Dubai, United Arab Emirates: GIG Gulf, one of the largest insurance service providers in the Middle East and North Africa region, announced today that AM Best has affirmed its financial rating (FSR) at “A” (excellent) and long-term credit rating (ICR long term). ) from “A” (excellent) for the second year in a row. The given outlook for these credit ratings (the ratings) is stable.
The ratings reflect the financial strength of GIG Gulf for its operations in its four main markets, Bahrain, Oman, Qatar and the United Arab Emirates. AM Best rates the company’s balance sheet strength rating as “extremely strong,” citing its risk management capabilities and strong operational performance.
In addition, GIG Gulf’s track record of strong profitability, strong underwriting and little reliance on reinsurance is recognized by the credit rating, particularly when compared to its peers in the region.
Paul Adamson, CEO of GIG Gulf, He said, “Following the challenges of the pandemic, we have seamlessly transitioned our brand from AXA to GIG while maintaining our commitment to our customers and distributors. To simplify our customer experience and accelerate innovation for the local insurance markets, we have successfully completed our digital transformation. We have remained financially strong, and maintained our ongoing investment in The region, and with the well-being of our employees at the fore, we have been able to achieve our goal of protecting people at critical moments. As part of the largest regional insurance group, we are proud of this proven track record and excited about the new growth prospects and added value for our clients and partners across the Gulf.”
AM Best’s assessment of GIG Gulf’s operating performance also takes into account its historical gross profitability, which has delivered an average return on equity for the five-year period (2017-2021) of 11.9%. The company’s earnings were supported by a weighted average of 95.6% over the same period.
The AM Best rating also takes into account the spread of GIG Gulf risks across four distinct markets in the GCC. Based in Bahrain, GIG Gulf earnings also come from Qatar, Saudi Arabia and the United Arab Emirates – countries that all carry “moderate risks”. GIG Gulf has a diverse portfolio of business lines and operates throughout the region, occupying the top five positions in each of its major markets.
According to AM Best rating, all Gulf GIG investments are made in US dollars or US dollar-linked currencies, providing stability in times of global uncertainty and economic cycles. In 2022, GIG Gulf proactively renamed its operations from AXA Insurance (Gulf) while maintaining its competitive position in the market.
About GIG GULF
GIG Gulf is part of the Gulf Insurance Group (GIG), the largest regional insurance company in the Middle East and North Africa with companies in Kuwait, Jordan, Bahrain, Egypt, Turkey, Algeria, Syria, Iraq, Lebanon, Saudi Arabia and the UAE. Its reported consolidated assets are $4.5 billion as of December 31, 2021.
GIG Gulf is a regional insurance company that is rated “A” and ranks fifth in each of its markets. Present in the region for more than 70 years with a strategic focus on both growth and investments, GIG Gulf is a one-stop shop offering a wide range of insurance products and services catering to a wide range of needs for corporate, SME and individual clients across the UAE, Oman and Bahrain. and Qatar. GIG Gulf also owns a 50% stake in GIG Saudi.
With a workforce of over 800 employees in 15 branches and retail stores across the region and over a million customers, GIG Gulf is a caring partner that encourages customers to achieve their goals and live inspiring and fulfilling lives. Obsessed with customer feedback and constantly evolving to become the region’s reference digital insurance company, GIG Gulf is also focused on making a difference for customers, partners and communities through strong CSR commitments.
GIG Gulf, recognized as a leading insurance brand, has won many awards for the quality of its services and products and was recently named Health Insurance Company of the Year 2021, by MENA IR.
For more information, visit www.giggulf.ae and follow us on:
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Important legal information and cautionary statements relating to forward-looking statements
Certain statements in this document may be forward-looking statements including, without limitation, statements that are predictions or indicate future events, trends, plans or objectives. No undue reliance should be placed on such statements because, by their nature, they are subject to known and unknown risks and uncertainties and could be affected by other factors that could lead to actual results and GIG GULF’s plans and objectives differ materially from those expressed or implied in the forward-looking statements. GIG GULF undertakes no obligation to publicly update or revise any such forward-looking statements, whether to reflect new information, future events or conditions, or otherwise.