By 1961, the EFU was the largest insurance company not only in Pakistan but also in all of Afro-Asia excluding Japan. It remained so until 1972 when life insurance in Pakistan was nationalized. From this time onwards EFU operated solely as a general insurance company. EFU General is the second largest general insurer in Pakistan.
EFU General is managed by a team of experienced insurance professionals with strong support from service departments such as Finance, Technical and Human Resource Developments. The Managing Director of the Company has international experience of running the general insurance operations of an insurance company based in the United Arab Emirates (UAE).
In 1992, the Government of Pakistan opened up life insurance to the private sector and EFU Life Assurance Ltd was incorporated in 1992 as the first private sector life insurance company.
The third company in the EFU Group is Allianz EFU Health Insurance Ltd., which is dedicated to providing health insurance to individuals and corporations. It is a joint venture with Allianz of Germany, one of the largest insurance companies of the world. Allianz EFU Health is Pakistan's first specialized health insurance provider.
EFU is the leading insurance group in Pakistan
providing a full range of insurance services.
This includes life, health and general insurance.
A pillar of EFU's strength lies in its close and
long-term (over 50 years) relationship with its
main reinsurer, Munich Re of Germany, one of the
largest reinsurance companies in the world.
Another unique feature of EFU is a voluntary
review mechanism by the companies to keep under
review their operations, by professionals of international
repute. Mr. Wolfram Karnowski, who retired at
a very senior level from Munich Reinsurance Company
of Germany, is on the Board of EFU General as
Director. EFU Life has appointed Mr. Michael Bell,
a very eminent UK based actuary (retired from
Watson Wyatt) to carry out an annual review of
the company's policies and operations. This independent
review enables the company to keep abreast of
international changes in the industry and ensures
that the managements adopt the best international
practices. |
