S&P Global Ratings (S&P) has raised its long-term issuer credit and insurer financial strength ratings on Gulf Insurance Group (GIG) and Gulf Insurance and Reinsurance Co to 'A+' from 'A'. The outlook on all ratings is 'Stable'.
Kuwait Insurance Company (KIC) has a track record of strong operating performance, demonstrated by a return-on-equity ratio of 7.5% in 2024, with earnings supported by robust underwriting results from non-life and life portfolios over the past five years, says AM Best.
Gulf Insurance Group (GIG) has increased its net insurance result by 39% to KWD8.7m ($28.2m) in the first quarter of 2025, up from KWD6.2m in the corresponding period last year, primarily driven by a significant improvement in the performance of its underlying insurance operations across the majority of its subsidiaries and lines of business.
Shareholders of Gulf Insurance Group (GIG) have approved the board of directors' recommendation to distribute cash dividend of 23% (23 fils per share) for the financial year ended 31 December 2024, amounting to approximately KWD6.5m ($21.23m).
Ongoing infrastructure projects contribute to stable insurance growth prospects of about 7%-10% per year, according to S&P Global Ratings credit analyst Emir Mujkic.
The GCC healthcare industry is poised for strong growth driven by macro-economic factors, the expansion of mandatory health insurance and a growing and ageing population, according to UAE-based Alpen Capital, an investment banking advisory firm.
Kuwait Reinsurance Company (Kuwait Re) has announced that it achieved a profit after tax of KWD14.13m ($45.8m) in 2024 compared to KWD10.83m in the previous year, a jump of 30.4%, according to a statement the company lodged with the Kuwait stock exchange.
Foreign insurers operating in Kuwait are subject to a new condition that requires a minimum rating standard for their parent companies, according to a new resolution the regulator has issued.
The Kuwaiti Cabinet on 26 January instructed 11 government entities to stop renewing or offering new health insurance contracts for their employees, in an effort to preserve public funds and rationalise government spending. This decision, based on legal provisions, aims to streamline healthcare spending while ensuring adherence to the nation's fiscal policies.
Orient Group, the UAE's biggest insurer in terms of insurance income and profits, is on an expansion drive that includes opening new branches in the Gulf and Middle East countries and abroad, according to Mr Omer Elamin, president of Orient Group and chairman of Orient Takaful Insurance Egypt.