Pasargad Insurance Company was founded by Pasargad Financial Group (PFG) in 2006 to widen and strengthen the Group presence in the financial services industry. The company is now offering both life and non-life insurance services competing with 27 other insurance company currently operating in Iran.
To show a picture of Iranian Insurance market, it should be mentioned that modern insurance business started in 1910 and the first Iranian Insurance company (Bimeh Iran ) was established in 1935. The insurance industry was nationalized in 1979 and in 2001 private owned insurance companies were again authorized to be established and operate in the insurance market .The whole insurance market is regulated and supervised by Central Insurance of Iran which also runs compulsory and non-compulsory reinsurance in the market .
Pasargad Insurance Profile
Pasargad Insurance Company offers direct insurance in all lines of life and non-life fields. The company also accepts reinsurance business from local market .Besides Central Insurance of Iran and two other reinsurance companies, only a few direct companies are authorized to accept reinsurance and Pasargad Insurance is one of them. The company provides its services all over the country utilizing 80 branches and 2400 general agents and also 14000 individual marketers that only sell life insurance products.
Pasargad Insurance Strategy
Company's first priority is quality in order to achieve long term growth together with acceptable profitability. This can be materialized by non-stop observation of the interests of various stakeholders of the company who they are not only the shareholders but the customers, human resources and the whole community.
Pasargad Insurance Vision
Insurance is a promise for the future and Pasargad Insurance Company is a future based institution and is endeavoring to achieve brilliant business horizons to the best of all stakeholders’ satisfaction.
Pasargad Insurance Facts and Figures
Some data may reveal Pasargad Insurance Company rapid and balanced growth:
Founded in 2006 the capital was USD 15,000,000* which 50 percent of it was paid by the shareholders only .In 2015 the capital has risen to USD 68,000,000* fully paid. It is interesting to know that the shareholders only paid 28 percent of their capital increase shares in cash and the rest supplied by some portions of their profits while receiving cash profits at the same time.
5.2 Stock Value:
Pasargad Insurance Company has the highest stock value amongst the insurance companies listed in the stock market. The total market value of Pasargad Insurance Company is now more than USD 200,000,000*.
5.3 Human resources:
850 staff possesses unique insurance knowledge and attaches great value to customer services. This attitude assists the company to receive top ranking according to the latest evaluation conducted by Central Insurance of Iran which is the supervisory authority of the insurance market.
5.4 Synergistic Cooperation:
Pasargad Insurance Company enjoys a high value position in the Pasargad Financial Group by providing well-tailored insurance covers to the whole group and its customers to fulfill their requirements. The good examples are various healths, life and personal accident covers provided to the clients of Bank Pasargad by which a large number of new customers have been attracted to Bank Pasargad.