State Life Insurance Corporation of Pakistan
 | |
|
Principal Office of State Life | |
| Government organization | |
| Industry | Life Insurance |
| Founded | Year 1972 |
| Headquarters | Karachi, Pakistan |
Key people | Nargis Ghaloo (Chairperson) |
| Products |
Life insurance Pensions Annuities |
| Total assets | Rs.293 Billion |
| Owner | Government of Pakistan |
Number of employees | 5,500+ (2013) |
| Website | www.statelife.com.pk |
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.
Brief history
The Life Insurance Business in Pakistan was nationalized in March 1975. Prior to 1972, 36
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''
Key Business & Highlights
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
- www.Statelife.com.pk
- [State Life Company Profile https://www.mustakbil.com/company/15623/]
- www.Statelife-Insurance.com
- www.slickkm.com