SECP Licenses Pakistan’s First Government-Owned Provincial Life Insurance Company
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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 efficiently manage its social health insurance programs. As part of its business plan, the company will support the Insured-Pakistan initiative, with a special focus on Insured Punjab, contributing to increased insurance coverage across the country.
PLIC plans to offer innovative financial protection and savings solutions targeting underserved groups, including salaried employees, small business owners, farmers, and daily wage workers. Over time, the company intends to expand into pension-related solutions, annuities, and digital insurance products, collaborating closely with public sector institutions in Punjab to enhance service delivery.
SECP highlighted that PLIC will operate under its regulatory framework, ensuring financial soundness, corporate governance, and policyholder protection. With the addition of PLIC, Pakistan now has 13 licensed life insurers, reflecting steady growth in the sector and strengthening the availability of long-term, protection-oriented insurance products nationwide.
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