SECP Gives License to Pakistan’s First Govt-Owned Provincial Life Insurance Company

The Securities and Exchange Commission of Pakistan (SECP) has granted a license to M/s Punjab Life Insurance Company Limited (PLIC), making it Pakistan’s first provincial government-owned life insurance company.

The Punjab government, through PLIC, aims to manage its social health insurance programs efficiently. According to the business plan, PLIC will support Insured-Pakistan, with a particular focus on the Insured Punjab initiative, thereby contributing to increased insurance penetration in the country.

PLIC will also offer innovative financial protection and savings solutions to underserved segments, including the salaried class, small business owners, farmers, and daily wage workers. The company plans to expand coverage for low-income and vulnerable groups through sustainable insurance products.

Over time, PLIC intends to develop pension-related solutions and annuity products, alongside digital insurance offerings. It will collaborate closely with public sector institutions in Punjab to broaden outreach and enhance service delivery.

SECP has actively facilitated this initiative as part of its broader strategy to develop Pakistan’s insurance sector. The company will operate under SECP’s regulatory framework, ensuring compliance with financial soundness, corporate governance, and policyholder protection standards.

With the addition of PLIC, Pakistan now has 13 licensed life insurers, reflecting steady growth in the sector and supporting the expansion of long-term, protection-oriented insurance products nationwide.