State Insurance Company of Mauritius

What State Insurance Company of Mauritius does

State Insurance Company of Mauritius (SICOM) is a state-owned, diversified financial services group headquartered in Port-Louis, Mauritius, founded in 1975 and serving the Mauritian market through 373 employees across multiple physical branches and digital channels. The group operates five wholly-owned subsidiaries — SICOM General Insurance Ltd, SICOM Financial Services Ltd, SICOM Global Fund Limited, SICOM Management Limited, and SICOM Properties Ltd — to deliver a comprehensive product suite spanning life insurance, general insurance, pensions, leasing, loans, deposits, and unit trust investments to individual retail customers, corporate clients, and government/public sector employees.

SICOM's product portfolio covers individual protection (WeCare and MyCare medical insurance, Speedy Health for civil servants, RodCare for Rodrigues island, HomEasy home insurance, car insurance with DriveEasy/DriveSmart variants, travel insurance, personal accident, and MaxInvest unit-linked life), savings and investment (Pensave pension plan, child education, deposits, SICOM General Fund and Overseas Diversified Fund unit trusts), borrowings (personal loans, housing loans, car leasing including EcoLease for hybrid/electric vehicles), and corporate lines (accident & health, engineering, liability, group life, marine, motor, property, special risks, group pensions, and corporate investments including OracleMed Health international medical cover). Technology delivery is through standard digital insurance infrastructure: the SICOM MyLink mobile application, online quotation platforms, customer portal, e-Documents system, and SSL-secured payment gateway — without disclosed AI/ML capabilities.

The business model is built on recurring subscription/transactional revenue from premiums (MUR 2.9 billion insurance revenue in FY2024) and financial service fees (MUR 964.1 million non-insurance revenue), supplemented by unit trust management fees and overseas treatment facilitation income. Go-to-market is multi-channel: direct branch sales, online self-service, agent/salesperson networks, dedicated corporate sales teams, distribution partnerships (e.g., SBM Insurance Agency Ltd), and partnership-mediated value-added services (Healix Assistance for travel medical emergencies, Red Kangaroo Health for home doctor visits, Indian hospital network for overseas treatment). Total group revenue reached MUR 4.3 billion in FY2024 with MUR 1.2 billion pre-tax profit and MUR 28.6 billion in total assets, underlining a stable, mature financial profile.

Name

State Insurance Company of Mauritius

Legal name

State Insurance Company of Mauritius Ltd

Website

https://sicom.mu

Company type

Private

Founded year

1975

Operating status

Operating

Headcount range

251–500 employees

Short description

State Insurance Company of Mauritius (SICOM) is a state-owned financial services group offering life and general insurance, pensions, leasing, loans, deposits, and unit trust investments to individual, corporate, and government customers across Mauritius.

Ownership category

akta.pro rank

Product category

Life and General Insurance

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Direct Insurance (except Life, Health, and Medical) Carriers (52412), Funds, Trusts, and Other Financial Vehicles (525), Finance and Insurance (52)

SIC

Life Insurance (6311), Accident & Health Insurance (6321), Insurance Carriers, Nec (6399)

akta.pro primary industry

Insurance-Integrated Wealth Managers (RIA + Insurance Solutions) (FSAAACAI)

akta.pro secondary industries

Variable Universal Life (VUL) Insurance (FSAIABAD), Group AD&D (Standalone or Bundled with Life) (FSAIADAG)

Keywords

• General insurance services
• Life insurance products
• Pension management
• Unit trust investments
• Vehicle leasing services

Headquarters

HQ city

Port Louis

HQ country

Mauritius

HQ region

Africa

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Insurance Premiums: Revenue generated from life insurance, general insurance (motor, property, travel, medical, accident), and corporate insurance products. Insurance revenue reached MUR 2.9 billion.
2. Non-Insurance Financial Services: Revenue from leasing, loans, unit trust investments, and deposit products. Non-insurance revenue climbed to MUR 964.1 million.
3. Unit Trust Management: Management fees and performance from SICOM General Fund and SICOM Overseas Diversified Fund. SICOM General Fund distributed dividend of Rs 14.5 million and Overseas Diversified Fund distributed Rs 4.7 million in dividends.
4. Overseas Treatment Services: Revenue from facilitating medical treatment abroad through partner hospitals in India with cashless service and GOP arrangements

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

State Insurance Company of Mauritius (SICOM) is a diversified financial services group that sells life insurance, general insurance (motor, property, travel, medical, accident), pension plans, unit trusts, personal and corporate loans, financial leasing, and deposit products to individuals, businesses, and government clients in Mauritius. The group delivers these offerings through wholly-owned subsidiaries (SICOM General Insurance, SICOM Financial Services, SICOM Global Fund, SICOM Management, and SICOM Properties) supported by a multi-channel branch and digital distribution network.

Product overview

State Insurance Company of Mauritius (SICOM) operates as a diversified financial services group offering a comprehensive portfolio of insurance and financial products. The company provides individual products including Life Insurance (with unit-linked MaxInvest option), Child Education, Pensave Pension Plan, Medical Insurance (WeCare inpatient, MyCare inpatient/outpatient, Speedy Health, RodCare for Rodrigues), HomEasy Home Insurance, Travel Insurance, Personal Accident, Loans, Leasing (including EcoLease for electric/hybrid vehicles), Deposit, and Unit Trust investments. For corporate clients, SICOM offers Accident & Health, Engineering, Liability, Group Life, Marine, Miscellaneous, Motor, Property, and Special Risks insurance, along with Group Pensions and Corporate Investment services. The portfolio also includes international medical insurance through OracleMed Health partnerships. The company operates across multiple subsidiaries including SICOM General Insurance Ltd and SICOM Financial Services Ltd, delivering products through digital platforms (Customer Portal, Mobile App, online quotation systems) and branch network.

Differentiator

Problem solved

Functional benefit

Brands

• WeCare: In-patient medical insurance cover designed to protect against costs associated with treatment requiring overnight stay at a private hospital
• MyCare
• Speedy Health
• RodCare
• EcoLease
• MaxInvest
• SICOM MyLink

Products and services

• Life Insurance Life insurance coverage providing financial protection and security for individuals and families, available with options including unit-linked plans that combine an investment component with life coverage.
• Child Education Plan

Quantifiable outcome

• SICOM General Fund achieved 15.5% return in FY2024 with 8.6% annualized over 5 years
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core and major.

• Healix AssistancecoreStrategic or Co-development Partner · 5 January 2026Healix Assistance provides 24-hour emergency medical assistance for SICOM travel insurance policyholders. Emergency Medical Assistance: +44 208 057 3933. Claims: [email protected]. Service applicable for medical costs exceeding EUR 200 or USD 250.
• SBM Insurance Agency LtdmajorChannel Partner/ Reseller/ Distributor · 24 January 2025SBM Insurance Agency Ltd joined OracleMed Health distribution network as distributor for Mauritius and the region. This enables SBM to offer international medical insurance products to their customers through the partnership with SICOM General Insurance Ltd.
• RED KANGAROO HEALTHcoreStrategic or Co-development Partner · 8 August 2024RED KANGAROO HEALTH provides Home Doctor On-Site Assistance Service to SICOM medical insurance customers. Trained medical practitioners conduct in-home doctor visits across Mauritius, extendable to workplaces or other convenient locations.
• OracleMed HealthcoreTechnology or Integration · 4 April 2024OracleMed Health is a global medical insurance provider offering comprehensive international health coverage in 18 countries. SICOM General Insurance Ltd represents OracleMed Health in Mauritius, providing international medical insurance with 24/7 emergency assistance and evacuation services.
• Indian Hospital Network (Overseas Treatment)coreStrategic or Co-development Partner · 1 January 2024Network of certified hospitals and medical centers in India for specialized treatment and surgery. Includes MIOT Hospital Chennai, Artemis Hospital Delhi, KIMS Hospitals Hyderabad, Wockhardt Hospital Mumbai, Rainbow Children's Hospital Bangalore and Hyderabad, and Apollo Hospitals across India. Services include cashless treatment, GOP provision, and air ticket/accommodation coverage for insured members.

Scale indicators10 records

Recent moves7 records

Expansion highlights5 records

Broad incumbents

• Old Mutual Limited: African-focused insurance and investment group offering life, non-life, and asset management products comparable to SICOM's insurance plus unit trust offering, providing a regional benchmark for SICOM's potential cross-border expansion ambitions.
• Sanlam Limited: Large pan-African financial services group offering life insurance, general insurance, investment, and wealth management across multiple African markets — a broader incumbent whose product portfolio and integrated model mirror SICOM's strategy at much larger regional scale.
• MCB Group (Mauritius Commercial Bank): Mauritius's largest banking group with insurance and investment subsidiaries, comparable to SICOM's diversified financial services model across deposits, loans, insurance, and asset management within the same domestic market.

Regional players

• African Reinsurance Corporation (Africa Re): Multinational reinsurer serving African insurance markets including Mauritius — relevant peer for SICOM as both a potential reinsurance counterparty and as a benchmark for African insurance risk pricing across the region.

Direct peers

• Anglo-Mauritius Assurance Society: Historical Mauritian insurer offering life assurance, investment, and pension products with similar domestic focus to SICOM, competing for individual and corporate life insurance and retirement planning customers.
• National Insurance Company of Mauritius (NICM): Mauritius-based insurance provider offering life and non-life insurance products to local individuals and corporates, directly comparable in market segment, customer base, and product scope.
• Mauritius Union Assurance (MCB Group): Long-standing Mauritian life and general insurer now part of MCB Group, offering life insurance, pensions, and savings products comparable to SICOM's life and pensions portfolio, serving similar individual and corporate customers within Mauritius.
• Swan Insurance Company Limited: Mauritius-headquartered general insurance company offering motor, property, marine, engineering, liability, and personal accident cover to individuals and corporates — directly comparable to SICOM's general insurance business in product mix, customer base, and domestic market focus.
• CIM Financial Services Ltd: Mauritian financial group offering insurance, investment, and wealth management products including life insurance and unit trusts, comparable to SICOM's combined insurance and investment offerings within Mauritius.
• Rogé & Co Ltd (insurance arm): Mauritian financial group offering insurance brokerage and related financial services, comparable to SICOM's distribution model and local market presence in Mauritius.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/sicomgroup
• Xx.com/sicom_group

Compliance4 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries5 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about State Insurance Company of Mauritius