Dubai, UAE: GIG Gulf, one of the largest insurance providers in the MENA region, announced today that AM Best affirmed its Financial Strength Rating (FSR) of “A” (Excellent) and Long-Term Issuer Credit Rating (Long-Term ICR) of “A” (Excellent), for the second year in a row. The outlook assigned to these Credit Ratings (ratings) is stable.

The ratings reflect the financial strength of GIG Gulf for its operations across its four key markets of Bahrain, Oman, Qatar and the UAE. AM Best refers to the firm’s balance sheet strength assessment as being ‘very strong’, pointing to its risk management capabilities and strong operating performance.

Additionally, GIG Gulf's track record of strong profitability, solid underwriting, and minimal reliance on reinsurance is recognised by the credit rating, particularly when compared to regional peers.

Paul Adamson, CEO of GIG Gulf, said, “Following the challenges of the pandemic, we smoothly transitioned our brand from AXA to GIG whilst maintaining our commitment to our customers and distributors. To streamline our customer experience and expedite the pace of innovation for the local insurance markets, we have successfully completed our digital transformation. We have remained financially strong, maintained ongoing investments in the region, and with the well-being of our employees at the forefront, we were able to materialise our purpose to protect people in the moments that matter. As part of the largest regional insurance group, we are proud of this track record and enthusiastic about the new growth prospects and added value for our customers and partners across the Gulf.”

Consistent profitability

AM Best’s assessment of GIG Gulf’s operating performance also considers its historic overall profitability, which has delivered a five-year (2017-2021) weighted average return-on-equity ratio of 11.9%. The company’s earnings have been supported by a weighted average combined ratio of 95.6% over the same period.

Geographic spread

AM Best’s assessment also considers GIG Gulf’s risk-spread across four distinct markets in the GCC. Domiciled in Bahrain, GIG Gulf earnings also come from Qatar, Saudi Arabia and the UAE – countries all carrying ‘moderate risk’. GIG Gulf has a variety of business lines and operates across the region, holding a top-five position in each of its key markets.

According to the AM Best rating report, all GIG Gulf investments are in US Dollars or US Dollar-pegged currencies, providing stability during times of global uncertainty and economic cycles. In 2022, GIG Gulf proactively rebranded its operations from AXA Insurance (Gulf) whilst maintaining its competitive market position.

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ABOUT GIG GULF

GIG Gulf is part of the Gulf Insurance Group (GIG), the #1 largest regional composite insurer in the Middle East and North Africa with companies in Kuwait, Jordan, Bahrain, Egypt, Turkey, Algeria, Syria, Iraq, Lebanon, Saudi Arabia and Emirates. Its reported consolidated assets stand at US$ 4.5 billion as of 31 December 2021.

GIG Gulf is an ‘A’ rated regional insurer with a top 5 position in each of its markets. GIG Gulf has been present in the region for over 70 years with a strategic focus on both growth and investments and is a 1 stop shop offering a wide range of insurance products and services that cater to a broad variety of needs for corporates, SMEs and individual customers throughout UAE, Oman, Bahrain and Qatar. GIG Gulf also owns a 50% stake in GIG Saudi.

With a workforce of over 800 employees across 15 branches and retail shops region-wide and over 1 million customers, GIG Gulf is a caring partner that encourages customers to achieve their goals and live an inspiring and fulfilling life. Obsessed with customer feedback and continuously evolving to become the region’s digital insurer of reference, GIG Gulf is also focused on making a difference for customers, partners and communities through strong CSR commitments.

Recognised as a leading insurance brand, GIG Gulf has been winning several awards for its quality of services and products, most recently winning the 2021 Health Insurer of the Year award, by MENA IR.

For more information, visit www.giggulf.ae and follow us on:
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FOR MORE INFORMATION:
GIG:
Caroline Bertrand
Head of MDX
Caroline.Bertrand@gig-gulf.com
WEBER SHANDWICK:
Karan Narsinghani
Senior Account Manager
KNarsinghani@webershandwick.com

IMPORTANT LEGAL INFORMATION AND CAUTIONARY STATEMENTS CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained herein may be forward-looking statements including, but not limited to, statements that are predictions of or indicate future events, trends, plans or objectives. Undue reliance should not be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and can be affected by other factors that could cause actual results and GIG GULF’s plans and objectives to differ materially from those expressed or implied in the forward-looking statements. GIG GULF undertakes no obligation to publicly update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise.