State Life Insurance Corporation Of Pakistan

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: i. 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. ii. 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. iii. 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. iv. 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 Policy To 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.