Island Life Assurance Co.

What Island Life Assurance Co. does

Island Life Assurance Co. Ltd (ILA) is a Port Louis, Mauritius-based life insurance carrier and wholly owned subsidiary of the Currimjee Jeewanjee and Company Limited conglomerate (founded 1890). Established in 1988 and operating with 11-50 employees, ILA is licensed by the Financial Services Commission of Mauritius and ISO 9001:2015 certified. The company is described as one of the key players in the Mauritian life insurance sector, with 35+ years of market experience and a portfolio spanning individual protection and investment plans (Cash Back, Savings, Flexible Savings, Prime, Fidelity), pure term covers (Loan Cover, Protect), education and retirement savings plans, and a Shariah-compliant Takaful Investment Plan; it also offers corporate group life assurance, pension administration and fund management, key man insurance, and secured loans.

ILA's revenue model rests on recurring life insurance premiums across monthly subscription plans (minimums Rs 1,000-2,500) and single-premium investment-linked plans (minimums Rs 50,000-100,000), plus corporate fees for pension administration and fund management. Products are sold through a tied agency sales force and a direct marketing arm, with customer engagement supported by a website, WhatsApp contact (5727 50 50), and a Port Louis customer service center; payment is accepted via internet banking at MCB, Barclays, and SBM, plus the Juice mobile platform. The technology stack is conventional - a website integrated with Google Analytics, standard bank payment rails, and WhatsApp for agent communication - with no proprietary AI, app, or API platform disclosed.

The customer base is dominated by individual Mauritian retail policyholders across three primary segments: individuals seeking protection/investment/education/retirement solutions, corporates needing group life and pension administration, and Waqfs/Islamic institutions served through the Takaful plan. Pricing varies by product, age, term, and sum assured, with discounts of 0.75%-3.00% for non-monthly billing. Ownership remains fully concentrated under the Currimjee family via the parent conglomerate, with no public listing, external institutional investment, or disclosed funding events.

Name

Island Life Assurance Co.

Legal name

Island Life Assurance Co. Ltd

Website

https://ila.mu

Company type

Private

Founded year

1988

Operating status

Operating

Headcount range

11–50 employees

Short description

Island Life Assurance Co. is a Port Louis, Mauritius-based life insurance carrier offering individual protection, investment, education, and retirement plans, plus group life and Shariah-compliant Takaful products, serving retail and corporate customers as a wholly owned subsidiary of Currimjee Jeewanjee and Company Limited.

Ownership category

akta.pro rank

Product category

Life Insurance

NAICS

Direct Life, Health, and Medical Insurance Carriers (52411), Direct Life Insurance Carriers (524113)

SIC

Life Insurance (6311)

akta.pro primary industry

Annuities & Investment-Linked Insurance Solutions (Retail) (FSAAAAAM)

akta.pro secondary industries

Level Term Life Insurance (FSAIAAAA), Group Term Life Insurance (FSAIAAAJ), Annuity & Insurance-Based Retirement Solutions Advisory (FSAEABAH)

Keywords

• Life insurance products
• Investment-linked plans
• Pension administration services
• Takaful insurance plans
• Group life assurance

Headquarters

HQ city

Port Louis

HQ country

Mauritius

HQ region

Africa

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

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

Revenue model

1. Life Insurance Premiums: ILA generates revenue through life insurance premiums collected from policyholders. The company offers various insurance products including protection plans, investment plans with competitive bonuses, cash back policies, educational policies, pension plans, pure risk covers (Term policies), and group life assurance.
2. Investment Products: Revenue from investment-linked plans including Island Cash Back Plan, Island Savings Plan, Island Flexible Savings Plan, Island Prime Plan, Island Fidelity Plan, and Takaful Investment Plan. Premiums are invested and the company declares investment returns.
3. Corporate Services: ILA offers group life assurance, pension administration and fund management services for corporate clients, generating fees for administration and fund management.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Island Life Assurance Co. (ILA) is a Mauritian life insurance company that underwrites and distributes protection, savings, investment, education, retirement, and Shariah-compliant (Takaful) life insurance plans to individuals and corporates. Its portfolio spans cash-back, savings, single-premium investment-linked, term assurance, education, retirement, and Takaful plans, complemented by corporate group life assurance, pension administration, fund management, key man insurance, and secured loans, sold through a tied sales force, direct marketing arm, website self-service, and customer service center.

Product overview

Island Life Assurance Co. offers a comprehensive portfolio of life insurance products and financial services organized into five main categories: (1) Protection & Investment Plans including Island Cash Back Plan, Island Savings Plan, Island Flexible Savings Plan, Island Prime Plan, and Island Fidelity Plan; (2) Protection Plans including Island Loan Cover Plan and Island Protect Plan; (3) Education Plans centered on the Island Educational Plan; (4) Retirement Plans including Island Retirement Savings Plan and Spouse Retirement Savings Plan; and (5) ILA Takaful Investment Plan for Sharia-compliant investments. The company also provides corporate offerings including Group Life Assurance, Pension Administration and Fund Management Services, Key Man Insurance, and Secured Loans. Products are distributed through a tied sales force and direct marketing arm.

Differentiator

Problem solved

Functional benefit

Brands

• Island Cash Back Plan: An innovative insurance plan paying up to four times the basic sum assured, with cash back every 5 years.
• Island Savings Plan
• Island Flexible Savings Plan
• Island Prime Plan
• Island Fidelity Plan
• Island Loan Cover Plan
• Island Protect Plan
• Island Educational Plan
• Island Retirement Savings Plan
• Spouse Retirement Savings Plan
• ILA Takaful Investment Plan

Products and services

• Island Cash Back Plan Innovative insurance plan paying a percentage of the basic sum assured every 5 years, with death benefit up to four times the basic sum assured; available in with-profits (Cash Back Plus) and without-profits versions for individual policyholders.
• Island Savings Plan Comprehensive insurance policy offering both protection and savings, providing up to four times the basic sum assured as cover for critical illness, total permanent disability, or death.
• Island Flexible Savings Plan Investment-linked plan with Personal Private Account (PPA) feature, offering single and regular premium contributions with surrender, maturity, and death benefits.
• Island Prime Plan Single premium investment-linked plan designed for investing funds with potential returns, with minimum sum assured of 105% of single premium, scalable to 125%.
• Island Fidelity Plan Single premium investment-linked plan designed for existing policyholders to re-invest survival or maturity benefits, offering loyalty bonuses of 0.75-1.50% of single premium.
• Island Loan Cover Plan Decreasing Term Assurance (DTA) pure life cover plan required by law for loan protection, where the sum assured decreases in line with loan repayment.
• Island Protect Plan Level Term Assurance (LTA) pure life cover plan providing peace of mind by paying the sum assured in case of claim.
• Island Educational Plan Insurance and savings plan designed to provide financial security for children's academic requirements, available in with-profits (Educational Plus) and without-profits versions.
• Island Retirement Savings Plan Investment-linked plan encouraging individuals to save for retirement, providing retirement benefit at age 65 with Personal Private Account (PPA) accumulation.
• Spouse Retirement Savings Plan Variant of the retirement savings plan for main lives with workplace pension schemes to cater for spouses' retirement benefits.
• ILA Takaful Investment Plan Sharia-compliant single contribution investment-linked plan with an initial duration of 4 years, investing in Shariah-compliant properties with potential rental income and capital gains; backed by Rs 153.2M in properties.
• Group Life Assurance Corporate group life assurance coverage offered to businesses for their employees.
• Pension Administration and Fund Management Services Corporate pension administration and fund management services for group clients, generating fees for administration and fund management.
• Key Man Insurance Insurance coverage for key employees in corporate settings to protect against loss of critical personnel.
• Secured Loans Secured loans for housing and other purposes.

Quantifiable outcome

• Cash back payments every 5 years (20-80% of basic sum assured depending on term)
• +3 more outcomes

Named customers4 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

Integration7 records

Partnerships

Three partnerships are on record, tiered core.

• Currimjee Jeewanjee and Company Limited (CJ)coreStrategic or Co-development PartnerILA is a fully owned subsidiary of Currimjee Jeewanjee and Company Limited (CJ), which has been in existence since 1890. CJ is a family-owned business operating in seven business sectors including Commerce & Financial Services where ILA operates.
• Reinsurance CompaniescoreOthersPersonal data collected by ILA is shared with Regulatory bodies and Reinsurance companies as part of normal business operations and compliance requirements.
• Dr Ahmed Mohammed Mokhtar (Shariah Expert)coreStrategic or Co-development PartnerDr Ahmed Mohammed Mokhtar, who holds bachelor, master and PhD degrees in Shari'ah and Islamic Banking Finance, provides Shariah certification for the ILA Takaful Investment Plan.

Scale indicators5 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Old Mutual Mauritius: Mauritius operation of Old Mutual plc, providing life insurance, savings, and investment products to individuals and corporates. A broader incumbent with regional African backing competing in the same Mauritian retail and group life segments.
• Sanlam Mauritius: Subsidiary of South African financial services group Sanlam, offering life insurance, investments, and wealth management in Mauritius. Competes in life insurance and retirement savings, with broader group capabilities than ILA.

Direct peers

• SICOM: State-owned insurance company of Mauritius offering life and general insurance plus financial services. SICOM is one of the largest insurers in Mauritius and a direct competitor in the individual and group life insurance segments.
• National Insurance Company (Mauritius): Long-established Mauritian insurer offering life and non-life products to individuals and corporates. Competes with ILA in the same domestic life insurance market with similar product categories.
• SWAN Life: Mauritian life insurer offering individual savings, protection, retirement, and education plans with multi-channel distribution. Direct competitor to ILA in retail life insurance with comparable product breadth.
• Colonial Insurance (Mauritius): Mauritian general and life insurer with established distribution serving individuals and corporates. Overlaps with ILA in life protection and group insurance products within the domestic market.
• MUA Life: Direct competitor in Mauritian life insurance market, offering individual life, savings, and group life products. MUA Life is the most direct peer as several ILA senior leaders (Operations Manager, Sales Manager) previously worked there, and both compete for the same Mauritius individual and corporate life insurance customers.
• Prudential Mauritius: Branch of the global Prudential plc operating in Mauritius with individual life, investment-linked, and group life products. Direct competitor leveraging international brand and product sophistication against ILA's local heritage positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/ilamauritius

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 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 Island Life Assurance Co.