The life insurance business in Pakistan was nationalized in March 1972. At the beginning of the life insurance companies 32 has been merged and placed under Beem three units called "A", "B" and "C" units Beem. But later, these units were merged Beem and November 1, 1972, the Bureau of Life Insurance Corporation has been consolidated and assigned to the Life Insurance Corporation of Pakistan State.State Life Insurance Corporation of Pakistan headed by a President and assisted by the Directors-General are appointed by the federal government. Up to July 2000 state life insurance Company was managed by the Board established under the Life Insurance Business (Nationalisation) Order 1972nd In July 2000, insurance federal government decree of 2000 restored the Conseil d'Etat of life, which operates in this case Corporation.
Basic structure of the State life Insurance Corporation consists of four regional offices, 26 zonal offices, some sub-zonal offices, 111 field offices and a network of 461 local offices across individual insurance country life, and four area offices 6 offices and 20 sectors under the heads of Group & Pension involved in marketing life insurance policy plans and State Life products and registered office. Area offices dealing only with sales and marketing. The subscription of life insurance policies and services. Regional Offices, which leads the regional head, to check the business activities of the areas below. The State life Insurance Corporation Headquarters, which is based in Karachi, is responsible for the operations of the company, such as investment, real estate, actuarial, foreign operations, etc.
Large Farms
An important role in the life of the State life Insurance Corporation of Pakistan has made life insurance , but is also involved in other related activities, including the holders of mutual funds in government bonds, stock market, real estate, etc.
The main results of life of the state below:
The main results of life of the state below:
1. At the start of operations, trains Corporation a very important step in making discounts of up to 33% of insurance premiums on the past life and the potential for the benefit of policyholders.
2. State Life is a profitable organization, and it paid Rs.2.657 billion in dividends to the government of Pakistan since its inception in 1972.
3. State of life plays a crucial role in the economy, create jobs for local people as permanent employees and as part of its labor market and investing huge funds in different sectors of the economy. The investment portfolio of the state of life on 31/12/2009 amounted to billions Rs.191.445.
4. Investments in securities including investments in real estate, where the book value Rs.2.538 billion 12/31/2009 believes that the fair market value of about Rs.21.681 billion during the same period.
5. PUC increased Rs 10 million in 1972 to Rs.1, 100 million in 2009.
6. Premium income rose Rs.0.317 billion in 1972 to 28,367,000,000 in 2009. Likewise, investment income, including rental income increased by Rs.0.81 million in 1972 to 274,152,000,000 in 2009.
7. Total statutory fund of the State Life stood at Rs.199.445 billion in 2009 against Rs.1.494 billion in 1972.
8. State of life is the pursuit of satisfying its goal of making life insurance available for a large part of the community, extending to the common man. In December 2009 INFORCE total number of policies related to individual life was 2,895,000 and the number of people covered by group life insurance was 3,754,000.Source: insuranceinfopk.blogspot.com
