EFU Life
 | |
| Industry | Life Insurance |
|---|---|
| Founded | 1992 |
| Headquarters | Karachi, Pakistan |
| Key people | Rafique R. Bhimjee - Chairman, Taher G. Sachak - Managing Director |
| Products | Unit-Linked, Conventional and Group Products |
| Website | www.efulife.com |
The Eastern Federal Union Insurance Company was registered in 1932 in the city of Calcutta, India. The Company operated in India and Burma and sold both general and life insurance. In 1947, with the formation of Pakistan, EFU (as the company was popularly recognized) moved to Pakistan and rapidly established itself as the leading insurance company in the Country.
By 1961, the company was the largest insurance company not only in Pakistan but also in all of Afro-Asia excluding Japan. It remained so until 1972 when life insurance in Pakistan was nationalized. From this time onward EFU operated solely as a general Insurance company. EFU General today is the largest general insurer in Pakistan.
In 1992, the Government of Pakistan opened up life insurance to the private sector and EFU Life Assurance Ltd. was incorporated in 1992 as the first private sector life insurance company. EFU commenced writing group life insurance business in the same year, individual life business in 1994 and is today the largest life insurance company in the private sector in the country. EFU Life currently has over 55% share of the individual regular and group life premium income of the private life insurance sector.
EFU Life is headed by a team of professionals with extensive life insurance experience in the United Kingdom. This has helped the Company to establish a professional culture unique amongst life insurance business in Pakistan. The company employs four full-time actuaries and also has an active involvement of one of the leading actuarial firms in the country.
EFU Life in the first private life insurance company in Pakistan to have an "Insurance Financial Strength" rating. The Company has been assigned a strong rating by JCR-VIS, and affiliate of Japan Credit Rating Agency, of AA-(stable). EFU LIfe is also the first insurance company in Pakistan to be awarded the ISO 9001 certification.
The Company has set up over 150 branches throughout the country and employs over 3500 persons in its sales force about 250 persons at its main offices in Karachi and Lahore. In 2011, EFU Life's total premium income was Rs. 10.2 Billion and Rs 23 Billion as Group.
EFU Life has a comprehensive range of products which has been developed after extensive research of financial services in western countries such as the UK. These products are designed to meet the varying needs of EFU Life's clients and offer the best in financial services.
EFU is the only insurance group in Pakistan to provide a full range of insurance services. This includes life, health and general insurance.
