How the EFU Group is Made a Success Story

How the EFU Group
is Made a Success Story
world
at Pearl Continental Hotel, Karachi
where Mr. Zoomkawala shared with the audience the
continuous services and efforts of EFU Group and its
people for Pakistan and Pakistanis.
Following is the brief summary of his presentation for the
interest of our readers:
The presentation started with the history of EFU. Eastern
Federal Union (EFU), the first insurance company of the
Muslims of the Sub-continent. EFU started operating
from Kolkata in 1932 and also set up offices in London,
Ceylon and Palestine.
Mr. Saifuddin N. Zoomkawala, Chief Executive and Managing
Director of EFU General was invited to make a presentation on
'How The EFU Group is Made a Success Story: A Pakistan
Case Study' in a joint 102nd event of 21st Century Business &
Economics Club (CBEC), Overseas Universities Alumni Club
(OUAC), 21st CBEC Women Forum and Pak-China Business &
Economics Forum (PCBEF).
It was a memorable gathering of the people from the corporate
After the partition EFU shifted its office to Pakistan by
establishing its registered office at Chittagong and Head Office at
Karachi. EFU was listed at the Karachi Stock Exchange in 1949
and was amongst the first seven certified companies of Pakistan.
During 1961-1972, EFU achieved great success and reached
tremendous heights of business, It was the era of Mr. Bhimjee to
whom the EFU would always remain indebted. Under his
dynamic leadership, every second insured person was an EFU
customer and some of the very best brains of the country were
How The EFU Group
is made success story
History of EFU
The Great Success
Saifuddin N. Zoomkawala
Chairman
EFU Life Assurance Ltd
Allianz EFU Health Insurance Ltd
Managing Director
EFU General Insurance Ltd
Director
Board of Pakistan Reinsurance Co., Ltd
Member
Board of Investment, Govt. of Pakistan
Pakistan Postal Services Management Board
Board of the Sindh Institute of Urology and Transplantation
06
History of EFU
Eastern Federal Union (EFU) Insurance
Company Ltd. 1st Insurance Co. Of Muslims
Established on September 2, 1932
A. Rehman Siddiqui
Founder Chairman
Presently Known as:
EFU General Insurance Ltd.
EFU Life Assurance Ltd.
Allianz EFU Health Insurance Ltd.
Interior of EFU’s First Office
in Kollkata, 1932
1961 - 1972
The Era of
Mr. Bhimjee
EFU Today
EFU Group - Gross Premium
45000000000
16000000000
(Figures in Pak Rupees)
14000000000
40000000000
(Figures in Pak Rupees)
35000000000
12000000000
Secret of Success
EFU Today
EFU Group - Total Assets
“Success is a Journey
not a destination.”
30000000000
10000000000
25000000000
8000000000
Four Important Factors
20000000000
6000000000
Sound claims paying ability
15000000000
4000000000
Professionalism & Commitment
10000000000
2000000000
Innovative products
5000000000
0
2007
4/4/2008
2006
2005
2004
2003
2002
0
4/4/2008
2007
2006
2005
2004
2003
2002
After sales service
07
recruited by EFU. EFU also made training as an essential tool for
its employees.
EFU introduced Group Term Insurance for the first time in
Pakistan. In 1970 EFU become the largest Life Insurance
Company inAfro-Asian countries (excluding Japan).
Loss of East Pakistan in December 1971 resulted in huge loss of
business. Nationalization of life insurance companies gave
another jolt to EFU in 1972. All its assets were taken over and the
EFU was left with only general insurance business. However,
EFU survived and carried on its business.
When private sector was allowed to undertake life insurance in
1992, EFU was the first to establish a separate entity EFU Life
Insurance Company and now enjoys a market share of more then
60% of the private sector life. It is also Pakistan's first life
insurance company, which got ISO 9001-2000 certification. EFU
is also the innovator of Unit Link Life Insurance. JCR-VIS Credit
Rating Company Limited has upgraded the insurer financial
strength rating of EFU Life to 'AA-' (Double AA Minus) from 'A+'
(SingleAPlus) with a 'Stable' Outlook.
In 2000, EFU Group launched Allianz EFU Health Insurance Ltd.
It is the First specialized medical insurance company of Pakistan.
EFU General has also been adjudged amongst Top 25 Companies
seven times by the Karachi Stock Exchange. It is also the recipient
of 24th Corporate Excellence Award of Management Association
of Pakistan. Today, EFU stands for Brand name in Insurance.
Although knowing the fact that coming years of Insurance
Industry will raise countless challenges in the progress of
insurance sector but efu wishes to look ahead and march forward
very firmly keeping faith in God and hard work to sustain the
commitment to meet and exceed its stakeholders expectations by
modern technology, collective wisdom and institutionalized
leadership.
Secret of Success
Secret of Success
Trust on People
Our People,
Our Strength
Management Style & Culture
Compassionate Management
Policy and Stretegy
Operation
Control
Customer
Shareholders
Employees
08
Day-to-day Management
Future of EFU