The Securities and Exchange Commission of Pakistan (SECP) has approved a license for Punjab Life Insurance Company Limited (PLIC), marking the launch of the country’s first life insurance company owned by a provincial government.

PLIC is set to manage Punjab’s social health insurance initiatives more efficiently and will actively support the Insured Punjab program, a key part of the broader Insured-Pakistan strategy aimed at increasing insurance coverage nationwide.

The company plans to offer innovative financial protection and savings solutions for underserved segments, including salaried employees, small business owners, farmers, and daily wage workers. Its goal is to expand access to sustainable insurance products for low-income and vulnerable communities.

Looking ahead, PLIC intends to introduce pension and annuity products and roll out digital insurance offerings. It will work closely with public institutions in Punjab to improve outreach and service delivery.

As part of SECP’s regulatory framework, PLIC will adhere to strict standards of financial stability, corporate governance, and policyholder protection. With this addition, Pakistan’s life insurance sector now counts 13 licensed insurers, highlighting steady growth and increased availability of long-term, protection-focused products.