MUSCAT: GIG Gulf, one of the largest insurance providers in the MENA region, announced that AM Best has 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. 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.
Paul Adamson, CEO of GIG Gulf, said: “Following the challenges of the pandemic, we have smoothly transitioned our brand from AXA to GIG to our customers and distributors. 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 and added value for our customers and partners across the Gulf.”
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.
AM Best’s assessment also considers GIG Gulf’s risk-spread across four distinct separate markets in the GCC. Domiciled in Bahrain, GIG Gulf earnings also come from Qatar, Saudi Arabia and the UAE – countries all carrying ‘moderate risk’. In 2022, GIG Gulf rebranded its operations from AXA Insurance (Gulf), whilst maintaining its competitive market position.
Oman Observer is now on the WhatsApp channel. Click here
