life insurance corporation of pakistan 2016

State Life Insurance Corporation of Pakistan (the Corporation) was incorporated on November 1, 1972 under the Life Insurance Nationalization Order, 1972. Due to its well established Agency Network of more than 90,000 sales people State Life is the largest Life Insurance Corporation since 1972 in Pakistan.

State life insurance corporation of pakistan

Brief history

The Life Insurance Business in Pakistan was nationalized in March 1972. Prior to 1972, 32 Life Insurance companies were involved in the life insurance business. These companies were later merged and placed under three Beema Units named “A”, “B” and “C” Beema Units. Later, these Beema Units were merged on November 1, 1972 and State Life Insurance Corporation of Pakistan came into existence.State life insurance The major function of State Life Insurance Corporation of Pakistan is to carry out Life Insurance Business; however, it is also involved in the other business activities such as investment of policyholders’ fund in Government securities, Stock market, Real Estate etc.

Objectives

To run life insurance business on sound lines

To provide more efficient service to policyholders

To maximize return to policyholders by economizing expenses and increasing 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 make it available to as large a section of the population as possible, extending it from comparatively more affluent sections of society to the common man in towns and villages''

Individual Life

Total number of policies in force (individual life) was 357,413 in 1973 and 3,774,293 in 2011.

First year premium has gone up from 48.2 (Year 1973) million rupees to 11.7 Billion rupees (Year 2011).

Investment Income has enhanced to 30.74 billion rupees in year 2011.

Total death claims paid by the corporation are 7,409 amounting to 1.4 billion rupees for the year 2010.

The corporation declared record bonus of 24.7 billion rupees for the year 2010, which is 26.6 percent higher compared to 19.5 billion over last year. .

Investment Portfolio and Investment Incomes

SLIC’s investments are government securities (67%), corporate debts (1%), Equities (9%), Investment property (1%), Bank deposits (10%), Loans against policies (8%) and other assets (4%) as at 31 December 2011. The balanced composition of the investment portfolio helps SLIC to earn a good rate of return, the benefit of which is ultimately passed on to the policyholders. In 2011, State Life was able to earn an investment income of Rs. 30.74 billion as compared to Rs. 26.98 billion in 2010. This growth in investment income reflects an increase of 14% during this duration.

Subsidiaries

State Life has the following subsidiaries:

Alpha Insurance Company Limited

State Life (Abdullah Haroon Road) Properties (Private) Limited

State life (Lackie Road) Properties (Private) Limited

State Assets Management Company Limited (SAMCO)

State Life’s Products

State Life basically deals in following line of Business:

Annuities

Conventional Life insurance (Home Business)

Group Life Insurance

Pension Services

Universal Life Business (Home Business)

References

State Life Insurance Corporation of Pakistan Wikipedia

(Text) CC BY-SA