In 1990, the Government of Pakistan reopened the life insurance business to the private sector organizations and EFU Life Assurance Ltd started operations 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 150 branches through out the country with employee strength of over 3, 000 personnel in its sales force and around 250 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. For Bancassurance, the Company has a relationship with over 12 major banks and offers simple to sophisticated life insurance products. For Group Benefits, EFU Life has a marketing team which focuses on providing life insurance coverage to corporate entities and bank clients.
EFU Life was the first life insurance company in Pakistan to be awarded the ISO 9001:2008 certification, and received the “Insurer Financial Strength” rating of AA, Outlook: Stable, by 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 2011, EFU Life’s gross premium is over Rs. 10 billion. The Company enjoys a market share of over 53% 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 Life’s clients and offer the best in financial services.
EFU Life is the pioneer in introducing the following products and features in Pakistan
EFU Life’s 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.