National Bank Of Pakistan And EFU Life Join Hands For Bancassurance Business
Mohammad Ali (@ChaudhryMAli88) Published October 18, 2016 | 03:30 PM
ISLAMABAD, (UrduPoint / Pakistan Point News - 18th Oct, 2016 ) : National Bank of Pakistan, the largest nation's bank has recently signed a Bancassurance agreement with EFU Life which is one of the country's leading life insurance company.
The agreement was signed in a ceremony held at NBP's Head Office to commemorate the partnership in the wake of the expanding market for Bancassurance. The agreement signing ceremony occasion was graced by Mr.
Mudassir H. Khan - SEVP/Group Chief, CRBG-NBP and Husein Sachak-Director Bancassurance, EFU Life, said a statement issued here by the Bank. Mudassir H. Khan, GC CRBG- NBP,Speaking on the occasion said that NBP and EFU Life joined hands by entering into a Bancassurance accord for selling life insurance products of EFU Life through NBP's branch network and introduce a cross sales culture throughout the organization.
The alliance would serve to cater towards savings and protection needs of NBP's clients. He added, NBP believes in creating value and convenience for their customers and continues to provide innovative financial solutions.
The NBP is the largest state-owned financial institution of Pakistan and biggest strength of NBP is its widest penetration across all corners of the country with huge customer-base which makes NBP an ideal business place.
Commenting on the occasion, HuseinSachak - Director Bancassurance, EFU Life, saidEFU Life is the leading private life insurance provider in Pakistan and is a part of EFU Group, comprising of EFU General, the largest general insurance company& EFU-Allianz Health, a specialized health insurance Company in Pakistan.
Together the three companies form the largest insurance group of Pakistan having a history of over 80 years of caring and sharing. As a leading life insurer in the private life insurance sector, our Market share is 42% as of December 2015 based on the gross premium income and 48% by size of assets.
He added, EFU life credit rating assigned by JCR VIS is `AA+' (Double A plus), with Outlook on the assigned rating `Stable', which is a testament to the company's strong capitalization level vis-�-vis the nature of risks underwritten and a very high capacity to meet policyholders' obligation.
He continued that it is a momentous occasion to be partnering with a brand like NBP, which is synonymous with trust, integrity and service quality. He saidour alliance with NBP, which is one of the leading Financial Institutions in the country, will give us a unique platform to provide Bancassurance products and services.
We at EFU Life always try to reach out to our customers through various distribution channels providing them with the best solutions according to their needs. "We are hopeful that this partnership will be very fruitful for both the partners"he remarked.
The ceremony was also attended by NBP and EFU Life officials some of which includes Syed Tariq HasanSVP-Wing Head, Adnan Ahmed AVP-Product Manager Banca, Shoaib Hassan Rind Manager-Marketing & Sales , Sohail Ahmed-Banca Operations whereas on behalf of EFU LifeMr. Kamran Ansari CEO-Allianz EFU, Ms. Sumera Farooq Head of Bancassurance - Allianz EFUwitnessed the occasion.
Related Topics
Recent Stories
PTI to stage nationwide protests against alleged electoral frauds
Senate continues discussion on Presidential address to Joint Sitting of Parliame ..
Masood Khan calls for Pak-US cooperation for regional peace
Interior Minister starts Margalla Trail Patrol for security
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
More Stories From Business
-
Kitchen items’ prices ease as weekly inflation falls by 1.1%
23 minutes ago -
Shipping Activity at Port Qasim
2 hours ago -
Machinery equipment assembling grew by 70.98% in 08 months
3 hours ago -
Gold rates up by Rs.2,500 per tola to Rs245,000
3 hours ago -
Miner Anglo American rejects BHP's $38.8 billion takeover bid
3 hours ago -
Exchange rates for currency notes
6 hours ago
-
Foreign exchange rates
6 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
6 hours ago -
Today Gold Rate in Pakistan 26 April 2024
7 hours ago -
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
16 hours ago -
Pak-US officials engage to enhance trade, investment ties
17 hours ago -
Stocks fall as tech shares sink, US economy slows
17 hours ago