{{Short description|Pakistani state owned insurer}} {{Use Pakistani English|date=September 2024}} {{Use dmy dates|date=September 2024}} {{More citations|date=September 2024}} {{Infobox company | logo = StateLifeLogo.png | logo_size = 230px | image = | type = {{nowrap|Government organization}} | key_people = Shoaib Javed Hussain<br /> (CEO) Senator Saleem Zia <br /> (Chairman) | industry = Life insurance | products = {{ubl|Life insurance|Pensions|Annuities|Takaful|Bancassurance}} | predecessor = Adamjee Life Insurance <br/> EFU Life Insurance <br/> United Life Insurance <br/> New Jubilee Life Insurance <br/> Habib Life Insurance <br/> Premier Life Insurance <br/> Central Life Insurance <br/> IGI Life Insurance <br/> Union Life Insurance | operating_income = | revenue = {{increase}} {{PKRConvert|208.374|b}} - 2019<ref>{{Cite web|url=https://statelife.com.pk/doc/performance_highlights_2019.pdf|title=Financial Performance Highlights|website=State Life}}{{Dead link|date=June 2024 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> | net_income = {{increase}} {{PKRConvert|1.27|b}} - 2017 | assets = {{increase}} {{PKRConvert|1.058|t}} - 2019 | equity = | owner = Government of Pakistan | foundation = {{Start date and age|df=yes|1972|11}} | location = Karachi, Pakistan | website = {{URL|statelife.com.pk}} }}
The '''State Life Insurance Corporation of Pakistan (SLIC)''' ({{langx|ur|اسٹیٹ لائف انشورنس}}), commonly known as '''State Life''', is Pakistan's largest state-owned life and health insurance company based in Karachi.<ref>{{cite news |last1=Khan |first1=Mutaher |title=State Life: The outlier in Pakistan's insurance industry |url=https://www.dawn.com/news/1749571 |access-date=7 September 2024 |work=www.dawn.com |publisher=Dawn |date=2 May 2023 |language=en}}</ref><ref name=GOP>{{cite web |title=Aggregate Annual Report, Federal State Owned Enterprises (SOEs) |url=https://www.finance.gov.pk/publications/Aggregate_Annual_Report_SOEs_FY2023.pdf |website=finance.gov.pk |publisher=Central Monitoring Unit, Finance Division, Government of Pakistan |access-date=7 September 2024 |location=Islamabad |language=en |date=24 June 2024}}</ref>
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.<ref>{{Cite web|url=https://nation.com.pk/30-Aug-2009/Gilani-asks-State-Life-to-use-network-for-economic-growth|title=Gilani asks State Life to use network for economic growth|date=August 30, 2009|website=The Nation}}</ref> The Principal Office of State Life is situated in Karachi, Pakistan.
== History == The corporation traces its origins to the Life Insurance (Nationalisation) Order of 19 March 1972, issued by the government of Prime Minister Zulfikar Ali Bhutto, which transferred the management of all life insurance business in Pakistan from the private sector to the state.<ref name="NA">{{Cite web |title=State Life Insurance Corporation (Re-organization and Conversion into a Company) Act |url=https://www.na.gov.pk/uploads/documents/1463042545_981.pdf |website=National Assembly of Pakistan}}</ref><ref name="PMC">{{Cite journal|title="Sehat Sahulat Program": A Leap into the Universal Health Coverage in Pakistan|first1=Syed Shahzad|last1=Hasan|first2=Zia Ul|last2=Mustafa|first3=Chia Siang|last3=Kow|first4=Hamid A.|last4=Merchant|date=June 7, 2022|journal=International Journal of Environmental Research and Public Health|volume=19|issue=12|pages=6998|doi=10.3390/ijerph19126998|doi-access=free |pmid=35742247|pmc=9223125}}</ref> In the first phase of nationalisation, between March and October 1972, the operations of 32 private life insurance companies were taken over by the government, and a Life Insurance Management Board was constituted to recommend a permanent structure for the sector.<ref name="NA"/> The Board's proposal led to the consolidation of the nationalized portfolios into three operating units, designated "A", "B" and "C", which were merged with effect from 1 November 1972 to form the State Life Insurance Corporation of Pakistan as the sole life insurer in the country.<ref name="NA"/><ref>{{Cite web|url=https://aurora.dawn.com/news/1142090|title=A matter of life and death|first1=Zoha |last1=Habib |first2=Vanessa |last2=D’Souza|date=July–August 2012 |website=Aurora magazine |access-date=June 1, 2024}}</ref>
The corporation continued to be governed by a board constituted under the Life Insurance (Nationalization) Order until July 2000, when the federal government reconstituted its board under the Insurance Ordinance, 2000. SLIC's monopoly over life insurance was eased over time as private insurers were given licenses, although it has retained the dominant share.<ref name="BR2022">{{Cite web |last=Pakistan |first=BR Research |date=June 27, 2022 |title=Interview with Shoaib Javed Hussain, CEO & Chairman, State Life Insurance Corporation of Pakistan |url=https://www.brecorder.com/news/40182711/interview-with-shoaib-javed-hussain-ceo-chairman-state-life-insurance-corporation-of-pakistan |website=Business Recorder}}</ref>
== 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)
== References == {{Reflist}}
== External links == *{{Website|https://statelife.com.pk/}} {{authority control}}
Category:Companies based in Karachi Category:Government-owned insurance companies Category:Pakistani companies established in 1972 Category:Ministry of Commerce (Pakistan) Category:Life insurance companies Category:Insurance companies of Pakistan Category:Financial services companies established in 1972 Category:Government-owned companies of Pakistan
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