State life insurance corporation of Pakistan is one of the largest companies by assets and in regards of governmental assets. It is basically an insurance sector company, but deals with different jobs and sales. It also has 4 subsidiary private companies. Although state life insurance Pakistan is an insurance based company, but it also handles property sales, real state, stock market and investments of their clients who are basically the policyholders. Now, State life Pakistan has its two subsidiary companies in different areas which deal with the real estate and property related work. The state life insurance company has life time policies which are need based on buyers, like which policy they want to buy to secure their future.
The state life corporation is headed by a chairman assisted by the board of directors, which are the directors of the subsidiary companies. The Federal government appointed these executive directors.. This board of directors runs the affairs of the company and handles all the matters. Moreover, The basic structure of the state life corporation consists of seven regional offices, thirty three zonal offices, a few sub zonal offices, sector offices and a few area wise offices across the country. Moreover, These offices are for the services of the company to the clients and individual customers around the country.
HISTORY OF STATE LIFE INSURANCE COMPANY:
The state life company was founded 72 years ago from today, that is 1972. At the time of nationalization of companies in 1972, in the era of Zulfiqar Ali Bhutto. Therefore, He started the nationalization of private sector companies to promote economic, democracy, liberalization and put forth a goal to put Pakistan in a state of progress. At that time, there were a total of 36 life insurance companies in Pakistan. Therefore, all of them were then merged into three Beema units as “A”, “B, ”, “C”. After a few months these Beema units were merged into a single life insurance company as “State life insurance corporation of Pakistan”.
SUBSIDIARY COMPANIES OF STATE LIFE PAKISTAN:
After the merging of the companies in 1972, there are now 4 subsidiary companies working under the state life insurance Pakistan. So, take a look at Those companies:
Alpha Insurance Company Limited:
The Alpha insurance company was incorporated in 1951 and is a subsidiary of state life Pakistan. Alpha has outstanding reinsurance contracts for its clients of marine, Fire, Miscellaneous, Bonds and Engineering risks, etc. The director of this company is Ms Nargis Ghaloo.
State Life Properties Limited Abdullah Haroon Road:
These are the two same named companies, one is at Abdullah Haroon Road, and according to a government agency it is an incorporated company. The CEO of the company is Mr. Sohail Hashmi. For instance, it’s located in the State life insurance Pakistan in building 9.
State Life Properties Limited Lackie Road:
This company was incorporated on 17th July, 1979. And was made a subsidiary of state life insurance Pakistan. It’s also located in Building 9 of State life company. Presently, The CEO of the company is Mr. Abdul Majeed Khan.
State Assets Management Company (SAMCO):
State Assets Management Company is a subsidiary of state life insurance Pakistan. It is an asset management company which deals with real state, properties and other such dealings with the clients.
REVENUE:
The revenue of the state life company keeps increasing each and every year. Also, There are always ups and downs, but at the end of the day the revenue has increased. The premium revenue of the company is PKR 41,585,945 at the end of six months period, according to the financial report published by the state life insurance corporation of Pakistan. So, The net premium revenue is PKR 41,514,397.
TOTAL ASSETS:
The assets of the company mean the positive resources of the company and through them the company flourishes and invests. State life’s assets include property and equipment, investments in properties, subsidiaries and associate investments, prepayments, loans and receivables and other taxations etc. So, These total assets make up to PKR 960,287,417.
TOTAL INCOME:
The income of the company means the total comprehensive income. So, It refers to the measure of profitability of the venture after the deductions of tax etc. It includes investment income, rental incomes, and realised and unrealized financial gain incomes. The net income of the company is PKR 73,633,180 according to the published financial report of June 2019 from the company.
POLICIES:
The state life insurance corporation offers many policies for the safety of the customer’s in various ways. Therefore, The plans include Individual life plans, Insurance plans for Gulf, Health insurance, Bancassurance, Jamapunji, Group life and pension plans, Child education and marriage plans, Claims, News room and other complaints desk, etc. Also, the company introduced a few individual policies lately. They include China policy, sadabahar plan, Sunehri policy, Committee policy, Endowment assurance, etc. The real state and economic policies are different and you can easily reach out to these policies by visiting their offices which are in your area or through the website.
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