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.
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 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.
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. The major achievements of State Life are as under:
- We have dedicated field force of around 200,000/= people.
- Corporation succeeded to procure 76 billion rupees in year 31-12-2016.
- 60% our our policy holders are common men.
- In the year 2016, payments of claim worth 35.6 billion rupees were made to policy holders/legal heirs on account of maturity/claims settlements.
- More then 5200 employees across the county are at service of more then 5.4 million active policies apart from 3.2 million people covered under group and health insurance policy.
- Since its inception, the corporation has been playing leading role in the national economy by remitting about 618.199 million rupees into nation exchequer under the head of taxation, surcharges, Levi's etc; besides the 1037.695 million rupees divided to the federal Government.
- In order to make health services easily and accessible for people, state life insurance has entered into a new spectrum of health insurance program launched by the federal government with the cooperation of Khyber Pashtun khwa (KPK), Punjab and Azad Jamu and Kashmir (AJ&K) government.
- Our real estate owns 91 properties located at prime location of Pakistan with the market value of more then 3400 million.