Eastern Federal Union Insurance Company is the full form of EFU; this Company was registered in Calcutta the city of India. It operated its operation in both India and Burma and put up on the market of both general and life insurance. After the independence of Pakistan, EFU moved in Pakistan and swiftly recognized itself as the leading insurance company in the Country. Hence by 1961, the company was recognized not only in Pakistan but even in all of Afro-Asia excluding Japan. Even after 1972 the company exclusively operated as a general insurance company and today in Pakistan it is the largest insurance company.
EFU was privatized by the Government of Pakistan in 1992 and therefore the first private sector life insurance company was incorporated in 1992, even the company instigated its writing group life insurance business in the same year and in 1994 commenced individual life business. The company encompasses almost 55% share of the individual regular and group life premium income of the private life insurance sector.
A team of professionals runs the company with general life insurance experienced in the United Kingdom and this led the company to establish its professional culture that is unique life insurance business in Pakistan. The employs of EFU has four full-time actuaries and moreover they have an active participation in one of the leading actuarial firms in the country. “Insurance Financial Strength” rating was first introduced by EFU in Pakistan.
JCR-VIS has assigned strong rating to the company and affiliate of Japan Credit Rating Agency of AA-(stable). EFU has been the foremost company in Pakistan to be awarded as the ISO 9001 certification. In Pakistan, EFU has launched almost 150 branches and has employees over 3500. In Karachi and Lahore the company incorporates almost 250 employees. The total premium income of the company in 2011 was about Rs. 10.2 Billion and Rs. 23 Billion as Group.
EFU Life has all-inclusive variety of products which has been developed after wide investigation of financial services in western countries for example the UK. These products are intended to congregate the varying requirements of EFU Life’s customers and tender the finest in monetary services. Therefore the company grants an entire range of insurance services to its clients and these services includes health, General insurance and life. The ISD of EFU Life Insurance Company is Ishfaque Ahmed.