SiCRED sh.a. was founded on October 7, 2003, being the first and the only private insurance company in Albania, with 100% local capital and accredited to operate in the Life Insurance field.

In a financial environment that was experiencing rapid changes, the vision of SiCRED founders was the establishment of an insurance company, which would change the perception of the Albanians on the insurance products, with the mission to operate in conformity with the highest standards of ethics, as the only acceptable way to make a good name.

Under the slogan “In safe hands” SiCRED’s name conveys credibility, along with our promise to always keep in mind what is best for our customers.


SiCRED sh.a. was authorized by the Insurance Supervisory Commission (now the Albanian Financial Supervisory Authority) to operate as life insurance company. The Company operates in full accordance with the legal obligations and regulatory framework, based on the Authorization to operate as an insurance company No. 8, dated 19.07.2004, and also on the Permission to Exercise the Activity in Insurance, No. Nr.8/1, dated 10.09.2004 (substituted with the License No.8/2004, dated 22.06.2012).

The first insurance policy is sold by SiCRED sh.a. on 21.09.2004.


SiCRED sh.a. extends its activities in the main cities of Albania, establishing branches in Tirana, Durrës, Elbasan, Fier, Vlora, Shkodra, Gjirokastra and Korça.


In July 2006, Mr. Genc Koxhaj was appointed General Director of SiCRED sh.a..
The income from insurance premiums in this year increased by 60% compared with the previous year. The number of customers reached 3400. SiCRED marks for the first time a positive result, with a net profit of about 12 million.
SiCRED Company signs agreement with CORIS International, an assistance company with worldwide reach, which offers technical and medical assistance on travel to SiCRED clients.


The revenue growth continues with more than 30%, net profit reaches 38 million ALL and the number of clients reaches 14,000.
30 people are already part of SiCRED staff.

SiCRED sings reinsurance agreements with SCOR Global Life company, one of 5 biggest reinsurance companies in the world.


In 2008, the capital of the company reaches up to 370 million ALL, growing the financial capacity of the company, which now serves to 30.000 clients all over Albania. The company pays 9.5 million ALL claims, whereas net profit reaches the record amount of 51 million ALL, with a return of capital of 14%.


SiCRED signs cooperation agreement with INTERMEDICA clinic, one of the main private medical centers in Albania, equipped with modern technology and with extension to several cities in Albania. Thus, this is considered the first step towards the creation of a wide medical network, which shall offer the best quality benefits and services for SiCRED clients.


Thanks to a rigorous work and a successful strategy, written gross premiums reach up to 267 million ALL, with a growth of around 50% compared to the previous year.
SiCRED goes on with the extension of the medical network, signing cooperation agreement with the American Hospital and Blue Medical Center, where SiCRED clients receive medical services under preferential conditions.


In order to diverse the activity, face the ever-growing competition in the marketplace, raise the range of benefits as well as the market share, SiCRED sh.a., in February 2011, signed the agreement for the purchase of 75% shareholders’ package of Sigma IPP, the voluntary pensions managing company.

This Company, after its transformation from a two-tier management company into a one-tier management company, in accordance with the provisions of Law No. 10197, dated 10.12.2009 “On the funds of voluntary pension contributions”, was re- licensed by the Albanian Financial Supervisory Authority in November 2011, operates in the market as the Pension Fund Management Company SiCRED sh.a., while managing the Voluntary Pension Fund “SiCRED Pensions”.


On 29 June 2012 SiCRED Asssitance sh.p.k. was established (a consultant company owned at 100% of its capital by SiCRED sh.a. life insurance company), as a demand to comply with the domestic legal situation in the Republic of Albania, in accordance with the strategy of the dominant economic group to meet this demand of the law.

The objective of the company’s activity is to provide assistance and consultancy to the employing companies for the implementation of legislation and technical regulations to ensure the welfare of their employees, in the course of work, and provide assistance and advice to employers to analyze, identify and prevent risks at work, in accordance with the requirements of relevant legislation.


SiCRED Medical Network continues to expand with collaborations outside Albania with some of the most successful hospital groups in Italy and Turkey.
The “Life and Health Insurance CASH PLAN” portfolio experiences a significant increase. The life and health insurance from SiCRED offers a wide range of coverage and combinations, customized to best fit the requirements of the client.

The number of clients reaches 47.000, the number of branches is 9 and the number of employees is 50.


The main premises are transferred at the address: Administrative Unit No.5, “Brigada VIII” Str., Building No.3/1, Tirana.
The new premises, with an overall area of 800 m2, offer more space and different facilities for the clients, at the same time enabling us to provide quality and professional services at the highest standard and comfort.


On 22 December 2014, SiCRED and CREDINS Bank signed the purchase agreement for the transfer of 76% of the total shares of SiCRED Pension Fund Managing Company, from SiCRED to CREDINS Bank. On 30 April 2015, the Albanian Financial Supervision Authority (AFSA) approved the change of control over SiCRED Pension Fund Managing Company.

On December 2015 SiCRED was awarded with “Best Customer Service” from the Chamber of Commerce and Industry of Tirana, for innovative services with personalized insurance packages tailored as per clients’ requests.

By the end of 2015, SiCRED had around 60.000 clients.


SiCRED continues to play an important role in the life insurance market, being ranked at the second place according to the gross written premiums.

SiCRED introduces “Life Insurance (with Survival benefits)”. This insurance product guarantees a monetary sum (Sum Assured) payable in case of death or survival of the insured. This product enables the insured to insure his/her life and to save on regular basis with a minimum guaranteed annual interest rate of 1.2%, to participate in the profit achieved by the insurance company form this product category and furthermore to enhance his/her benefits by choosing the riders of accident insurance as well as critical illness insurance.
SiCRED is the first insurance company in the Albanian market to offer a combination of life insurance with long-term savings and critical illness insurance that provides to the insured a monetary amount in case of diagnosis of one of the critical illness during the insurance period.

SiCRED Pension Fund Management Company changed its name, as a result of the majority changes in the ownership, into CREDINS INVEST sh.a.– Pension
Fund and Undertakings for Collective Investment Management Company, which now operates not only in the management of pension funds, but also in the management of the collective undertakings investments as well.

CREDINS Invest sh.a. was licenced by Albanian Financial Supervisory Authority on 30 May 2016 to manage the collective investment undertakings. Currently, CREDINS Invest sh.a. manages to funds:
– “CREDINS Pension” voluntary pensions fund; and
– “CREDINS Premium” Investment Fund


For the first time we distributed the savings accumulated via “Life with Savings” insurance contract, among 250 employees from three different companies that received a total fund of about 600.000 EUR. Life Insurance with Savings represents a group life insurance contract combined with a savings scheme that lasts 7-10 years. This type of insurance is applied by several companies to upgrade the remuneration packages of their employees.

SiCRED sh.a. in 2017 focused on the strategy of increasing financial efficiency in order to recover investments made in group companies and its infrastructure, to maintain stable financial indicators and to build and consolidate a secure base for a sustainable growth for the security of its clients and the fulfilment of the medium-term and long-term objectives of the shareholders.

SiCRED sh.a. increased its presence within CREDINS Invest sh.a.. We have already registered the new shareholders structure at the National Business Centre (QKB), with SiCRED sh.a. holding 24% of the shares of CREDINS Invest sh.a. – Pension Fund and Undertakings for Collective Investments Management Company.


SiCRED has been officially authorized as an authorized “CREDINS Premium” Investment Fund agent.
SiCRED sh.a. as part of the sales network of “CREDINS Premium” Investment Fund is a very positive step, not only for the two companies, but above all for the financial market and the Albanian investor.

SiCRED, wanting to promote and support the national cultural heritage, has embraced the Albanian national identity as the identity of the company and its shareholders by decorating the premises of the headquarters (and soon the branch offices’ premises) with elements that reflect this treasure.

For the second consecutive year, SiCRED gave the reward of “Life with Savings” Loyalty Fund for the second generation of the maturity of this product.


SiCRED sh.a. reviewed its strategy by selling 12% of its shareholdings in the Pension Fund and Undertakings for Collective Investments Management Company CREDINS Invest sh.a.. Currently SiCRED sh.a. owns 12% of the quota shares of CREDINS Invest sh.a..

SiCRED launched its platform for booking appointments online, as the first insurance company to offer such innovation to the public.
In just a few clicks, the clients can select the day, time, the SiCRED expert and the product they are interested in and immediately receive the confirmation of the appointment.