SECP licenses first Provincial government-owned life insurer

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

The Punjab Government, through this company, intends to efficiently manage its social health insurance programs. As per the business proposal, PLIC will work towards Insured-Pakistan, particularly the Insured Punjab objective, thus increasing the insurance penetration in Pakistan.

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

In addition, the PLIC plans to develop pension-related solutions and annuity products over time. It will also introduce digital insurance products and work closely with the public sector institutions in Punjab to expand outreach and improve service delivery.

The SECP has actively facilitated this initiative as part of its broader efforts 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 requirements.

With this addition, the total number of life insurers in Pakistan has increased to 13. This reflects steady growth in the sector and supports the expansion of long-term, protection-oriented insurance products across the country.