TC Sep-Oct 2022 Issue

TRADE CHRONICLE Sep - Oct - 2022
EFU Life listed among PSX
Top 25 Companies for 2021
EFU Life Assurance Limited, leading
private sector life insurance provider
in Pakistan, has been recognised in the
‘Top 25 Companies for the Year 2021’.
This is the third time that EFU Life has
been conferred with this award.
Insurance industry paid
claims of Rs189bn in 2021
The insurance industry (life/ nonlife
insurance companies) has paid
claims of Rs189 billion to the general
public during 2021 as compared to Rs.
170 billion paid in 2020, reflecting an
increase of Rs 19 billion.
The Securities and Exchange
Commission of Pakistan (SECP) has
released latest insurance industry
statistics for the calendar year 2021.
The insurance industry has 41 active
operators consisting of 30 non-life
insurers/ general takaful operators,
10 life insurers/ family takaful
operators and one re-insurer.
Out of the total gross premium of
individual life insurance industry
for the years 2021, 56% of the gross
premium pertained to the Punjab
followed by Sindh at 29%.
On the other hand, our of the total
gross premium of non-life industry
ABL enters into strategic
partnership with BPC
In order to further enhance customer
experience and to contribute toward
expansion of digital payments
ecosystem in the country, Allied
Bank Limited (ABL) has entered into
a strategic partnership with BPC
to introduce Merchant Acquiring
Services.
This solution will entail frictionless
merchant on boarding and payment
experience for customers
of ABL and other domestic
and international financial
institution from thousands
of merchant locations across
Pakistan.
The signing ceremony was
held at Allied Bank’s Head
Office, Lahore and was
The companies recognised have
outperformed others in the spheres
of corporate governance, financial
performance and have added to
shareholder value.
Every year, the Pakistan Stock
Exchange announces the names of
the twenty-five (25) leading, publicly
for the years 2021, 56% of the gross
premium pertained to the province of
Sindh followed by Punjab at 35% and
Federal 7%.
The statistics provide a comprehensive
view of the insurance industry to the
relevant stakeholders in a holistic
manner which will help them in
making informed policy decisions
related to the insurance industry,
through presentation of consolidated
insurance industry information.
During the year 2021, insurance
industry has written gross annual
premium of Rs. 432 billion as compared
to Rs. 355 billion in 2020, recording
attended by senior management
of both the organisations along
with officials of ABL Legal counsel
Mandviwala & Zafar Associates.
We are excited to partners with BPC
to start the merchant acquiring
business. This journey is evidence
of our commitment and ambition to
impact the payments ecosystem in
Pakistan. I believe this will enable the
businesses through innovation in POS,
eCommerce and QR solutions to grow
and expand further,” said Sohail Aziz,
Chief Digital Banking Officer at Allied
27
traded companies
based on specific
quantitative criteria
such as profitability
ratios, liquidity ratio,
turnover of shares
and corporate governance, to name
a few of the factors against which the
companies are selected.
year-on-year growth of 21.7%. Claims
paid during 2021 were Rs. 189 billion
(2020: Rs. 170 billion), out of which
Rs.136 billion worth of claims were
paid by the life insurance companies
and remaining Rs. 53 billion paid by
the non-life insurance companies.
Within the category of gross written
premium of life insurance and
family window Takaful operators,
the product wise distribution shows
83% of the premium pertained to
unit linked polices in private sector,
followed by health-related policies
at 8%. In public sector, 68% of the
premium comes from participating
policies followed by health-related
policies at 23 percent.
SECP Commissioner Sadia Khan said
that Pakistan’s insurance market holds
enormous untapped potential for
growth. She added that the sector is
rife with opportunities, for both local
and foreign investors, considering
the size of population in Pakistan and
the growing demand for affordable &
innovative insurance solutions.
Bank.
Ahson Saeed, Managing Director of
BPC Pakistan, commented “With
rapid growth in the adoption of
digital payment instruments such as
cards, wallets and QR codes, payment
acceptance is becoming a priority
for businesses and merchants as it is
convenient and improves customer
experience and retention.
Businesses today require ease,
access, affordability, transparency
and convenience of being
able to accept payments
digitally. By selecting BPC
and its SmartVista platform,
Allied Bank can be sure that
their business clients will
be able to accept payments
in addition to offer a userfriendly,
safe, and convenient
experience to buyers across
Pakistan.”