State Life
Pakistani state owned insurer
From Wikipedia, the free encyclopedia
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]
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
 | |
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
The 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
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)
