Founded in 1975 as a pension plan administrator for parapublic organizations, SICOM (State Insurance Company of Mauritius) is now one of the world’s largest investment managers. Faced with growing market interest in green bonds and projects with high local impact, the company is preparing to integrate the notion of sustainability into its products and portfolios.
The first public insurer to join the Global Compact, and the first local insurer to adhere to the Principles for Responsible Investment (both under the aegis of the United Nations), SICOM is also a member of the SigneNatir community initiative, supported by Business Mauritius. All these local and international benchmarks consolidate SICOM’s reputation as a stable, reliable partner in sustainable finance.
Sustainable finance and responsible investment
Varsha Teemull-Mogun, Deputy Manager Investment at SICOM, explains that “the concept of sustainable finance concerns the entire financial ecosystem – loans, investments, insurance – supporting economic growth, while reducing environmental pressures and responding to social issues”. In concrete terms, an insurer will offer advantageous premiums for electric or hybrid vehicles, or even low-interest housing loans, if eco-responsible practices are adopted… A financial institution may issue green bonds or grant loans linked to the borrower’s environmental, social and governance (ESG) performance…
” Financial indicators are no longer enough when it comes to making investment decisions,” she explains, “the company also takes ESG factors into account.” This means, for example, avoiding investments in controversial industries such as tobacco, arms or fossil fuels. Favoring those that promote diversity, reduce their carbon emissions or adopt transparent governance.
SICOM’s Strategic Sustainability Plan
“Around the three pillars of responsible business, climate action and social development, the plan directs our long-term efforts towards a vision with a strong positive impact on the economy, society and the environment,” recalls Tanusha Choolun, Deputy Manager Strategy. Several organizational initiatives are in place to improve energy efficiency, reduce water and paper consumption, and strengthen waste management. With the help of a specialist consultant, the carbon footprint is measured, with a view to being reduced, according to science-based targets. Partnerships with environmental NGOs FORENA, FAREI, MWF… reinforce our actions in the field. “By channeling our efforts as a responsible corporate citizen, we aim to inspire our employees, customers and the wider community to take action on climate change, protect people’s livelihoods and stem the loss of biodiversity.”
The award of the Great Place To Work label for 2023-24 and 2024-25 gives full meaning to SICOM’s commitment to the empowerment, capacity-building and well-being of its employees, while joint work with the associations Lovebridge, ANFEN, FORENA… promotes the inclusion of vulnerable communities.
“We believe in transparency and accountability, ensure that every investment decision or new product development reflects our commitment to sustainability and ethical practices, and rely on strong governance to guarantee our customers and partners responsible business conduct in all aspects of our activities,” Tanusha concludes.
Tel: 203 8472
sicom.mu
varsha.mogun@sicom.mu