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The State Life Insurance Corporation of Pakistan (SLIC) (Urdu: اسٹیٹ لائف انشورنس), commonly known as State Life, is Pakistan's largest state-owned life and health insurance company based in Karachi.[2][3]
 | |
Company type | Government organization |
|---|---|
| Industry | Life insurance |
| Predecessor | Adamjee Life Insurance EFU Life Insurance United Life Insurance New Jubilee Life Insurance Habib Life Insurance Premier Life Insurance Central Life Insurance IGI Life Insurance Union Life Insurance |
| Founded | November 1972 |
| Headquarters | Karachi, Pakistan |
Key people | Shoaib Javed Hussain (CEO) Senator Saleem Zia (Chairman) |
| Products |
|
| Revenue |  Rs. 208.374 billion (US$750 million) - 2019[1] |
| Rs. 1.27 billion (US$4.5 million) - 2017 | |
| Total assets | Rs. 1.058 trillion (US$3.8 billion) - 2019 |
| Owner | Government of Pakistan |
| Website | statelife |
Shoaib Javed Hussain, CEO of State Life is assisted by four directors. The CEO and directors of State Life are all appointed by the Government of Pakistan.[4] The Principal Office of State Life is situated in Karachi, Pakistan.
History
editThe corporation traces its origins to the Life Insurance (Nationalisation) Order of 19 March 1972, issued by the government of Prime Minister Zulfikar Ali Bhutto, which transferred the management of all life insurance business in Pakistan from the private sector to the state.[5][6] In the first phase of nationalisation, between March and October 1972, the operations of 32 private life insurance companies were taken over by the government, and a Life Insurance Management Board was constituted to recommend a permanent structure for the sector.[5] The Board's proposal led to the consolidation of the nationalized portfolios into three operating units, designated "A", "B" and "C", which were merged with effect from 1 November 1972 to form the State Life Insurance Corporation of Pakistan as the sole life insurer in the country.[5][7]
The corporation continued to be governed by a board constituted under the Life Insurance (Nationalization) Order until July 2000, when the federal government reconstituted its board under the Insurance Ordinance, 2000. SLIC's monopoly over life insurance was eased over time as private insurers were given licenses, although it has retained the dominant share.[8]
Subsidiaries
editState 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)
References
edit- ↑ "Financial Performance Highlights" (PDF). State Life.[permanent dead link]
- ↑ Khan, Mutaher (2 May 2023). "State Life: The outlier in Pakistan's insurance industry". www.dawn.com. Dawn. Retrieved 7 September 2024.
- ↑ "Aggregate Annual Report, Federal State Owned Enterprises (SOEs)" (PDF). finance.gov.pk. Islamabad: Central Monitoring Unit, Finance Division, Government of Pakistan. 24 June 2024. Retrieved 7 September 2024.
- ↑ "Gilani asks State Life to use network for economic growth". The Nation. 30 August 2009.
- 1 2 3 "State Life Insurance Corporation (Re-organization and Conversion into a Company) Act" (PDF). National Assembly of Pakistan.
- ↑ Hasan, Syed Shahzad; Mustafa, Zia Ul; Kow, Chia Siang; Merchant, Hamid A. (7 June 2022). ""Sehat Sahulat Program": A Leap into the Universal Health Coverage in Pakistan". International Journal of Environmental Research and Public Health. 19 (12): 6998. doi:10.3390/ijerph19126998. PMC 9223125. PMID 35742247.
- ↑ Habib, Zoha; D’Souza, Vanessa (July–August 2012). "A matter of life and death". Aurora magazine. Retrieved 1 June 2024.
- ↑ Pakistan, BR Research (27 June 2022). "Interview with Shoaib Javed Hussain, CEO & Chairman, State Life Insurance Corporation of Pakistan". Business Recorder.
External links
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