EFU Life Assurance Limited (PSX: EFUL) has decided to combine with its health insurance subsidiary with effect from May 1, 2024, the company informed the main bourse on Monday.

‘The Board of Directors of EFU Life Assurance Limited has passed resolutions approving a scheme of amalgamation under Section 284(I) of the Companies Act, 2017, to amalgamate its wholly-owned subsidiary, EFU Health Insurance Limited with and into EFU Life. As such, as of the effective date of May 1, 2024, the entirety of EFU Health will stand merged with and into EFU Life,’ the stock filing stated.

EFUL is engaged in the life insurance business including ordinary life business, pension fund business, and accident and health business. It is a subsidiary of EFU General Insurance Limited.

Source: Pro Pakistani