SACOS Group Limited
The main functions of SACOS Group Limited , either directly or through its subsidiaries, are the underwriting of general insurance and life assurance business; real estate development and management; and importation and sale of vehicle spare parts. SACOS’ subsidiary companies are:
SACOS Group Limited
The SACOS Group Limited provides common services to its subsidiaries through six main divisions:
- SACOS Insurance Company Limited
- SACOS Life Assurance Company Limited
- SUN Investment (Seychelles) Limited
SACOS Group Limited
For its financial year ending December 2010, SACOS registered a gross profit of SR 27,194 million, representing an increase of 28% over the previous year. The General Insurance revenue account showed an underwriting surplus of SR 28,740 million and the Life Assurance revenue account a net surplus of SR 20,838. The profitability of the company is represented not only by a combination of technical results but also by investment income.
| FINANCIAL HIGHLIGHTS | |||||||
| (All figures in SR 000’) | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 |
| Operation Summary | |||||||
| Gross Premium | 81,159 | 83,981 | 87,001 | 96,521 | 117,832 | 125,994.00 | 145,026 |
| Gross Claims Paid | 109,298 | 21,242 | 44,074 | 42,330 | 51,037 | 54,116.00 | 56,983 |
| Net Claims Paid | 36,196 | 20,805 | 41,050 | 40,498 | 46,411 | 53,209.00 | 55,664 |
| Investment Income | 4,434 | 7,386 | 13,294 | 14,363 | 12,147 | 29,263.00 | 17,048 |
| Profit Before Tax | 15,181 | 7,883 | 10,902 | 15,693 | 25,059 | 21,241.00 | 27,194 |
| EQUITY AND LIABILITIES | |||||||
| Shareholder’s Fund | 50,356 | 58,239 | 69,141 | 76,376 | 93,891 | 101,489.00 | 110,040 |
| General Insurance Fund | 57,164 | 41,743 | 42,185 | 49,534 | 48,562 | 55,621.00 | 64,296 |
| Life Insurance Fund | 109,584 | 126,253 | 142,510 | 177,141 | 270,241 | 292,797.00 | 318,573 |
| Staff Compensation Fund | 2,536 | - | - | - | - | - | |
| Mortgage Protection Fund | 3,507 | 3,796 | 3,773 | 3,553 | 2,111 | 1,730.00 | 1,728 |
| Current Liabilities | 23,965 | 18,470 | 18,695 | 29,607 | 24,829 | 36,979.00 | 37,232 |
| 247,112 | 248,501 | 276,304 | 336,211 | 439,634 | 488,616.00 | 531,869 | |
| ASSETS | |||||||
| Fixed Assets | 3,381 | 4,056 | 18,406 | 29,843 | 48,921 | 53,858.00 | 60,242 |
| Investments | 145,249 | 173,659 | 185,225 | 193,899 | 281,313 | 291,053.00 | 348,510 |
| Current | 98,482 | 70,786 | 72,673 | 112,469 | 109,400 | 143,705.00 | 123,117 |
| 247,112 | 248,501 | 276,304 | 336,211 | 439,634 | 488,616.00 | 531,869 | |
The SACOS Group Limited provides common services to its subsidiaries through six main divisions:
- Finance and Corporate Affairs Division
- Marketing and Public Relations Division
- Human Resources and Administration Division
- Information Technology Division
- Internal Audit Division
- Risk Management and Compliance Division
You can click on downloads to view the organization structure of SACOS Group Limited.
The Finance and Corporate Affairs Division is entrusted with the following main responsibilities:
Financial accounting:
It is concerned with the procedures to identify, measure, record , prepare and communicate financial information to initiate and control the decision-making process.
Management accounting:
It involves the preparation of accounting information to enable the senior management staff to plan; control costs and make sound business decisions.
Corporate Affairs
It administers the company’s affairs and ensures compliance with the Company’s Act 1972 and Insurance Act 2008.
The Marketing and Public Relations Division is considered as an important aspect of SACOS’ business development. The Division is responsible to carry out activities to enable SACOS to achieve its strategic objectives which include:
- Development of marketing plans
- Target marketing
- Advertising
- Media relations
- Public relations
- Sponsorship
The Human Resources and Administration Division has the responsibility to provide line management staff with the assistance, support and guidance necessary to enable them to fulfill their people management responsibilities. Its functions are:
- Recruitment
- Appraisal and rewards
- Training and rewards
- Motivation
- Industrial relations
- General office administration
The Information Technology Division supports the efficient use of Information Technology facilities and systems so that they are responsive to the needs of the customers, staff and the subsidiary companies.
The functions of the Internal Audit Division are mainly to:
- Oversee the existence, adequacy and maintenance of internal systems and procedures
- Appraise implementation of internal controls
- Ascertain compliance with legislations and other requirements
In his functional responsibility the Internal Auditor is reportable to the Audit Committee of the Board of Directors
The Risk Management and Compliance Division is responsible for measuring, evaluating, managing and monitoring risks in order to maximize potential opportunities and minimize their adverse effects. It is also responsible for ensuring compliance with anti-money laundering, amongst other legislation.
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