28 March 2024
AGENDA
Company ProfileBusiness PerformanceAwards and Achievements
Q & AFuture Plans
COMPANY PROFILE
First private sector Life Insurance Company of Pakistan.
Company is part of the EFU Group which also includes EFU General and EFU Health - Largest insurance group in Pakistan - PKR 81bn in 2023
Launched Window Takaful Operations in 2015
Product range covers Conventional and Takaful products; savings and protection
Distribution channels: Sales Force, Bancassurance, Group Benefits, Digital & Inclusive - covering ~8 million lives
First life insurance company in Pakistan to be ISO certified; currently is ISO 9001:2015 certified
EFU Life is reinsured by leading Reinsurers in the market (Hannover Re, Munich Re & Swiss Re)
CREDIT RATING
EFU Life Assurance Limited has been assigned Insurer Financial Strength rating of "AA++" (Double A Plus Plus) by VIS Credit Rating Company Limited and outlook on the assigned rating is 'Stable'.
The rating signifies company's exceptionally strong capacity to meet policyholders' and contractual obligations.
KEY FINANCIAL INDICATORS - 2023
AWARDS & ACHIEVEMENTS
Honored with the prestigious
'Corporate Excellence Award' for Life Insurance
Company at the 38th Corporate Excellence Awards 2023 by the Management Association of Pakistan (MAP).
Conferred with the most prestigious 'Brand of the Year
Award 2022' for Best Life Insurance Company by the Brands
Honored with the 'Best Life Insurance Company' at the
17th Consumers Choice Award 2022-23 for the 14th consecutive year.
AWARDS & ACHIEVEMENTS
Received 'International Environment, Health & Safety Award' for 'Best Environmental
Practices' at the 9th International Summit & Awards on Environment, Health, and
Safety.
Received the 'CSR Award 2023' in the 'Social Impact' category at the 12th CSR Summit & Awards for the commitment to social development and sustainability initiatives in the country.
Confered with 'Certificate of Merit' for the Best Presented Annual Report 2022 in the 'Life Insurance' category by the South Asian Federation of Accountants (SAFA).
PRODUCTS
EFU Life's product range is designed around needs of various socio-economic segments of society - ranging from the mass market to high net worth segments with a strong focus on financial inclusion.
During 2023, several innovative financial solutions were launched- via branchless banks, telcos, micro finance institutions, and technology platforms covering an additional 5.5 million lives
Products were launched for various bank partners focusing on needs of child financial planning, wealth accumulation and insurance protection.
OUR BANK PARTNERS
PROFIT AND LOSS ACCOUNT
PKR Million
Profit and Loss Account 2023 | 2022 Change |
Gross Premium/ Contribution Revenue Net Premium/ Contribution Revenue Investment Income, Net realized gain(loss) 37,467 36,404 39,347 39,565 -5% 38,471 -5% 14,535 171% | |
Total Net Income 75,751 | 53,006 43% |
Net Insurance Benefits 32,122 | 26,601 21% |
Net Change in Insurance Liabilities Acquisition Expenses Marketing and Administration Expenses, others 28,932 7,279 3,253 13,083 121% 7,896 -7.8% 2,542 28% | |
Total Expenses 39,631 | 23,563 68% |
Profit before Tax 3,998 Profit after Tax 2,066 Earnings per share - Rupees 20.66 | 2,842 41% 1,692 22% 16.92 |
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EFU Life Assurance Ltd. published this content on 26 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 March 2024 08:43:10 UTC.