State Life

The State Life Insurance Corporation of Pakistan (SLIC) (Urdu: اسٹیٹ لائف انشورنس), commonly known as State Life, is Pakistan's largest state-owned life and health insurance company based in Karachi.^[2][3]

State Life

Company type	Government organization
Industry	Life insurance
Predecessor	Adamjee Life Insurance EFU Life Insurance United Life Insurance New Jubilee Life Insurance Habib Life Isurance Premier Life Insurance Central Life Insurance IGI Life Insurance Union Life Insurance
Founded	November 1972; 52 years ago (1972-11)
Headquarters	Karachi, Pakistan
Key people	Shoaib Javed Hussain (CEO)
Products	Life insurance Pensions Annuities Takaful Bancassurance
Revenue	Rs. 208.374 billion (US$720 million) - 2019[1]
Net income	Rs. 1.27 billion (US$4.4 million) - 2017
Total assets	Rs. 1.058 trillion (US$3.7 billion) - 2019
Owner	Government of Pakistan
Website	statelife.com.pk

Shoaib Javed Hussain, CEO of State Life is assisted by four directors. The CEO and directors of State Life are all appointed by the Government of Pakistan.^[4] The Principal Office of State Life is situated in Karachi, Pakistan.

History

The life insurance business in Pakistan was nationalized in March 1975. Prior to 1972, 36 life insurance companies were involved in the life insurance business. These companies were later merged and placed under three Beema Units; named "A", "B" and "C". Later, these Beema Units were merged on November 1, 1972, into State Life Insurance Corporation of Pakistan.^[5]

Subsidiaries

State Life has the following subsidiaries:

• Alpha Insurance Company Limited
• State Life (Abdullah Haroon Road) Properties (Private) Limited
• State life (Lackie Road) Properties (Private) Limited
• State Assets Management Company Limited (SAMCO)