WE’VE CHANGED OUR NAME

see printed media ad

 

The Government of Pakistan, in the year 1992, had allowed life insurance business to be transacted in the private sector. The management/directors of M/s East West Insurance Company Limited, already engaged in general insurance business, obtained approval to take up life insurance business as well to enlarge the activities as a group in the vast insurance industry. The new business venture was decided to be operated under the name of The Metropolitan Life Assurance Company of Pakistan Limited.

 

Metropolitan Life commenced underwriting life insurance business in 1993 and the company progressed in all types of life insurance business including, corporate business i.e. group life insurance, group health insurance and coverage to the borrowers of several banks under their various financial schemes. Currently, our company’s authorized capital is Rs. 500 million out of which Rs. 352 million is paid-up. The company is on its way to further enhance its paid-up capital to Rs. 500 million.

 

Our sister concern, i.e. East West Insurance Company Limited, retained its repute in the insurance market during the last 25 years. The company during this period has made credible achievements such as substantial premium base growth and nearly Rs. 19/- earning per share during the last financial year. Jointly, the entire group’s paid-up capital exceeds Rs. 554 million and will be enhanced to at least Rs. 800 million.

 

In keeping pace with the growing capital, market potential and registered progress of the company, it has been decided by the management/directors to further expand the business. The visionary program includes expansion of individual life insurance business under various new plans commensurating with current investment, protection and other needs of the insured families. This program also seeks to further expand the volume within the company’s corporate business.

 

In the present business environment, individual companies are emerging as a part of large financial group to obtain competitive edge. Obviously, the beneficiary clients take pride to be a policyholder of large groups with a strong financial base, rather than individual companies, for the sustainable assurance of benefit streams and security of their investments. Moreover, from a marketing point-of-view, being part of a large group would give a better projection and would otherwise be more beneficial for rendering service to the clients

 

In view of the above, management/directors have decided to change the name of Metropolitan Life to East West Life Assurance Company Limited. This will give a clearer indication of the group, which already exists but the separate names sometimes cause a back of the mind reservation. The common name of the two companies would obviously project its financial soundness with worth exceeding Rs. 1.7 billion and potential of meeting its obligations and liabilities more effectively.

 

Moreover, we would also like to inform you that, as a result of the company’s name change, absolutely no change has occurred in the company’s Board of Directors or management. Further, our company’s policies, product-line, bankers, customer services personnel, service centers, and network office addresses (including head office and registered office) remain completely unchanged. Therefore, it is confirmed that the only change has been in our name. All other details remain identical.

 

We are intimating to you the above change of the company’s name with the management’s firm assurance that the clients would be afforded more attractive and friendly terms of business with a larger, varied and appealing product-line, suiting individual and corporate customers alike. We are confident that this change will have a positive response from you and we solicit your continued patronage to enable us to provide extraordinary services and all possible envisioned life and health insurance products.