insurance founded 1992 1992 headquarters karachi pakistan key people rafique r. bhimjee chairman taher g. sachak managing director products unit linked conventional and group products website www.efulife.com efu life originally eastern federal union insurance company limited is a pakistan based life insurance company . it was the first insurance company in india founded in 1932 owned by the muslims based in calcutta . after the independence of pakistan in 1947 the company moved to pakistan and operated in east and west pakistan . the company ceased to exist in east pakistan after it became bangladesh . pakistan subsequently reorganized the company to efu life assurance ltd. history edit first meeting of the founders and sponsors of the eastern federal union insurance co. ltd 1931 in london . l r abdur rahman siddiqui partner haira trading co. b.m. collins of b.m. collins & co. ltd. london ; c.h. faloon general manager atlas assurance company khondker fazle haider partner haira trading co. london . 1 it was the first insurance company in india owned and run by muslims targeted for the muslim populace . 2 abdur rahman siddiqui of surat and khonkar fazle haider of murshidabad district were the company s founders . 3 siddiqui and haider executed a memorandum of understanding 4 in 1931 with one of leading british insurance companies the atlas and messrs. b.m. collins lloyds brokers . the company was incorporated on 2 september 1932 in calcutta with e.n. menhinick a senior manager of atlas as the first chief executive officer of the company . 5 the main objective of the company was to provide insurance service to the community and also to produce competent muslim insurance personnel . 6 aga khan iii and hamidullah khan last nawab of bhopal became the patrons of the new company . malik ghulam muhammad helped to arrange substantial subscriptions from the state of hyderabad and state and bhopal . sir victor sassoon became the largest foreign shareholder 7 and mirza ahmad ispahani bought most of the shares of the efu . 8 the company officially started as a general insurance company . in 1936 life business of the company started with a paid for business of about rs . 5.0 million . by 1946 the company started to move ahead steadily but major upheaval of the century had occurred in which muslims all over the sub continent sustained immense loss both of life and property after creation of pakistan . 9 the efu management transferred its registered office to chittagong east pakistan before the independence of pakistan in 1947 . 10 the company completed a new life business of rs . 4.5 million by 1947 and during 1948 transacted a total business of rs . 13.9 million . 9 the efu shifted its head office to karachi west pakistan in may 1950 . 11 in 1952 the company hired khuda buksh an inspector from oriental governmental security life assurance calcutta as life manager for east pakistan . buksh introduced a system of training classes and expanded the entire field organization on scientific lines . 9 the company thereafter continued showing tremendous upward trend in its paid for business from 25 million in 1953 to 76.7 million in 1960 . during the same period the premium income of the company went up from rs . 3.3 million to rs . 11.9 million . 12 in 1960 the company almost reached the door of bankruptcy due to bad underwriting against marine hull business on overseas account . 13 abbas khaleeli a former bureaucrat and roshen ali bhimjee owner of insurance agency pak underwriters were credited for averting the bankruptcy . 14 subsequently mirza ahmad ispahani disinvested his shares and major shares were taken by the habib family arag limited and rest was distributed to the public . 15 abbas khaleeli and roshen ali bhimjee officially took over the company on 1 january 1961 . khuda buksh worked for the company as life manager deputy life manager and general manager from 1960 to april 1969 . he was recognized as the driving force 16 who had successfully helped to grow the company into the leading and dominating position 17 in the country . during the 1960s the efu became the largest company in the afro asian countries excluding japan . 18 in march 1971 the bangladesh war of liberation led to creation of modern bangladesh on december 1971 when the efu lost its eastern division . 19 bangladesh nationalized all pakistan based and local life insurance companies in august 1972 . in pakistan after 1972 the efu operated solely as a general insurance company . in 1992 the government of pakistan opened up life insurance to the private sector and efu was reorganized and efu life assurance ltd. was incorporated in 1992 as the first private sector life insurance company . 20 in 1992 the government of pakistan opened up life insurance to the private sector and efu life assurance ltd. was incorporated in 1992 as the first private sector life insurance company . efu commenced writing group life insurance business in the same year individual life business in 1994 and is today the largest life insurance company in the private sector in the country . the company has set up over 150 branches throughout the country and employs over 3500 persons in its sales force . notes edit karnowski wolfram . 2001a p. 84 . rahim 2011 p. 17 . karnowski wolfram . 2001a p. 157 . karnowski wolfram . 2001a p. 85 . karnowski wolfram . 2001a p. 86 . rahim 2011 p. 18 . rahim 2011 p. 19 . karnowski wolfram . 2001a p. 221 . a b c buksh khuda . 30 progressive years efu 1932 1962 . in rahman roushanara & others eds p. 280 . rahim 2011 p. 21 . karnowski wolfram . 2001a p. 303 . rahim 2011 pp. 227 239 . rahim 2011 pp. 75 76 . karnowski wolfram . 2001a pp. 88 89 . karnowski wolfram .2001 a pp. 243 244 . ansary a. r. life insurance and khuda buksh in rahman roushanara & others eds p. 83 . karnowski wolfram . 2001a p. 313 . karnowski wolfram . 2001b p. 100 . rahim 2011 p. 195 . karnowski wolfram . 2001a p. 94 . references edit rahim muhammad obaidur 2011 . khuda buksh the pioneer of life insurance in bangladesh an account of his life and work . dhaka bangladesh the university press limited . isbn 978 984 506 027 1 . rahman roushanara ; mosharraf h m ; ahmed m. ; rahim s. ; bukth t. ; khan s. ; rahim b. eds . 2010 . memoirs of a life insurance icon khuda buksh . usa xlibris corporation . isbn 978 1 4500 5168 2 . karnowski wolfram w. 2001a . the efu saga the making of institution within the context of the creation of pakistan . karachi pakistan m. yunus d & y printers . karnowski wolfram 2001b . roshen ali bhimjee between tears and laughter a biography . karachi pakistan m. yunus d & y printers . amir m 5 march 1963 . eastern federal its genesis and progress . pakistan observer supplement . v t e kse 100 companies of pakistan abbott laboratories pakistan adamjee insurance agriauto industries allied bank limited allied rental modaraba arif habib corporation limited askari bank askari general insurance co. ltd. attock cement attock petroleum attock refinery azgard nine bank al falah bank al habib bank of khyber bank of punjab bankislami pakistan bata pakistan cherat cement clariant pakistan colgate palmolive pakistan dawood hercules chemicals limited d.g. khan cement efu general efu life engro corporation engro foods fatima fertilizer fauji cement fauji fertilizer bin qasim fauji fertilizer company limited faysal bank feroze 1888 mills ghani glass limited glaxosmithkline pakistan grays of cambridge habib metropolitan bank hbl pakistan hub power company hum network limited ici pakistan igi insurance indus motors company international industries limited international steels limited javedan corporation jdw sugar mills js bank js group js growth fund jubilee general insurance karachi electric supply company kohinoor energy kot addu power company lafarge pakistan lotte chemical pakistan lucky cement mari petroleum company limited mcb bank limited meezan bank millat tractors murree brewery national bank of pakistan national foods limited national refinery nestl pakistan netsol technologies nib bank nishat chunian nishat chunian power nishat mills nishat power oil and gas development company pace pakistan packages ltd. pak suzuki motors pakistan cables pakistan international container terminal pakistan oilfields pakistan petroleum pakistan reinsurance pakistan services pakistan state oil pakistan telecommunication company ltd pakistan tobacco company picic growth fund rafhan maize security papers limited shell pakistan shifa international hospital siemens pakistan soneri bank standard chartered pakistan sui northern gas pipelines limited sui southern gas company thal limited tpl trakker trg pakistan tri pack films unilever pakistan united bank limited pakistan as of july 2013 retrieved from https en.wikipedia.org w index.php title efu life & oldid 682054669 categories 1992 establishments in pakistancompanies based in karachi districtcompanies established in 1992insurance companies of 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