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The State Life Insurance Corporation of Pakistan, commonly known as State Life or SLIC, (Urdu: ہیَیت دولتِ پاکستان برائے پالیسی کاریِ زندگی) is the largest life insurance company of Pakistan, and is one of the largest companies in Pakistan by assets.[2] It has over 4000 employees.[3] Although the major function of SLIC is to carry out life insurance business, it is also involved in other business activities such as investment of policyholders’ fund in government securities, stock market and real estate.[3]
 | |
| Company type | Government organization |
|---|---|
| Industry | Life insurance |
| Predecessor | Adamjee Life Insurance EFU Life Insurance United Life Insurance New Jubilee Life Insurance Habib Life Isurance Premier Life Insurance Central Life Insurance IGI Life Insurance Union Life Insurance |
| Founded | November 1972 |
| Headquarters | Karachi, Pakistan |
Key people | Shoaib Javed Hussain (Chairman) |
| Products |
|
| Revenue |  Rs. 208.374 billion (US$720 million) - 2019[1] |
| Rs. 1.27 billion (US$4.4 million) - 2017 | |
| Total assets | Rs. 1.058 trillion (US$3.7 billion) - 2019 |
| Owner | Government of Pakistan |
| Website | statelife |
The State Life is headed by a chairman, currently Shoaib Javed Hussain. The chairman is assisted by four directors. The chairman 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 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, into State Life Insurance Corporation of Pakistan.[5]
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.
- ^ a b "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.
- ^ Habib, Zoha; D’Souza, Vanessa (July–August 2012). "A matter of life and death". Aurora magazine. Retrieved 1 June 2024.
External links
edit
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