Celebrating 45 Years of Protecting Families, Businesses, and Communities
🏛️ Origins and Early Years (1980–1990)
Sacos Group Ltd began as a government entity under the State Assurance Corporation of Seychelles Act, which came into force on 1 August 1980. For its first decade, the company focused solely on general insurance products—and quickly became a householder’s name.
In March 1990, Sacos crossed into life insurance, launching its first life assurance products. The first survival benefit payout followed in 1995.
Since 1991, Sacos has been empowering a network of 26 insurance agents (some brokers) to help grow its premium revenue.
Product Expansion and Diversification (1990s–present)
Throughout the 1990s and early 2000s, SACOS progressively expanded and diversified its portfolio of insurance products. Initially focused on general insurance since its inception, SACOS introduced life insurance products starting in 1990. Over time, this offering evolved into a comprehensive suite of life and general insurance solutions designed to meet a wide range of customer needs.
- Rolled out specialized offerings such as Junior Plans (1992), Mortgage Protection, Student Travel Insurance, and funeral-inclusive motor policies
Overview of the Products and Services Offered by Sacos:
Life Insurance Products: Junior Plan, Funeral Plan, Sacos Special, Education Plan, Group Life Insurance, Special Whole Life Assurance, Credit Protection Insurance, Mortgage Protection Insurance, Sacos Whole Life Assurance Plan, Double Security Plan, Special Endowment Assurance Plan, Sacos Exclusive Plan, Endowment Assurance Plan.
Life Assurance Riders: Additional Death Benefit Rider, Accidental Death Benefit Rider, Critical Illness Benefit Rider, Total and Permanent Disability (TPD) Rider, Waiver of Premium Rider on TPD, Family Income Benefit Rider on Death, Family Income Benefit Rider on TPD.
General Insurance Products: Agriculture & Fisheries Scheme, Assets All Risk Insurance, Aviation Liability Insurance, Motor Commercial/Fleet Insurance, Engineering Insurance, Fire & Special Perils, Group Liability Insurance, Group Personal Accident, Health Insurance, Householders Insurance, Liability Insurance, Marine & Air Cargo, Marine Hull Insurance, Miscellaneous Insurance Policy, Multi Risk Insurance, Personal Accident, Motor Fleet Insurance, Motor Private Insurance, Travel Insurance.
This diverse range of offerings illustrates SACOS’s strategic commitment to meeting evolving customer expectations and market demands across both life and general insurance domains.
Sacos Brand past and present
Privatisation & Public Listing (2005–2014)
In 2005, the Government of Seychelles announced a plan to privatise Sacos, retaining a 20% share while tendering 30% to strategic investors. The remainder was opened to public subscription, including employees.
The company was renamed State Assurance Company Ltd, later becoming Sacos Group Ltd in October 2011.
A watershed moment came in August 2013 when Sacos became the first company to list on Trop‑X (now known as Merj, Seychelles’ securities exchange). By May 2014, the government had fully sold its remaining shares—a total of 399,990 shares—in what was the first government sale via the securities exchange, marking the company’s complete transition into private, shareholder‑owned status.
Digital Transformation & Infrastructure
Sacos implemented its first IT platform, the AS/400 system, in the early 1990s, whereby the process was still running manually. The company launched its first website in 2000, marking its entry into the digital age.
By 2016, it had expanded its online presence with Facebook and Instagram accounts; in 2017, it refreshed its website to include interactive insurance quotes and calculators. A consumer-oriented blog followed in April 2018.
Sacos has developed in leaps and bounds regarding digital transformation and have many plans in this area in the near future. Sacos continues to develop its digital platforms through the introduction of online payment and travel insurance infrastructures in 2023.
Rebranding & Structural Changes (2017 onwards)
In February 2017, Sacos undertook a major rebrand, adopting the trading name Sacos Insurance Group. The refreshed identity—featuring a red, white and black logo—
As part of the rebrand, two subsidiary arms were merged under the umbrella of Sacos Group Ltd, while Sacos Life Assurance Company Ltd remained a separate legal entity within the corporate group structure.
Property Management & Real Estate
Sacos ventured into property management in 1996, acquiring a plot at Anse Etoile and constructing a residential bloc of 63-bedroom units by 1998.
Sacos enters real estate business
Further residential developments followed at Quincy Village and Point Larue. However, in 2017, the company pivoted toward commercial real estate—disposing of majority of its residential holdings and investing in assets such as Docklands, Sunshine House, and warehouses at Providence (one opened in 2019, another in 2020).
Headquarters & Community Engagement
- The first office opened in September 1980 at the Pirates Arms Building.
- In 1985, Sacos set up claims and loss prevention office.
- In 1991, the Praslin Office was opened to the public to better serve the community of Praslin.
- In 2006, HQ moved to Sacos Tower —an emblem of its growing status.
- Opening of Providence Branch – The Providence branch of Sacos was officially opened in August 2015, coinciding with the company’s 35th anniversary. The new office, located in the Green Corner Building in Providence Industrial Estate on Mahé, was launched as part of Sacos’ strategic push to modernize operations, enhance client outreach, and bring services closer to customers. At the opening ceremony—attended by Sacos staff and broker representatives, CEO of Sacos at the time, Pierre Laporte emphasized that “by opening a new branch at Providence, we are telling clients that we are getting closer to them”
Sacos opens Providence branch 2015
- In October 2018, headquarters relocated to Maison Esplanade, Rue Pierre de Possession in Victoria, offering more accessible and open walk-in services.
- In March 2025 Sacos opened its Office on la Digue to better serve the community on the island, and showed appreciation to the inner islands’ clients.
🌳 Environmental & Sustainability Efforts
- 2019 – Victoria Heritage Clean-ups & Awareness: Sacos staff joined forces with the Seychelles Hospitality and Tourism Association (SHTA) and the Seychelles Sustainable Tourism Foundation to clean and maintain historic sites around Victoria. They also raised awareness about littering and its environmental impacts
- 2020 – 40th Anniversary Green Drive: Sacos donated gardening tools (shovels, rakes, machetes) to the Seychelles National Parks Authority (SNPA) and planted 160 rare endemic trees, including species like Bwa-d-Nat and Lantannyen Fey
- September 2023 – Coastal & Trail Clean-ups: A dedicated team of 22 Sacos employees volunteered for a national beach and trail clean-up, collecting dozens of bags of plastic and debris near the Baie Ternay Marine Park, in partnership with the SPGA and global’s Clean Up the World campaign
- March 2025 – Cleaning up of the La Digue Elderly home was conducted by the Sacos Team in collaboration with the La Passe Football Junior team
- May 2025 – Sacos participated in the World Biodiversity Day by conducting cleaning up activities in collaboration with SPGA at the Morne Seychelloise and Curieuse National Parks respectively. Further donations of gardening tools done to the Baise Ste Anne and Grand Anse Praslin Communities.
🏫 Education & Local Community Support
- May 2025 – Bel Eau Primary School Smart TV Donation: Sacos gifted smart TVs to enhance the school’s digital learning environment. The event included heartfelt student performances and speeches expressing appreciation for the improved classroom experience.
- March 2025 – Donations to the La Digue Elderly home and La Passe Junior football team on the occasion of the opening of the Sacos La Digue Office
- October 2022 – La Digue Primary School & Elderly Home: Even without a local office, Sacos donated a solar-powered water heater to the elderly home at L’Union Estate and educational games to the island’s primary school—emphasizing their commitment to community welfare and energy-efficient solutions
- August 2020 – Mont Fleuri Primary School Clean-Up & Painting: To mark its 40th anniversary, Sacos led a team of 13 staff in repainting and tidying the school premises, demonstrating respect and giving back to the community that supported its journey.
⚽ Sports, Youth & Entrepreneurship
- Sports Sponsorships (ongoing since 2016): Sacos actively supports youth sports including basketball (Premium Cobras, Cobras Youth), volleyball (Premium Spikers, Outsiders), darts (Premium Throws), and swimming. They provide equipment, uniforms, shoes, logistical and financial support, and sponsor events like national awards and swimming championships.
- August 2020 – Youth Entrepreneurship Collaboration: Sacos signed an MoU with the Seychelles National Youth Council (SNYC), providing a 15% discount on business insurance for over 175 youth entrepreneurs. This move was hailed as a strategic step in supporting local SME resilience and growth nation.sc+1nation.sc+1.
- March 2025 – La Passe FC Under-13 Team Sponsorship: Sacos provided full football kits and travel insurance to the U-13 La Passe squad ahead of their first international tournament, reinforcing their focus on youth empowerment through sport nation.sc.
🌟 Why This Matters
Sacos Group Ltd’s community engagement is deeply consistent with its corporate values—service excellence, stewardship, respect, and trust. Whether through environmental stewardship, empowering schools, nurturing sportsmanship, or backing entrepreneurs, Sacos reinforces its identity not just as a financial services provider, but as an active civic partner in Seychelles.
Legacy & Identity in 2025
Today, Sacos Group Ltd stands as a diversified and fully privatised Seychelles insurance and property management group. With over four decades of operation, it offers integrated solutions across general insurance, life assurance, real estate, and investments. The company emphasizes innovation, customer‑centred service, and responsible stewardship, anchored in its vision and values of service excellence, trust, accountability, innovation, respect, and stewardship.
At a Glance: Key Milestones
Year(s) Key Developments
1980 Founded under State Assurance Corporation Act; general insurance begins
1990 Launch of life assurance business; first death claim in 1993, first payout in 1995
Sacos pays out first death claim in 1993
1991 Sacos Praslin Office Opens
1995 15 years anniversary
1996–1998 Entry into real estate—Anse Etoile residential units
2006 Privatisation initiated; company renamed State Assurance Co.
2011 Rebranded Sacos Group Ltd
2013 First listing on Trop‑X (Merj)
2014 Government completes share sale, fully privatised
2017 Rebrand to Sacos Insurance Group; product expansion
2019–20 Diversification into commercial property; new insurance offerings
2020 40th anniversary and community/environmental engagement
2025 Opening of La Digue Branch, further branching out into the communities of the inner islands and launch of the life assurance riders
2025 45th Anniversary
Sacos Group Ltd’s journey from a state‑owned insurer to a dynamic, market‑listed conglomerate—integrating insurance, investment and real estate—reflects both ambitious growth and deep roots in Seychelles’ community and economic development.
📘 SACOS Staff & Agent Training: Building Expertise from the Ground Up
Early Commitment to Professional Qualification
Sacos has long recognized that delivering quality insurance services starts with well-trained personnel. As early as 1991, Sacos rolled out a training policy that included structured courses for new hires and agents.
In 2014, Sacos organized a four-month Level 1 Insurance Course involving 18 newly appointed staff alongside agents from several local brokerages (Fidelity, Reliance, Belairy, DAART’S). The curriculum covered general insurance fundamentals, reinsurance, life assurance, and customer service. Participants received certificates at a formal ceremony at Sacos Tower, with the highest achievers—including Charmayne Decommarmond—earning recognition for top performance.
In 2013, SACOS deepened its investment in skill development by sponsoring the Foundation in Insurance Course, organized by the School of Business Management (3rd edition, March–May). Open to SACOS staff and Life Assurance Agents, the weekend program addressed insurance principles, the regulatory environment, marketing, and client service basics. The icing on the cake: agency members from Praslin—such as Gerry Uranie—expressed gratitude for the enhanced knowledge, seeing it as critical for improved performance.
Continuous & Innovative Training Culture (2015–Present)
The outgoing CEO Antonio Lucas highlighted that Sacos prioritizes lifelong learning. He noted Sacos ensures continuous in-house, overseas, and correspondence training, with some personnel pursuing master’s degrees in insurance in the UK. This reflects a long-term strategy of professional growth through academic progression and practical development.
Following the rebrand and structural changes around 2017, Sacos continued to support learning through internal programs and external certification opportunities. The foundation laid in earlier years means that the company welcomes training needs across all levels—from customer-facing agents to senior underwriting teams—even as it expands into real estate and investment services.
🚀 Why It Matters: Outcomes & Organizational Impact
- Standardised expertise across channels: By training external agents and brokers alongside internal staff, Sacos ensures consistent quality of service and deeper product knowledge across all spokespersons.
- Improved client experience: Courses in customer service, complaint handling and insurance marketing help agents build stronger relationships and retain clients more effectively.
- Organisational adaptability: Skilled staff have supported Sacos in launching new insurance lines (e.g. unit-linked products in 2017), navigating digital transformation, and positioning the Group for growth.
🏁 The Training Legacy in 2025
Today, Sacos is widely regarded for embedding a strong culture of learning in its corporate DNA. This focus enables:
- Seamless integration of new products—for both general and life insurance
- Adaptability amid evolving consumer expectations
- Consistent brand presence across agents and branches
- Continuous professional development and career progression within the organization
