Govt Fires CEO Postal Life Insurance Company on Poor Performance

The Federal Government has removed Chief Executive Officer (CEO) Postal Life Insurance Company Limited (PLICL) from his post due to his poor performance and deteriorating insurance business of the company. He was appointed by the last PTI government.

The federal government also posted Hasan Akhtar Khan, Additional Director General (Operations), Pakistan Post as CEO PLICL as an interim arrangement till the posting of a regular incumbent, an official source told Propakistani.

On December 1, 2020, Muhammad Naeem Akhtar was appointed by the government of Pakistan Tehreek-e-Insaf as CEO of Postal Life Insurance Company Limited (PLICL), for a period of three years, to operationalize the company.

The PLICL started its Operations and commencement of fresh life insurance business on 25 February 2021. According to the source after the transformation of PLI to PLICL, the performance of the company has deteriorated which is evident from the fact that enormous public complaints relating to surrender, maturity, and death value claims of insurers have been received and PLICL has badly failed to redress the public grievances.

The business of the company has also decreased drastically which reflects poor performance and weak control of the CEO. This declining trend in business and receipt of a large number of complaints necessitates the removal of Muhammad Naeem Akhtar as CEO of PLICL in the public interest, said the source.

As per the terms and conditions for appointment, the period of contract is 3 years, unless earlier terminated as per the pleasure of the Federal Government. The federal cabinet through circulation has approved the removal of the CEO, PLICL from his post, the source said.



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