AM Best awards GIG Gulf an "A" Excellent rating for the second year in a row

AM Best awards GIG Gulf an “A” Excellent rating for the second year in a row

Dubai, UAE: GIG Gulf, one of the largest insurers in the MENA region, today announced that AM Best has affirmed its financial strength rating (FSR) of “A” (Excellent) and credit rating long-term (long-term ICR). ) of “A” (Excellent), for the second consecutive year. The outlook attributed to these Credit Ratings (ratings) is stable.

The ratings reflect GIG Gulf’s financial strength for its operations in its four key markets of Bahrain, Oman, Qatar and the United Arab Emirates. AM Best rates the company’s balance sheet strength rating as “very strong”, highlighting its risk management capabilities and strong operating performance.

Additionally, GIG Gulf’s track record of strong profitability, strong underwriting, and minimal reliance on reinsurance is recognized by the credit rating, especially relative to regional peers.

Paul Adamson, CEO of GIG Gulf, said: “Following the challenges of the pandemic, we have smoothly transitioned our brand from AXA to GIG while maintaining our commitment to our customers and distributors. To streamline our customer experience and accelerate the pace of innovation for local insurance markets, we 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 have been able to deliver on our goal of protecting people in the moments that matter. As part of the largest regional insurance group, we are proud of this track record and excited about the new growth prospects and added value for our customers and partners across the Gulf.

Constant profitability

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

Geographical distribution

AM Best’s assessment also takes into account GIG Gulf’s risk allocation across four distinct GCC markets. Headquartered in Bahrain, GIG Gulf’s revenue also comes from Qatar, Saudi Arabia and the United Arab Emirates – all countries with “moderate risk”. GIG Gulf has a variety of business segments and operates throughout the region, holding a top five position in each of its key markets.

According to the AM Best Rating Report, all of GIG Gulf’s investments are in US dollars or currencies pegged to the US dollar, providing stability in times of global uncertainty and economic cycles. In 2022, GIG Gulf proactively rebranded its operations from AXA Insurance (Gulf) while maintaining its competitive position in the market.

-Ends-

ABOUT GIG GULF

GIG Gulf is part of the Gulf Insurance Group (GIG), the largest regional composite insurer in the Middle East and North Africa with companies in Kuwait, Jordan, Bahrain, Egypt, Turkey, Algeria, Syria , Iraq, Lebanon and Saudi Arabia. and Emirates. Its reported consolidated assets are US$4.5 billion as of December 31, 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 investment and is a one stop shop offering a wide range of insurance products and services that meet a wide variety of needs for businesses, SMEs and individuals. customers across the United Arab Emirates, Oman, Bahrain and Qatar. GIG Gulf also holds a 50% stake in GIG Saudi.

With a workforce of more than 800 employees in 15 branches and retail stores throughout the region and more than one million customers, GIG Gulf is a caring partner that encourages customers to achieve their goals and live inspiring lives. fulfilling. Obsessed with customer feedback and constantly evolving to become the region’s leading digital insurer, GIG Gulf is also focused on making a difference for customers, partners and communities through strong CSR commitments.

Recognized as a leading insurance brand, GIG Gulf has won several awards for the quality of its services and products, and recently won the 2021 Health Insurer of the Year award from MENA IR.

For more information, visit www.giggulf.ae and follow us on:
https://twitter.com/gig_gulf
https://www.linkedin.com/company/giggulf
https://www.facebook.com/giggulf/
https://www.instagram.com/giggulf

FOR MORE INFORMATION:
CONCERT:
Caroline Bertrand
MDX Manager
Caroline.Bertrand@gig-gulf.com
WEBER SHANDWICK:
Karan Narsinghani
Senior Account Manager
KNarsinghani@webershandwick.com

IMPORTANT LEGAL INFORMATION AND CAUTION REGARDING FORWARD-LOOKING STATEMENTS

Certain statements contained herein may be forward-looking statements, including, but not limited to, statements that predict or indicate future events, trends, plans or goals. Undue reliance should not be placed on these statements because, by their nature, they are subject to known and unknown risks and uncertainties and may be affected by other factors that could cause actual results and plans and GIG GULF’s objectives differ materially from those expressed or expressed. implied by 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.


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