State Life

State Life
Company typeGovernment organization
IndustryLife insurance
PredecessorAdamjee Life Insurance
EFU Life Insurance
United Life Insurance
New Jubilee Life Insurance
Habib Life Isurance
Premier Life Insurance
Central Life Insurance
IGI Life Insurance
Union Life Insurance
FoundedNovember 1972; 52 years ago (1972-11)
HeadquartersKarachi, Pakistan
Key people
Shoaib Javed Hussain
(Chairman)
Products
RevenueIncrease Rs. 208.374 billion (US$720 million) - 2019[1]
Increase Rs. 1.27 billion (US$4.4 million) - 2017
Total assetsIncrease Rs. 1.058 trillion (US$3.7 billion) - 2019
OwnerGovernment of Pakistan
Websitestatelife.com.pk

The State Life Insurance Corporation of Pakistan (SLIC) (Urdu: اسٹیٹ لائف انشورنس), commonly known as State Life, is a Pakistani state-owned life insurance company based in Karachi.[2][3]

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. ^ "Financial Performance Highlights" (PDF). State Life.[permanent dead link‍]
  2. ^ Khan, Mutaher (2 May 2023). "State Life: The outlier in Pakistan's insurance industry". www.dawn.com. Dawn. Retrieved 7 September 2024.
  3. ^ "Aggregate Annual Report, Federal State Owned Enterprises (SOEs)" (PDF). finance.gov.pk. Islamabad: Central Monitoring Unit, Finance Division, Government of Pakistan. 24 June 2024. Retrieved 7 September 2024.
  4. ^ "Gilani asks State Life to use network for economic growth". The Nation. 30 August 2009.
  5. ^ Habib, Zoha; D’Souza, Vanessa (July–August 2012). "A matter of life and death". Aurora magazine. Retrieved 1 June 2024.


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