National Assembly passes bill to convert State Life into company, paving way for possible privatisation

Pakistan’s National Assembly has passed legislation to turn State Life Insurance Corporation from a statutory body into a company, Profit by Pakistan Today reported on October 23. The change places the insurer under the Companies Act, 2017, and is intended to provide greater operational flexibility while aligning its framework with state-owned enterprise rules.

The bill does not approve a sale or transfer of government ownership. Any future privatisation or share divestment would need separate federal government approval and follow applicable legal procedures. State Life’s assets, liabilities, contracts and obligations are to move to the new entity, while policyholder protections and employees’ existing service terms and retirement benefits are to continue. A separate amendment bill concerning the Privatisation Commission was referred to a parliamentary committee.