State Life Insurance Corporation
 |
|
Principal Office of State Life
|
|
| Government organization | |
| Industry | Life Insurance |
| Founded | Year 1972 |
| Headquarters | Karachi, Pakistan |
|
Key people
|
Naveed Kamran Baloch (Chairman) |
| Products |
Life insurance Pensions Annuities |
| Total assets | Rs.572 Billion (2015) |
| Owner | Government of Pakistan |
|
Number of employees
|
5,500+ (2013) |
| Website | www.statelife.com.pk |
State Life Insurance Corporation of Pakistan (the Corporation) was incorporated on November 1, 1972 under the Life Insurance Nationalization Order, 1972. Due to its well established Agency Network of more than 90,000 sales people State Life is the largest Life Insurance Corporation since 1972 in Pakistan.
The Life Insurance Business in Pakistan was nationalized in March 1975. Prior to 1972, 36
The major function of State Life Insurance Corporation of Pakistan is to carry out Life Insurance Business; however, it is also involved in the other business activities such as investment of policyholders’ fund in Government securities, Stock market, Real Estate etc.
SLIC’s investments are government securities (67%), corporate debts (1%), Equities (9%), Investment property (1%), Bank deposits (10%), Loans against policies (8%) and other assets (4%) as at 31 December 2011. The balanced composition of the investment portfolio helps SLIC to earn a good rate of return, the benefit of which is ultimately passed on to the policyholders. In 2011, State Life was able to earn an investment income of Rs. 30.74 billion as compared to Rs. 26.98 billion in 2010. This growth in investment income reflects an increase of 14% during this duration.
State Life has the following subsidiaries:
State Life basically deals in following line of Business:
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