SICOM Group delivers strong growth, enhanced investment returns, and upholds AAA Rating

Port-Louis, 30 June 2025 - The State Insurance Company of Mauritius Ltd (SICOM) is proud to report another year of strong financial performance, strategic resilience, and a deep-rooted commitment to sustainable and inclusive growth for the financial year ended 30 June 2024.

Driven by its purpose-led strategy, SICOM continues to deliver lasting value to stakeholders, contributing to the broader economic development of Mauritius while advancing digital innovation and growth across all segments of the Group.

Financial Highlights

- Group revenue rose to MUR 4.3 billion, reflecting strong performance across both insurance and non-insurance activities.

- Insurance revenue registered an impressive increase, reaching MUR 2.9 billion, while non-insurance revenue climbed to MUR 964.1 million.

- Funds under management grew significantly to MUR 81.0 billion, demonstrating the Group’s effective investment strategy.

- Total Group assets increased to MUR 28.6 billion, underscoring a solid and growing balance sheet.

- Despite the industry-wide impact of IFRS 17, SICOM delivered resilient profitability with Group Profit Before Tax standing at MUR 1.2 billion.

SICOM also achieved a AAA credit rating from Care Ratings Africa Private Limited (CRAF) and reflects the Group’s financial stability, strong governance framework, and robust risk management practices.

“At SICOM, we are not only focused on financial results; we are shaping a future that is sustainable, inclusive, and digitally empowered,” said Mrs Nandita Ramdewar, Group Chief Executive Officer. She further added: “This performance is a reflection of our employees’ commitment, our customer-first approach, and our ability to deliver on our strategic ambitions.”

As SICOM celebrates its 50th anniversary in 2025, this milestone year marks not only a celebration of its legacy but also a reaffirmation of its long-standing role as a trusted partner in the financial lives of Mauritians.

Looking ahead, SICOM remains firmly aligned with its mission of creating shared prosperity and continues to reinforce its leadership position in the Mauritian financial services industry.

Click here to view the full Integrated Report 2024