State_Life_Insurance_Corporation_of_Pakistan

State Life

State Life

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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 maintains an agency network of around 200,000 sales personnel. 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]

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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

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, into State Life Insurance Corporation of Pakistan.[5]

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. [1]
    "Financial Performance Highlights" (PDF). State Life.
  2. [2]
    Khan, Mutaher (May 2, 2023). "State Life: The outlier in Pakistan's insurance industry". DAWN.COM.
  3. [3]
    https://www.fp.brecorder.com/2018/04/20180405357950/amp/
  4. [4]
    "Gilani asks State Life to use network for economic growth". The Nation. August 30, 2009.
  5. [5]
    D’Souza, Zoha Habib | Vanessa (August 28, 2018). "A matter of life and death". Aurora Magazine.{{cite web}}: CS1 maint: multiple names: authors list (link) CS1 maint: numeric names: authors list (link)
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