LAHORE: Punjab Finance Minister Mujtaba Shuja-ur-Rehman has said that the Punjab government has taken a new step in the realm of social protection with the establishment of Punjab Life Insurance Company, the first public sector initiative of its kind at the provincial level.
“It would serve as a modern, transparent and pro-people institution. Launched under the administrative control of the Punjab Finance Department, this company is envisioned to serve as a powerful tool for evidence-based policymaking, sound financial planning, and effective risk management,” he said during the interview session of short-listed candidates for the position of Chief Executive Officer (CEO) of Punjab Life Insurance Company, held here on Thursday.
According to him, by institutionalising life insurance at the government level, Punjab will not only offer financial security to its citizens in times of illness, death, or unforeseen circumstances, but will also gain structured access to socio-economic data. This data will enable the government to design more targeted, inclusive, and need-based welfare programs, ensuring that public resources are used efficiently and transparently.
The Minister further stated that the selection of the CEO is being carried out in a strictly merit-based and transparent manner, with clear consideration of educational background, relevant field experience, and technical expertise. “We are committed to appointing a capable and visionary professional who can lead the company on modern lines and expand life insurance coverage in the province,” he said.
He also directed the Punjab Finance Department to submit the summary of short-listed candidates to the Chief Minister for final approval, to ensure the timely appointment of effective leadership.
Copyright Business Recorder, 2025