Bahrain: Bahrain Kuwait Insurance's profits driven by underwriting performance
Source: Middle East Insurance Review | Nov 2025
Bahrain Kuwait Insurance Company (GIG Bahrain) has a track record of strong operating performance, generating in 2024 a return on equity of 11.6% and a net-net combined ratio of 96.5% (both as calculated by AM Best).
GIG Bahrain’s underwriting profitability has supported its overall earnings historically, with the company generating technical profits in each of the past five years; over the same period, investment returns also have contributed toward profitability. However, underwriting results deteriorated in 2024 due to an increased loss ratio, which was impacted partly by increased medical claims costs.
AM Best expects the company to produce healthy profits driven by underwriting performance over the medium term.
GIG Bahrain commands a leading position in Bahrain’s insurance market and a strong competitive position in Kuwait.
GIG Bahrain reported insurance service revenue of BHD114.2m ($303m) in 2024 (2023: BHD110.0m), with growth driven by improved market conditions and rates, particularly on motor and medical lines. The company writes a well-diversified portfolio on a gross basis, although it is concentrated somewhat in motor and medical business lines after reinsurance. M