State Life

The State Life Insurance Corporation of Pakistan, commonly known as State Life or SLIC, is the largest life insurance company of Pakistan, under the administrative control of the Ministry of Commerce. It maintains an agency network of around 200,000 sales personnel and is one of the largest companies in Pakistan by assets. 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.[2]

State Life
Government organization
IndustryLife Insurance
Founded1972 (1972)
HeadquartersKarachi, Pakistan
Key people
Shoaib Mir Memon
(Chairman)
ProductsLife insurance
Pensions
Annuities
Revenue ₨170.33 billion (US$1.0 billion) - 2017[1]
₨1.27 billion (US$7.7 million) - 2017
Total assets ₨755.97 billion (US$4.6 billion) - 2017
OwnerGovernment of Pakistan
Websitewww.statelife.com.pk

The State Life is headed by a Chairman, currently Shoaib Mir Memon.[3] The Chairman is assisted by four directors. The Chairman and directors of State Life are all appointed by the Government of 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 and State Life Insurance Corporation of Pakistan.[4]

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)
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References
  1. "Financial Performance Highlights" (PDF). State Life.
  2. https://www.fp.brecorder.com/2018/04/20180405357950/amp/
  3. https://nation.com.pk/30-Aug-2009/gilani-asks-state-life-to-use-network-for-economic-growth
  4. https://aurora.dawn.com/news/1142090
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