In 1932 in Calcutta, Mr. Ghulam Mohammed, who later became Governor General of Pakistan, established an insurance company with 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.
At the time of independence of Pakistan in 1947, 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.