National Bank of Pakistan, the largest nation's bank has recently signed a Banc assurance agreement with EFU Life which is one of the country's leading life insurance company. The agreement was signed in a ceremony held at NBP's Head Office to commemorate the partnership in the wake of the expanding market for Bancassurance.

The agreement signing ceremony occasion was graced by Mr. Mudassir H. Khan - SEVP/Group Chief, CRBG – NBP and Mr. Husein Sachak - Director Bancassurance, EFU Life.

Mr. Mudassir H. Khan, GC CRBG - NBP, Speaking on the occasion said that NBP and EFU Life joined hands by entering into a Bancassurance accord for selling life insurance products of EFU Life through NBP's branch network and introduce a cross sales culture throughout the organization. The alliance would serve to cater towards savings and protection needs of NBP's clients. He added, NBP believes in creating value and convenience for their customers and continues to provide innovative financial solutions. NBP is the largest state-owned financial institution of Pakistan and biggest strength of NBP is its widest penetration across all corners of the country with huge customer-base which makes NBP an ideal business place.

Commenting on the occasion, Mr. Husein Sachak - Director Bancassurance, EFU Life, said EFU Life is the leading private life insurance provider in Pakistan and is a part of EFU Group, comprising of EFU General, the largest general insurance company & EFU-Allianz Health, a specialized health insurance Company in Pakistan. Together the three companies form the largest insurance group of Pakistan having a history of over 80 years of caring & sharing. As a leading life insurer in the private life insurance sector, our Market share is 42% as of December 2015 based on the gross premium income and 48% by size of assets.

He added, EFU life credit rating assigned by JCR VIS is 'AA+' (Double A plus), with Outlook on the assigned rating 'Stable', which is a testament to the company's strong capitalization level vis-à-vis the nature of risks underwritten and a very high capacity to meet policyholders' obligation.

He continued that it is a momentous occasion to be partnenng with a brand like NBP, which is synonymous with trust, integrity and service quality. He said our alliance with NBP, which is one of the leading Financial Institutions in the country, will give us a unique plattorm to provide bancassurance products and services. We at EFU Lite alwavs try to reach out to our customers through various distribution channels providing them with the best solutions according to their needs. We are hopeful that this partnership will be very fruitful for both the partners.

The ceremony was also attended by NBP and EFU Life officials some of which includes Mr. Sved Taria Hasan SVP-Wing Head, Mr. Adnan Ahmed AVP-Product Manager Banca, Mr. Shoaib Hassan Rind Manager-Marketing & Sales whereas on behalf of EFU Life Mr. Kamran Ansari CEO-Allianz EFU, Ms. Sumera Faroog Head of Bancassurance - Allianz EFU witnessed the occasion.