2 May 2024: EFU Life Assurance Ltd., the leading private sector life insurance and family takaful provider in Pakistan, is pleased to announce the commencement of health insurance, by 100% acquisition of EFU Health Insurance Limited (the country’s premier specialized health insurance company) and subsequent complete amalgamation of EFU Health into EFU Life. The scheme of amalgamation was recently approved by both the Boards. This strategic step marks a significant milestone in EFU Life’s commitment to address its customer’s holistic financial and personal health needs, by offering integrated Life and Health Insurance, and Takaful solutions under a single ecosystem.
Speaking on the occasion, Mr. Mohammed Ali Ahmed, MD & CEO of EFU Life, elaborated “With the acquisition of EFU Health and subsequent amalgamation of the entire health business into EFU Life, we are determined to elevate the standards of healthcare coverage in Pakistan. We believe that access to basic healthcare is a fundamental right and the potential for growth of health insurance in Pakistan is vast, offering numerous exciting opportunities at both corporate and retail levels. The customers of former EFU Health Insurance Limited, now under the EFU Life umbrella, will experience a wider range of health insurance solutions and an enhanced service experience fueled by technology, backed by the strong financial position of EFU Life with assets of Rs.217 Billion.”
EFU Life’s acquisition and amalgamation of EFU Health signifies more than just a business transaction; it is a commitment to growth, innovation, and customer-centricity. By combining resources and expertise, EFU Life is poised to set new benchmarks in the realm of health insurance, ensuring that its valued customers receive the best-in-class solutions they deserve.
“We are embarking on an exciting journey of growth and transformation. With this acquisition, EFU Life will continue to prioritize the insurance requirements of its customers by delivering tailored health solutions that meet their evolving needs. It marks a significant step forward in EFU Life’s mission to empower individuals & families with the tools they need to lead healthy and fulfilling lives”, remarked Mr. Mohammed Ali Ahmed, MD & CEO of EFU Life.
As a leader in the Insurance industry, EFU Life continues to invest in human capital along with technology solutions to deliver seamless, personalized experiences to its customers. With an unwavering focus on innovation and agility, EFU Life is well-positioned to navigate the ever-evolving landscape of the insurance market and deliver sustainable value to its stakeholders.
