December 27, 2014 6:10 PM ET

Insurance

Company Overview of State Life Insurance Corporation of Pakistan Limited

Company Overview

State Life Insurance Corporation of Pakistan Limited provides life insurance services in Pakistan. It offers individual life plans, such as whole life assurance, endowment assurance, anticipated endowment assurance, shad abad assurance, jeevan sathi assurance, child education and marriage assurance, child protection assurance, optional maturity endowment plans, and supplementary covers, as well as insurance plans for gulf. The company also provides group life and pension plans that include term insurance, provident fund insurance, house building and perquisites insurance, pay continuation, group endowment insurance, and group pension schemes, as well as private education. In addition, it own...

Dr. Ziauddin Ahmed Road

State Life Building No. 9

Karachi,  75530

Pakistan

Founded in 1972

Phone:

92 21 920 2800

Fax:

92 21 920 2844

Key Executives for State Life Insurance Corporation of Pakistan Limited

Finance & Accounts Division Head
Information Technology Division Head
Division Head of Corporate Affairs and Company Secretary
Departmental Head of Medical
Group & Pension Division Head and Health & Accident Insurance Division Head
Compensation as of Fiscal Year 2014.

State Life Insurance Corporation of Pakistan Limited Key Developments

Privatisation Commission Of Pakistan To Present Privatization Plan For Oil and Gas Development And State Life Insurance

The Cabinet Committee on privatization planning to privatize Oil and Gas Development Co., Ltd. (KASE:OGDC) and State Life Insurance Corporation of Pakistan Ltd. The meeting of Cabinet Committee on privatization was held under the chairmanship of Federal Minister Science and Technology Zahid Hamid in Islamabad. The Cabinet Committee Planning to raise PKR 198 billion though privatization of various institutions during next financial year. The Cabinet Committee on Privatization considered the offer for Government of Pakistan shares in Pakistan Petroleum Ltd. (KASE:PPL).

Privatisation Commission Of Pakistan To Present Privatization Plan

The Privatisation Commission of Pakistan will brief the Public Accounts Committee memberson its plan to privatize 31 public sector entities. Chairman of Public Accounts Committee, Syed Khursheed Shah, summoned the meeting for a briefing from the commission. The plan includes Oil and Gas Development Co., Ltd. (KASE:OGDC), 78% stake in Pakistan Petroleum Ltd. (KASE:PPL); 20% stake in Mari Petroleum Company Limited (KASE:MARI); Government Holdings (Private) Limited;60% stake in Pak Arab Refinery Limited, 25% stake in Pakistan State Oil Company Limited (KASE:PSO); 60% stake in Sui Southern Gas Co., Ltd. (KASE:SSGC) and Sui Northern Gas Pipelines Ltd. (KASE:SNGP). The banking sector privatization plan includes 42% stake in Habib Bank Limited (KASE:HBL) through secondary public offering, 20% stake in United Bank Ltd. (KASE:UBL) through secondary public offering, 10% stake in Allied Bank Limited (KASE:ABL) through secondary public offering, 76% stake in National Bank of Pakistan (KASE:NBP) through disinvestment with management control (preferably) or block sales to qualified investor, State Life Insurance Corporation of Pakistan Ltd; Nimir Industrial Chemicals Limited. (KASE:NICL); National Investment Trust Limited; 94% stake in Small and Medium Enterprise Development Authority with disinvestment with management control or merger with tier II/III banks and 51% stake in Pakistan Reinsurance Company Ltd. (KASE:PAKRI) through disinvestment with management control. The power sector includes Islamabad Electric Supply Company Limited, Faisalabad Electric Supply Company Limited, Hyderabad Electric Supply Company Ltd.; Jamshoro Power Company Limited; Jamshoro Power Company Limited; Muzaffargarh Power Company; National Power Construction Corporation (Pvt) Limited and 46% stake in Kot Addu Power Co. Ltd. (KASE:KAPCO). The proposal also includes Heavy Electrical Complex (Pvt.) Ltd.; Pakistan Steel Mills Corporation (PVT) LTD.; 25% stake in Pakistan Engineering Company Limited (KASE:PECO); Pakistan International Airlines Corporation (KASE:PIAA) restructuring followed by disinvestment of 26% government equity stakes to strategic partner with management control, 90% stake in Pakistan National Shipping Corp. (KASE:PNSC);Convention Center Islamabad and PIA Investments Ltd. The Commission will also inform the PAC about its privatization process of PIA regarding the appointment of financial advisor for disinvestment of 26% stake in PIA, 96% stake in Heavy Electric Complex, 88% stake in National Power Construction Corporation (Pvt) Limited, disinvestment of government shareholdings in Habib Bank Limited (KASE:HBL), United Bank Ltd. (KASE:UBL) and Allied Bank Limited (KASE:ABL), 5% stake in Pakistan Petroleum Ltd. (KASE:PPL) and 10% stake in Oil and Gas Development Co., Ltd. (KASE:OGDC).

CCoP To Announce New Menu Of Privatization

The current PPP government decided to take Pakistan Steel Mills and PIA off the privatization. The Cabinet Committee on Privatization (CCoP) approved a new menu of privatization based on public private partnership (PPP) with transfer of management control and 26% shares of 21 state owned enterprises (SOEs).The new policy also envisages transfer of 12% shares of all SOEs to the workers of these entities. CCoP has not fixed any timelines or targets for the completion of privatization process of the said SOEs and these would be taken to market when feasible. According to the Minister for Privatization, CCoP has approved privatization of four electric supply companies Faisalabad Electric Supply Company Limited, Quetta Electric Supply Company Ltd., Hyderabad Electric Supply Company Ltd. and Peshawar Electric Supply Company Limited. Besides, National Insurance Company Limited, Pakistan Reinsurance Company Ltd. (KASE:PAKRI) and State Life Insurance Corporation of Pakistan Ltd will also be privatized. The approval has also been granted to the privatization of SME Bank Ltd., National Power Construction Corporation (Pvt) Limited, Pakistan Railways, Heavy Electrical Complex (Pvt.) Ltd., Pakistan Machine Tool Factory (Pvt) Ltd., The Pakistan Tourism Development Corporation, Utility Stores Corporation of Pakistan, Pakistan Post Office Department and Kot Addu Power Co. Ltd. (KASE:KAPCO). Similarly, Privatization of Pakistan Post would be based on PPP model and this important organization would be converted into a Post Office Bank after privatization. The Cabinet Committee on Privatization (CCoP) approved leasing out of Thermal Power Stations of Jamshoro Power Company Limited.

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