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EFU Life Assurance Ltd
The Eastern Federal Union Insurance Company was registered in 1932 in the city of Calcutta, India. The company operated in India and Burma and sold both general and life insurance. In 1947, with formation of Pakistan, EFU (as the company was popularly recognized) moved to Pakistan and rapidly established itself as the leading insurance company in the Country.
By 1961, the company was the largest insurance company not only in Pakistan but also in all of Afro-Asian excluding Japan. It remained so until 1972 when life insurance in Pakistan was nationalized. From this time onwards EFU operated solely as a general insurance company.
EFU General today is the leading general insurer in Pakistan. It has a vast branch network covering all areas of the country and employs over 1200 individuals at its Head Office and in the branch network.
In 1992, the Government of Pakistan opened up life insurance to the private sector and EFU Life Assurance was incorporated in 1992 as the first private sector life insurance company. EFU commenced writing group life insurance business in the same year, individual life business in 1994 and is today the largest life insurance company in the private sector in the company.
EFU Life is managed by a team of professionals with extensive life insurance experience in the United Kingdom. This has helped the Company establish a professional culture unique amongst life insurance business in Pakistan. The company employs five full time actuaries and also has an active involvement of one the leading actuarial firms in the country.
EFU Life is the first life insurance company in Pakistan to be awarded the ISO 9001:2000 certification which has now been upgraded to ISO 9001:2008. It is also the first life insurance company to have “Insurer Financial Strength” rating which is currently AA-,Outlook:Stable, from JCR-VIS, an affiliate of Japan Credit Rating agency.
EFU Life has a comprehensive range of products which has been developed after extensive research of financial services in western countries such as the United Kingdom. These products are designed to meet the varying needs of EFU Life’s clients and offer the best in financial services.
The third company in the EFU group is Allianz EFU Health Insurance Ltd which is dedicated to providing health insurance to individuals and corporations. It is a joint venture with Allianz of Germany, one of the largest insurance companies of the world. Allianz EFU Health is Pakistan’s first specialized health insurance provider.
EFU is the only insurance group in Pakistan to provide a full range of insurance services; this includes life, health and general insurance.
A pillar of EFU’s strength lies in its close and long term relationship of over 50 years with its main re-insurer, Munich Reinsurance Company of Germany, one of the leading reinsurance companies in the world.
Another unique feature of EFU is a voluntary review mechanism by the companies to keep under review their operations, by professionals of international repute. EFU General has taken Mr. Wolfram Karnowski, who retired at a very senior level from Munich Reinsurance Company of Germany, on its Board of Directors. EFU Life has appointed Mr. Michael Bell, an eminent UK based actuary (retired from Watson Wyatt and currently chairman of a large UK based life company), to carry out an annual review of the company’s policies and operations. This independent review enables the company to keep abreast of international changes in the industry and ensures that the management adopts the best international practices.
EFU believes in prompt settlement of claims and that has been our claim to success in the pre-nationalization era. We certainly uphold that image and try to make it even better; we undertake to settle claims within 7 days of the receipt of completed claim documents.
By 1961, the company was the largest insurance company not only in Pakistan but also in all of Afro-Asian excluding Japan. It remained so until 1972 when life insurance in Pakistan was nationalized. From this time onwards EFU operated solely as a general insurance company.
EFU General today is the leading general insurer in Pakistan. It has a vast branch network covering all areas of the country and employs over 1200 individuals at its Head Office and in the branch network.
In 1992, the Government of Pakistan opened up life insurance to the private sector and EFU Life Assurance was incorporated in 1992 as the first private sector life insurance company. EFU commenced writing group life insurance business in the same year, individual life business in 1994 and is today the largest life insurance company in the private sector in the company.
EFU Life is managed by a team of professionals with extensive life insurance experience in the United Kingdom. This has helped the Company establish a professional culture unique amongst life insurance business in Pakistan. The company employs five full time actuaries and also has an active involvement of one the leading actuarial firms in the country.
EFU Life is the first life insurance company in Pakistan to be awarded the ISO 9001:2000 certification which has now been upgraded to ISO 9001:2008. It is also the first life insurance company to have “Insurer Financial Strength” rating which is currently AA-,Outlook:Stable, from JCR-VIS, an affiliate of Japan Credit Rating agency.
EFU Life has a comprehensive range of products which has been developed after extensive research of financial services in western countries such as the United Kingdom. These products are designed to meet the varying needs of EFU Life’s clients and offer the best in financial services.
The third company in the EFU group is Allianz EFU Health Insurance Ltd which is dedicated to providing health insurance to individuals and corporations. It is a joint venture with Allianz of Germany, one of the largest insurance companies of the world. Allianz EFU Health is Pakistan’s first specialized health insurance provider.
EFU is the only insurance group in Pakistan to provide a full range of insurance services; this includes life, health and general insurance.
A pillar of EFU’s strength lies in its close and long term relationship of over 50 years with its main re-insurer, Munich Reinsurance Company of Germany, one of the leading reinsurance companies in the world.
Another unique feature of EFU is a voluntary review mechanism by the companies to keep under review their operations, by professionals of international repute. EFU General has taken Mr. Wolfram Karnowski, who retired at a very senior level from Munich Reinsurance Company of Germany, on its Board of Directors. EFU Life has appointed Mr. Michael Bell, an eminent UK based actuary (retired from Watson Wyatt and currently chairman of a large UK based life company), to carry out an annual review of the company’s policies and operations. This independent review enables the company to keep abreast of international changes in the industry and ensures that the management adopts the best international practices.
EFU believes in prompt settlement of claims and that has been our claim to success in the pre-nationalization era. We certainly uphold that image and try to make it even better; we undertake to settle claims within 7 days of the receipt of completed claim documents.