Saman Insurance Co. was established with a corporate capital of IRR 200 bln divided into 200 mln shares, each with a par value of IRR 1000, and registered under No. 241059 at the Organization for Registration of Companies on 15.02.2005 to provide commercial insurance services in property, liability and insurances of persons. On 01.03.2005 it received its operation permit from the Central Insurance in life, non-life as well as reinsurance, and began its operations as the sixth member of Saman Financial Group.
The members of the founding board of Saman Insurance Co. consist of Saman Bank, Saman Bank Investment Co., Sarcheshmeh Copper Investment Co., Pension Fund of National Iranian Copper Industries Co., Steel Employees Support and Pension Fund Institute, as well as several physical persons and legal entities with long records in financial and manufacturing industries. In December 2012, the corporate capital was increased to IRR 400,000,000,000. To satisfy clients and to provide desirable services to the insured people, the members of the board of directors employed skilled expert forces in insurance matters as senior and middle directors to create innovation and to make a difference in the provision of products and services in the insurance industry.