Govt to sell its stake in three major insurance firms

ISLAMABAD: The federal cabinet on Monday announced its decision to sell its stake in three major insurance firms.

A meeting of the Cabinet Committee on State-Owned Enterprises (CCoSOEs), presided by Minister for Finance Muhammad Aurangzeb, decided to pull out of the insurance business by rejecting the recommendations of their boards to keep those entities in the public sector.

“The Cabinet Committee after detailed discussion decided that National Insurance Company Limited (NICL), State Life Insurance Company Limited (SLICL) and Pakistan Re-Insurance Company Limited (PRCL) did not meet the criteria of strategic or essential SOEs and would not be categorized as essential for the public sector,” the Press Information Department said in a statement.

It was further decided to explore a public private partnership model for the Pak Expo Company.

“The committee considered the summary presented by the Ministry of Science & Technology and approved to rename and restructure STEDEC into Indigenous Research and Development Agency (Pvt) Limited (IRADA). It was further directed to constitute its board and operationalize the entity by December 2024.”

The committee provided its approval to the Aviation Division and the Ministry of Communications for the appointment of candidates as independent directors on the PIA Holding Company Board, Pakistan Postal Services Management Board (PPSMB) and Postal Life Insurance Company Limited (PLIC).

State Life Insurance Company Pakistan 2024

State Life Insurance Corporation of Pakistan is a well-known insurance company in the country. It was founded in 1972 and is managed by the Government of Pakistan. 

State Life provides various life insurance products such as term insurance, endowment plans, whole life policies, and investment-linked insurance plans. 

These policies are designed for individuals, families, and groups to offer financial protection for their well-being and future planning.