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. Brief history
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The Life Insurance Business in Pakistan was nationalized in Marc
h 1972. Prior to 1972, 32 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” Beema Units. Later, these Beema Units were merged on November 1, 1972 and State Life Insurance Corporation of Pakistan came into existence. 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. Objectives
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* To run life insurance business on sound lines
* To provide more efficient service to policyholders
* To maximize return to policyholders by economizing expenses and increasing 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 make it available to as large a section of the population as possible, extending it from comparatively more affluent sections of society to the common man in towns and villages''
Individual Life
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* Total number of policies in force (individual life) was 357,413 in 1973 and 3,774,293 in 2011.
* First year premium has gone up from 48.2 (Year 1973) million rupees to 11.7 Billion rupees (Year 2011).
* Investment Income has enhanced to 30.74 billion rupees in year 2011.
* Total death claims paid by the corporation are 7,409 amounting to 1.4 billion rupees for the year 2010.
* The corporation declared record bonus of 24.7 billion rupees for the year 2010, which is 26.6 percent higher compared to 19.5 billion over last year. Overseas Business
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* In 2010, the first year individual life premium was $3.6 million. It was increased to $4.1 million in the year 2011.
* The total individual life premium is Rs. $15.6 million in the year 2011. It was $13.4 million is the year 2010.
* The total number of inforce policies was 12,957 in the year 2011. Group Business[edit]Individual Life[edit]
Total number of policies in force (individual life) was 357,413 in 1973 and 3,774,293 in 2011. First year premium has gone up from 48.2 (Year 1973) million rupees to 11.7 Billion rupees (Year 2011). Investment Income has enhanced to 30.74 billion rupees in year 2011. Total death claims paid by the corporation are 7,409 amounting to 1.4 billion rupees for the year 2010. The corporation declared record bonus of 24.7 billion rupees for the year 2010, which is 26.6 percent higher compared to 19.5 billion over last year. . Group Business
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* The total number of lives covered under group life was 6.10 million in 2011.
*The total premium under group life was Rs. 4.74 billion in the year 2011 as compared to Rs. 3.7 billion in the year 2010. The Corporation distributes 97.50% of its actuarial surplus in the Life Fund to policyholders in the form of reversionary bonuses, while the remaining balance of 2.5% goes to the sole shareholder which is the Government of Pakistan
