EFU Life Assurance Limited sent a notice to Karachi Stock Exchange that it wants to acquire 45.5 million shares of MetLife Alico Pakistan, constituting 91% stake of the company. “Our intention is based on market reports that there's a possibility that MetLife may want to sell its stake in Pakistan. As per the Listed Companies Ordinance, 2002, and Listed Companies Regulations, 2008, for substantial acquisition of voting shares and takeovers, we're expressing our intention to buy the majority stake.

MetLife Pakistan has a reasonably sized life insurance business, which is also profitable. Therefore, we are interested in having a closer look at it to evaluate its portfolio in detail,” EFU Life Assurance Chief Strategy Officer Mohammed Ali Ahmed. American Life Insurance Company (Pakistan) Limited holds 81.97% stake in MetLife.

IGI Insurance Limited, TPL Direct Insurance Ltd, and Adamjee Life Assurance Co. Ltd. have shown interest in acquiring MetLife.