Iran Insurance Company, the only fully state-owned insurance firm in Iran, is planning to spin itself off into several entities as part of its reform plans, said Mohsen Pourkiani, IIC’s chief executive.

The planned ''holding company'' consists of four specialized firms, namely a life insurance company, a firm for non-life insurances, a reinsurance company and one dedicated to investments, the Economy Ministry’s news service reported on Wednesday.

The giant insurer has reportedly suffered from a number of woes in recent months, including piles of bad debts and a huge amount of paid claims. IIC’s market share has also dropped in recent months mostly due to the unprofitability of motor insurance.

Addressing the issues in the personal auto policy category, Pourkiani said, “We are planning to navigate the category toward coverage for individuals instead of vehicles.”

According to available data, Iran Insurance Company holds about 38% market share.The IIC market share started to slip since January falling to 31% in May.