Metropolitan Life assurance company
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Company Profile*
The Metropolitan Life Assurance Company of Pakistan Limited came into
existence in August of *1992 at Quetta*. The Company, however, established
its Head Office at Karachi from where it commenced full-scale operations in
*March of 1993*, which means that the company has been successfully selling
life and health insurance throughout Pakistan for *15 years*.
Our paid-up capital was doubled to *Rs.200 million in 2004*. This action was
taken by our Board of Directors despite of the fact that the requirement of
the Securities and Exchange Commission of Pakistan was to increase the
paid-up capital to a minimum amount of only *Rs.150 million by the end of
2004*. Accordingly, in order to make room for the enhanced paid-up capital,
we increased our authorized capital to *Rs.250* million. The large paid-up
capital base allowed us to better position ourselves to provide improved
benefits and services to our individual and corporate customers.
*In 2008*, the company has launched a brand new product line for its
prospective individual clients called *Mehfooz Sarmaya Plan*, which being a
Universal Life policy, offers increased security, flexibility and liquidity
to the policyholder with higher investment returns. In anticipation to the
requirements of this new product, the Board of Directors of the company
increased its paid-up capital in the *first half of 2007 to Rs.220
million*and, accordingly, the authorized capital was enhanced to
*Rs.500 million*. Moreover, to meet the current minimum capital requirements
of our regulator, Securities and Exchange Commission of Pakistan (SECP), we
have again increased our *paid up capital to Rs. 352 million* in the *last
quarter of 2007*. This substantial capital base has definitely positioned
our company as a major player in the life insurance industry.
Metropolitan Life is a member of a large financial group of Pakistan, which
includes *East West Insurance Company Limited *,
the group's mother company specializing in general insurance with over *80
branches* throughout Pakistan. With a joint *paid-up capital exceeding
Rs.554 million*, the group, as a whole, has substantial resources at its
disposal to easily meet its financial requirements.
Moreover, The Metropolitan Life Assurance Company of Pakistan Limited has *40
branches nationwide*. With such a wide network of offices throughout the
country, Metropolitan Life is well equipped to properly deal with individual
and corporate clients.
We are a member of the Insurance Association of Pakistan (IAP) and duly
listed at Karachi Stock Exchange where our *Rs. 10/- share* is currently
trading at a substantial premium, which clearly shows the confidence that
the shareholders and general public have in our company.
Metropolitan Life is an active player in the field of life and health
insurance. The company has group and individual life/health re-insurance
arrangements with the world's leading re-insurers. It is important to note
that majority of the risk assumed by the company is reinsured with these
financially sound reinsurers of international repute. Furthermore, all of
our reinsurers are in the Standard and Poor's AA rating category, which
indicates "very strong" capability to meet their financial commitments and
comfortably fall within the secure range.
- Address: 404-D, 4th floor, City Towar , Gulberg ii
- Location: Lahore, Pakistan
- Website URL : http://www.metropolitanlifeassurance.com
JOB POSTED BY Metropolitan Life assurance company
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