East West Life Assurance Company Limited was established in the year 1992 at Quetta under the name of The Metropolitan Life Assurance Company of Pakistan Limited. The company commenced underwriting life insurance business in March of 1993 and made successful progress in the field of life and health insurance businesses both on the front of individual and corporate clients alike. At the time of our company’s establishment, the sponsors were already engaged in general insurance business under the name of East West Insurance Company Limited.
In 2008, the name of our company was changed to East West Life Assurance Company Limited in order to give a unified look of a group with a substantial financial base and to serve the best interest of our policyholders while adding to steady growth of business on sound fiscal ground (see printed media ad).
The authorized capital of our company is Rs. 600 million, out of which Rs. 594.2915 million is currently paid-up. The large paid-up capital base allows us to better position ourselves to provide top-notch benefit and services to our individual and corporate customers.
In the year 2008, the company has launched a brand new investment-linked product-line for the prospective individual clients, which offers increased security, flexibility and liquidity to the policyholders with higher investment returns. The company is also in the process of developing new individual and corporate products commensurate with current investment, protection and other needs of the insured. Moreover, with increase in health insurance market potential, the company has a separate health division to cater the needs of its growing clientage.
East West Life is a member of a large financial group, which includes our sister concern specializing in general insurance business with over 80 branches throughout the country, M/s East West Insurance Company Limited. With joint paid-up capital of nearly Rs.959.30 million and worth in billions, the group, as a whole, has substantial resources to meet its financial requirements and obligations effectively. The group has a combined insurance business experience of nearly 50 years. Thus, we are fully aware of the service needs psychology of individual and corporate clients. We are making endeavors to make our group a one-stop solution for all insurance needs of an individual or corporate entity with a special focus on being the best service provider.
Moreover, East West Life has nearly 20 offices nationwide. With such a wide network of offices throughout the country, East West Life is equipped to properly deal with all types of clients and ready to provide excellent service that is expected from any insurance company. It should be noted that we are a member of the Insurance Association of Pakistan (IAP) and duly listed at the Karachi Stock Exchange.
East West 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.