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Govt to raise State Life Insurance’s paid-up capital on UAE demand

By News Desk

January 25, 2024 04:05 PM


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The federal government has decided to raise the paid-up capital of State Life Insurance Corporation in order to meet the demand of United Arab Emirates’ regulatory authority, reported 24NewsHD TV channel on Thursday, quoting its sources.

It is pertinent to mention that State Life Insurance is also operating in UAE through Gulf Zone Branch.

State Life Insurance faced shortage of paid-up capital due to decline in Pakistani rupee’s value.

After the decision, the State Bank of Pakistan said the share capital of State Life Insurance will climb to nine billion rupees from the current eight billion rupees.

The State Life Insurance was facing shortage of paid-up capital as per UAE regulators.

 

Reporter Waqas Azeem


News Desk


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