State Life

State Life Insurance Corporation of Pakistan
Government organization
Industry Life Insurance
Founded Year 1972
Headquarters Karachi, Pakistan
Key people
 Shoaib Mir Memon
(Chairman)
Products Life insurance
Pensions
Annuities
Total assets Rs.572 Billion (PKR) (2015)
Owner Government of Pakistan
Number of employees
 5,500+ (2013)
Website www.statelife.com.pk

State Life Insurance Corporation of Pakistan (SLIC), also known as State Life, was incorporated on November 1, 1972 under the Life Insurance Nationalization Order, 1972. The government-owned organization for life insurance business maintains an agency network of more than 90,000 sales personnel.

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". Later, these Beema Units were merged on November 1, 1972 and State Life Insurance Corporation of Pakistan came into existence.[1] The major function of SLIC 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.

Investment portfolio and 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)

References

  1. ↑ http://www.insurancegala.com/state-life-insurance/ State life insurance
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