KARACHI: IGI and Packages Group have announced re-entry into Life Insurance by acquiring majority stakes in MetLife’s American Life Insurance Company (Pakistan) Limited (MetLife Alico) on 10th of April 2014.
IGI was a prominent player in Life Insurance until 1972, when the entire Industry was nationalized and merged into Public Sector Corporation.
Syed Hyder Ali, CEO, IGI Life announced this at a Brand Launching ceremony here Monday. M. Aminuddin, Dy. CEO, Nadeem Malik, CMO, Taseer Yousaf Makhdoom, Agency Director, Departmental Heads,. Ali Sher Mahar, Regional Head and Agency Managers were also present.
Syed Haider Ali said that International General Insurance which re-branded to IGI in 2007 was incorporated in 1953 as a Public Limited Company, Joint Venture with Alliance Plc. UK under the leadership of Syed Babar Ali as the founder Managing Director. IGI then wrote Life as well as Property & Casualty (General) Insurance business, which was allowed in those days. In a short span of time IGI became a household name in Life Insurance and was one of the leading players when nationalized.
IGI Insurance, flagship organization of The Packages Group continued its journey as one of the leading General Insurers post 1972 and emerged as No. 1 Insurance Company terms of Market Capitalization in 2013. IGI has also maintained AA rating from PACRA for past 13 years, and its assets exceed PKR 13.5 billion. IGI has history of dealing effectively and efficiently with multinationals as a global network partner of Royal and Sun Alliance plc. UK, and IGI Life too will continue to be Global partner of MetLife as well as member of MAXIS Global Benefits Network to provide multinational solutions to MetLife and Maxis Clients, including pooling and captive arrangements.
The new “IGI Life” brings a unique combination of 60 years of integrity and financial strength of the Packages Group coupled with heritage and expertise of MetLife spanning over 140 years, serving 90 million customers in 45 countries. Packages Group is a prominent player in Industrial & Financial Sectors having Market Cap of PKR 36 billion, while shareholder’s equity exceeds 42 billion
This acquisition accelerates our growth strategy and marks IGI’s entry into life-insurance and employee benefits business. This will diversify our product mix, distribution channels and outreach through Banc assurance and Captive Field Force spread across 11 cities and over 25 sales offices. This occasion earmarks a new era of innovation, integrity, professionalism and commitment to excellence.
We thank our customers, business partners, fellow employees and shareholders of their continued patronage and confidence in the Company. We look forward to continued patronage of our Customers and Business Partners with renewed commitment of service par excellence, said Syed Haider Ali.
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