Introduction of Companies:
1. Efu General Insurance LTD
2. New Jubilee Insurance company LTD
3. State Life Insurance Corporation of Pakistan
Efu General Insurance LTD:
EFU being the largest insurance group provides a full
range of general, life and health insurance services.
History:
In 1932, Mr. Ghulam Mohammad, a far sighted man, established
Eastern Federal Union Insurance Company (EFU) with financial assistance
from the Aga Khan III and the Nawab of Bhopal. Mr. Abdur Rehman
Siddiqui became the founder chairman. The company was originally
registered at Kolkata and operated in India (undivided) and Burma.
In 1947, on the birth of Pakistan, EFU found a new home in a new
country. In Pakistan, EFU rapidly established itself as a progressive and
innovative insurer. It gave the emerging insurance industry the leadership,
the manpower and the drive needed to grow in a situation where at one time,
three-fourths of insurance was held by foreign companies. By 1961, EFU
had become the flag bearer of Pakistan's insurance industry on the world
stage, and the largest life company in Afro-Asian countries (excluding
Japan) under the leadership of Mr. Roshen Ali Bhimjee. It remained so until
1972 when Life Assurance business in Pakistan was nationalized. Thereafter
EFU operated solely as a General Insurance Company, and was
subsequently renamed EFU General Insurance Limited.In June 1990 the
Government of Pakistan decided to allow Life Assurance business in private
sector also. On 18 November 1992, EFU Life was granted a license to carry
on life assurance business. It started operations immediately with Group Life
products and in March 1994 launched its Individual Life products.
Vision statement:
At EFU first choice means a sustained commitment to meet
and exceed stakeholder expectations. A will to go the “Extra Mile” to delight
our customers with products and services that exceed their expectations.
Mission statement:
MD says;
‘‘We will manage our affairs through modern technology, collective wisdom
and institutionalized leadership. We will be a respected, cultured and an
educated company with a strong market position. Together with our
customers, reinsures and employees we will achieve world class quality
standards through continuous quality improvement. Achieve zero defects in
everything we do’’.
Products and Services:
Personal Accident Insurance plans, Workmen’s Compensation
Insurance plans, Money Insurance and other miscellaneous
products are available.
New Jubilee Insurance Company LTD:
NJI is a growth-oriented leading insurance company of Pakistan.
Its strategic objective is to increase market share by improving service to
customers.
History:
Established in 1953, NJI is one of the brightest and most
reputable names in the insurance sector. Sustained growth over half a
century has secured NJI a place among the “Big Three” Pakistani insurance
in terms of gross direct premium and financial base. NJI is listed on the
Karachi & Lahore Stock Exchanges. Major shareholders include Aga Khan
Fund for Economics Development and Hashoo Group. NJI, with its Head
Office in Karachi, has an extensive and dynamic branch network in all major
cities and towns of Pakistan that guarantees prompt service at the customer’s
doorstep. In 2003, NJI became the first Pakistani insurance company to
acquire a foreign company when it took over the Pakistan operations of
Commercial General Union. Together with AKFED, NJI also acquired
majority control of CU Life Assurance Company of Pakistan Ltd.
Vision statement:
To be acknowledged as the strongest and best insurance company of
Pakistan and to enjoy the highest level of trust and confidence.
Mission statement:
To provide policyholders the highest degree of financial security,
prompt and fair settlement of their insured losses, professional and friendly
service of all times. To provide employees a fair reward for their services,
good working conditions, stable employment; and the opportunity for
training, self development, long term professional growth and prosperity
with the company.
Products and Services:
Motor Insurance, Marine Insurance, Group health Insurance, Property
Insurance, Engineering Insurance, Family Sehat Care, and miscellaneous
insurance products are available.
State Life Insurance Corporation of Pakistan:
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
History:
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. It 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.
Mission statement:
To remain the leading insurer in the country by extending the
benefits of insurance to all sections of society and meeting commitments to
policy holders and the nation.
Products and services:
Group Life and Pension plans, Individual Life plans, and Insurance
plans for Gulf.
