SICOM Group: A Year of Stellar Performance and Unwavering Commitment
Corporate
The State Insurance Company of Mauritius Ltd (SICOM) Group this week announced a stellar financial performance for the year ended June 30, 2024, demonstrating robust growth, significantly enhanced investment returns, and the reaffirmation of its prestigious AAA credit rating. This achievement underscores SICOM’s strategic resilience and its unwavering commitment to sustainable and inclusive economic development for Mauritius.
Driven by a purpose-led strategy, SICOM continues to deliver lasting value to its diverse stakeholders. The Group’s focus extends beyond financial metrics, actively contributing to the broader economic landscape of Mauritius while simultaneously driving digital innovation and expansion across all its segments.
SICOM’s financial results for the past fiscal year paint a picture of impressive growth and stability:
- Group revenue surged to MUR 4.3 billion, a testament to the strong performance across both its core insurance and diversified non-insurance activities.
- Insurance revenue witnessed an impressive increase, reaching MUR 2.9 billion, highlighting the strength and expansion of its primary business.
- Non-insurance revenue also saw a significant climb to MUR 964.1 million, showcasing the successful diversification of its income streams.
- Funds under management grew substantially to MUR 81.0 billion, reflecting the efficacy of the Group’s investment strategies and its ability to attract and manage significant assets.
- Total Group assets expanded to MUR 28.6 billion, underscoring a robust and continually growing balance sheet that provides a strong foundation for future endeavors.
- Despite the widespread industry impact of IFRS 17, SICOM demonstrated resilient profitability, with Group Profit Before Tax standing at MUR 1.2 billion, showcasing its adaptability and sound operational management in a challenging regulatory environment.
Adding to these impressive financial figures, SICOM proudly maintained its AAA credit rating from Care Ratings Africa Private Limited (CRAF). This top-tier rating is a direct reflection of the Group’s exceptional financial stability, robust governance framework, and highly effective risk management practices.
Mrs Nandita Ramdewar, Group Chief Executive Officer of SICOM, commented on the results, stating, “At SICOM, we are not only focused on financial results; we are shaping a future that is sustainable, inclusive, and digitally empowered. This performance is a reflection of our employees’ commitment, our customer-first approach, and our ability to deliver on our strategic ambitions.”
As SICOM approaches its 50th anniversary in 2025, this milestone reflects its long-standing history and enduring role as a trusted partner for Mauritians. Moving forward, SICOM remains committed to its mission of creating shared prosperity and strengthening its leadership in the Mauritian financial services industry.
Mauritius Times ePaper Friday 18 July 2025
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