State Life Insurance Corporation of Pakistan
| BRIEF HISTORY |
The Life Insurance Business in Pakistan was nationalized during March 1972. Initially Life Insurance business of 32 Insurance Companies was merged and placed under three Beema Units named “A”, “B” and “C” Beema Units. However, later these Beema Units were merged and effective November 1, 1972 the Management of the Life Insurance Business was consolidated and entrusted to the State Life Insurance Corporation of Pakistan.
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
State Life Insurance Corporation of Pakistan is headed by a Chairman and assisted by the Executive Directors appointed by Federal Government. Up to July 2000 the Corporation was run by Board of Directors constituted under Life Insurance (Nationalization) Order 1972. In July 2000, under Insurance Ordinance 2000, the Federal Government reconstituted the Board of Directors of State Life which runs the affair of this Corporation.
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
State Life Insurance Corporation of Pakistan is headed by a Chairman and assisted by the Executive Directors appointed by Federal Government. Up to July 2000 the Corporation was run by Board of Directors constituted under Life Insurance (Nationalization) Order 1972. In July 2000, under Insurance Ordinance 2000, the Federal Government reconstituted the Board of Directors of State Life which runs the affair of this Corporation.
| ORGANIZATIONAL STRUCTURE |
It is headed by chairman who is a chief executive of the corporation and appointed by the government the other administrative level and authorities is given below
A. Board of directors
It comprises of 5 members who are responsible for making plans and policies to achieve
the set goals of the organization.
B. Executive Directors
It comprises of 4 members responsible for implementation of policies and directives of
the board of directors.
C. Regions
There are 4 regions in Pakistan headed by regional chiefs responsible for looking after
all the zones under his administration.
D. Zones
There are 26 zones in Pakistan headed by the zonal head responsible for procurement
of business to achieve the set business target of the organization.
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. The Zonal Offices deal exclusively with Sales and Marketing. Underwriting of Life Insurance Policies and the Policyholder’s Services. Regional Offices, each headed by a Regional Chief, supervise business activities of the Zones functioning under them. The Principal Office, based at Karachi, is responsible for corporate activities such as investment, real estate, actuarial, overseas operations, etc.
A. Board of directors
It comprises of 5 members who are responsible for making plans and policies to achieve
the set goals of the organization.
B. Executive Directors
It comprises of 4 members responsible for implementation of policies and directives of
the board of directors.
C. Regions
There are 4 regions in Pakistan headed by regional chiefs responsible for looking after
all the zones under his administration.
D. Zones
There are 26 zones in Pakistan headed by the zonal head responsible for procurement
of business to achieve the set business target of the organization.
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. The Zonal Offices deal exclusively with Sales and Marketing. Underwriting of Life Insurance Policies and the Policyholder’s Services. Regional Offices, each headed by a Regional Chief, supervise business activities of the Zones functioning under them. The Principal Office, based at Karachi, is responsible for corporate activities such as investment, real estate, actuarial, overseas operations, etc.
| MAJOR ACHIEVEMENTS |
The major achievements of State Life are as under:
1. 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.
2. State Life is profitable organization and is paying dividend to the Government of
Pakistan since its inception in 1972.
3. State Life has played very vital role in the economy by providing employment to the
people of the country as permanent employees and as part of its marketing force and
by investing the huge funds in different sectors of the economy.
4. Investment portfolio also includes investment in Real Estate.
5. The Paid up Capital increased from Rs.10 million in 1972 to Rs.1100million in 2008.
6. Investment income including rental income increased from Rs.0.81 billion in 1972 to
19.186 billion in 2008.
7. State Life is smoothly striving towards its objective of making life insurance available to
large section of the society by extending it to common man.
1. 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.
2. State Life is profitable organization and is paying dividend to the Government of
Pakistan since its inception in 1972.
3. State Life has played very vital role in the economy by providing employment to the
people of the country as permanent employees and as part of its marketing force and
by investing the huge funds in different sectors of the economy.
4. Investment portfolio also includes investment in Real Estate.
5. The Paid up Capital increased from Rs.10 million in 1972 to Rs.1100million in 2008.
6. Investment income including rental income increased from Rs.0.81 billion in 1972 to
19.186 billion in 2008.
7. State Life is smoothly striving towards its objective of making life insurance available to
large section of the society by extending it to common man.
| 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.
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Investment Income
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