Nishat Group of Companies and Packages Limited plans to purchase 82% stake in MetLife Alico Pakistan from American Life Insurance Company (Pakistan) Ltd. IGI Insurance Limited, owned by Packages, and Adamjee Life Assurance Co. Ltd, subsidiary of Adamjee Insurance Company Limited owned by Nishat Group, showed its interest in acquiring 82% of MetLife Alico. There are other smaller players from Karachi like TPL Direct Insurance Ltd which intends to acquire 82% stake in MetLife Alico.
Top executives of all the three bidders of the MetLife did not comment, Daily The Pak Banker, reported. A spokesperson of MetLife, said, It is our responsibility to consider any serious offers for our assets around the world. We are in very early stages in this situation.
It is too early to talk about any decisions.
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Adamjee Life Assurance Company Limited is a Pakistan-based company, which is engaged in life insurance business carrying on non-participating business only. Its segments include Conventional Business, which includes individual life, group life and group credit life assurance; Accident and Health Business, which provides fixed pecuniary benefits or benefits in the nature of indemnity or a combination of both in case of accident or sickness; Individual Life Non-unitized Investment Linked Business, which provides life assurance coverage to individuals under universal life policies issued by the Company; Individual Life Unit Linked segment provides life assurance coverage to individuals under unit-linked investment policies issued by the Company; The Individual Family Takaful segment provides family takaful coverage to individuals; The Group Family Takaful segment provides family takaful coverage to members of business enterprises, corporate entities and Unit Linked Business segment.