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The Life Insurance Business in Pakistan was nationalized during March 1972. Initially Life Insurance business of 32 Insurance Companies was merged and placed under three Beema Units named “A”, “B” and “C” Beema Units. However, later these Beema Units were merged and effective November 1, 1972 the Management of the Life Insurance Business was consolidated and entrusted to the State Life Insurance Corporation of Pakistan.
State Life Insurance Corporation of Pakistan is headed by a Chairman and assisted by the Executive Directors appointed by Federal Government. Up to July 2000 the Corporation was run by Board of Directors constituted under Life Insurance (Nationalization) Order 1972. In July 2000, under Insurance Ordinance 2000, the Federal Government reconstituted the Board of Directors of State Life which runs the affair of this Corporation.
The basic structure of the Corporation consists of Seven Regional Offices, Thirty Three Zonal Offices, a few Sub-Zonal Offices, 190 Sector Offices, and a network of 1102 Area Offices across the country for Individual Life Insurance; Four Zonal Offices and 6 Sector Offices with 20 Sector Heads for Group & Pension are involved in the Marketing of Life Insurance Plans policies and products offered by State Life and a Principal Office. The Zonal Offices deal exclusively with Sales and Marketing. Underwriting of Life Insurance Policies and the Policyholder's Services. Regional Offices, each headed by a Regional Chief, supervise business activities of the Zones functioning under them. The Principal Office, based at Karachi, is responsible for corporate activities such as investment, real estate, actuarial, overseas operations, etc.
The major function of the State Life Insurance Corporation of Pakistan is to carry out Life Insurance Business; however, it is also involved in the other related business activities such as investment of policyholders fund in Government securities, Stock market, Real Estate etc. The major achievements of State Life are as under:
- On the commencement of the operations, the Corporation took a very important step by effecting reduction up to 33% in the premiums on the past and potential Life Policies for the benefit of the Policyholders.
- State Life is profitable organization and it paid Rs.7.795 billion as dividend to the Government of Pakistan since its inception in 1972.
- State Life has played very vital role in the economy by providing employment to the people of the country as permanent employees and as part of its marketing force and by investing the huge funds in different sectors of the economy. The Investment Portfolio of State Life as at 31.12.2016 stands at Rs.598.271 billions.
- Investment portfolio also includes investment in Real Estate which stands at a book value of Rs.2.975 billion as at 31.12.2016 whereas it fair value is around Rs.31.796 billion in the same period.
- The Paid up Capital increased from Rs.10 million in 1972 to Rs.3,000 million in 2016.
- The Premium income increased from Rs.0.317 billion in 1972 to 89.821 billion in 2016. Similarly Investment income including rental income increased from Rs.0.81 billion in 1972 to 64.526 billion in 2016.
- Total statutory fund of State Life stands at Rs.614.177 billion in 2016 as against Rs.1.494 billion in 1972
- State Life is smoothly striving towards its objective of making life insurance available to large section of the society by extending it to common man. As at December, 2016 the total number of policies enforce under individual life were 5.478 million and number of lives covered under group life insurance were 4.105 million.