MENA:Gulf Insurance Group reinforces its regional leadership

Gulf Insurance Group (GIG), one of the leading insurance groups in the Middle East and North Africa and the largest in Kuwait, has announced comprehensive rating affirmations across its regional operations, demonstrating the Group's consistent financial strength and strategic execution across diverse markets. All regional subsidiaries achieve investment-grade ratings reflecting strong operational performance.

AM Best has affirmed the Group’s Financial Strength Rating (FSR) at "A" (Excellent) and Long-Term Issuer Credit Ratings (ICR) at "a+" (Excellent) for both the parent company and its core subsidiary, Gulf Insurance and Reinsurance Company (GIG Kuwait). The outlook for these ratings remains stable.

In a statement, GIG said, “The Group's comprehensive rating profile reflects its successful execution of a regional diversification strategy, maintaining strong capital positions and operational discipline across all subsidiaries while benefiting from the strategic support and expertise of Fairfax Financial Holdings.”

S&P Global Ratings rates the Group at "A+" with a stable outlook, while Moody's rates the Group at "A2" with a stable outlook.

Commenting on this, Mr Khaled Al Sanousi, Group Executive Manager – Corporate Communications & Investor Relations, said, “AM Best’s affirmation of our ratings for both the Group and GIG-Kuwait is more than just a milestone, it is a powerful endorsement of trust and confidence that our stakeholders place in us. It reflects our unwavering commitment to operational strength and resilience, as well as our ability to deliver sustainable value. This comprehensive rating profile demonstrates that GIG isn’t just a regional insurance provider, we are a platform built on consistent standards, teamwork, and a shared vision for excellence that reaches across borders."

Regional subsidiaries’ rating profile

The Group’s diversified regional footprint is supported by strong credit ratings across all major subsidiaries.

GIG Kuwait Takaful’s inaugural rating

GIG’s Islamic insurance arm in Kuwait, GIG Kuwait Takaful, received its inaugural credit rating from S&P Global Ratings, earning an 'A-' long-term financial strength rating and 'gcAAA' Gulf Cooperation Council regional scale financial strength rating, with a stable outlook on the global scale rating.

GIG said, “This milestone achievement reflects GIG Kuwait Takaful's strong market position as the third-largest takaful insurer in Kuwait, having reported KWD22.3m ($72.2m) in insurance revenue in 2024. The rating underscores the strategic importance of the company to the Group's long-term growth strategy in Kuwait.”