SECP licenses Punjab govt life insurer

The Securities and Exchange Commission of Pakistan (SECP) has granted a licence to M/s Punjab Life Insurance Company Limited (PLIC), marking the establishment of Pakistan's first provincial government-owned life insurance company. According to a statement issued by the SECP on Thursday, the Punjab government, through the company, intends to manage its social health insurance programmes and work towards Insured-Pakistan, particularly the Insured Punjab objective, to increase insurance penetration in the country. The company will provide financial protection and savings solutions to underserved segments, including the salaried class, small business owners, farmers and daily wage workers, with a focus on expanding coverage to low-income and vulnerable groups through sustainable insurance products. PLIC also plans to develop pension-related solutions and annuity products over time, while introducing digital insurance products and working with public sector institutions in Punjab to improve outreach and service delivery. The SECP said the company will operate under its 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, reflecting growth in the sector and supporting expansion of long-term, protection-oriented insurance products across the country.