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EFU Lahore
In the early 30s, under the inspiration of the Quaid-e-Azam Mohammad Ali Jinnah, there began to appear signs of economic renaissance of the Muslims of India. Shipping, Airline, Banking and Insurance companies made their debut.
In 1932 in Calcutta, Mr. Ghulam Mohammed, a far sighted man, who later became Governor General of Pakistan, established an insurance company with financial assistance from the H.H. Aga Khan and H.H. Nawab of Bhopal. The company was named Eastern Federal Union Insurance Company Ltd. It was registered in Calcutta and operated in undivided India and Burma. Its business was both General and Life Insurance.
In 1947, on the birth of Pakistan, EFU (as the company was called), found a new country and rapidly established itself as a progressive and innovative insurance company. It provided the emerging insurance industry the leadership, the manpower and the drive needed to grow in a situation where at that time three-fourths of insurance business was held by foreign companies.
By 1961, EFU had become the flag bearer of Pakistan's insurance industry on the world stage, and the largest life company in Afro-Asian countries (excluding Japan) under the leadership of our late chairman Mr. Roshen Ali Bhimjee. It remained so until 1972 when Life Insurance industry in Pakistan was nationalized. From that time onwards, EFU operated solely as a general insurance company and was subsequently renamed EFU General Insurance Company Limited.
In 1992, the Government of Pakistan reopened the life insurance business to the private sector organizations and EFU Life Assurance Ltd was incorporated in November 1992 as the first private sector life insurance company. In early 1993, EFU Life commenced writing group life insurance business and by March 1994, the company began writing its individual life business.
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 has a growing branch network of over 100 branches through out the country with employee strength of over 2,200 personnel in its sales force and around 150 personnel at its main offices in Karachi and Lahore. The company employs 4 full time actuaries and also has an active involvement of one of 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, and also the only life insurance company to have an "Insurer Financial Strength" rating which is currently A+, Outlook:Stable, from JCR-VIS, an affiliate of Japan Credit Rating agency.
Today, EFU Life continues to be the largest private sector life insurance company in Pakistan. In 2007, EFU Lifes premium income was Rs. 4.8 billion. The Company enjoys a market share of over 64% of the private sector life premium income (excluding single premium).
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 Lifes clients and offer the best in financial services.
EFU Life is the pioneer in introducing the following products and features in Pakistan
Unit-linked products
Critical illness products
Education planning product
Inflation protection benefit
Pension Plans
Islamic Fund Products
EFU Lifes product range is the most competitive in the market in terms of value for money. The Company continuously reviews its product range to ensure that it remains at the leading edge.
In 1932 in Calcutta, Mr. Ghulam Mohammed, a far sighted man, who later became Governor General of Pakistan, established an insurance company with financial assistance from the H.H. Aga Khan and H.H. Nawab of Bhopal. The company was named Eastern Federal Union Insurance Company Ltd. It was registered in Calcutta and operated in undivided India and Burma. Its business was both General and Life Insurance.
In 1947, on the birth of Pakistan, EFU (as the company was called), found a new country and rapidly established itself as a progressive and innovative insurance company. It provided the emerging insurance industry the leadership, the manpower and the drive needed to grow in a situation where at that time three-fourths of insurance business was held by foreign companies.
By 1961, EFU had become the flag bearer of Pakistan's insurance industry on the world stage, and the largest life company in Afro-Asian countries (excluding Japan) under the leadership of our late chairman Mr. Roshen Ali Bhimjee. It remained so until 1972 when Life Insurance industry in Pakistan was nationalized. From that time onwards, EFU operated solely as a general insurance company and was subsequently renamed EFU General Insurance Company Limited.
In 1992, the Government of Pakistan reopened the life insurance business to the private sector organizations and EFU Life Assurance Ltd was incorporated in November 1992 as the first private sector life insurance company. In early 1993, EFU Life commenced writing group life insurance business and by March 1994, the company began writing its individual life business.
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 has a growing branch network of over 100 branches through out the country with employee strength of over 2,200 personnel in its sales force and around 150 personnel at its main offices in Karachi and Lahore. The company employs 4 full time actuaries and also has an active involvement of one of 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, and also the only life insurance company to have an "Insurer Financial Strength" rating which is currently A+, Outlook:Stable, from JCR-VIS, an affiliate of Japan Credit Rating agency.
Today, EFU Life continues to be the largest private sector life insurance company in Pakistan. In 2007, EFU Lifes premium income was Rs. 4.8 billion. The Company enjoys a market share of over 64% of the private sector life premium income (excluding single premium).
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 Lifes clients and offer the best in financial services.
EFU Life is the pioneer in introducing the following products and features in Pakistan
Unit-linked products
Critical illness products
Education planning product
Inflation protection benefit
Pension Plans
Islamic Fund Products
EFU Lifes product range is the most competitive in the market in terms of value for money. The Company continuously reviews its product range to ensure that it remains at the leading edge.