Latest news with #GulfInsuranceGroup
Argaam
3 days ago
- Business
- Argaam
S&P maintains 'A-' credit rating on GIG; outlook positive
Gulf Insurance Group (GIG) announced that the global rating agency Standard & Poor's (S&P) maintained its 'A-' credit rating on the company with a positive outlook. In a statement to Tadawul, the insurer said the rating reaffirms the company's strong capabilities in managing its operations and financial strategies. It also highlights GIG's ability to achieve growth and profitability while preserving long-term financial stability.
Zawya
18-05-2025
- Business
- Zawya
Gulf Insurance Group announces 39% increase in net insurance result
Kuwait City: Gulf Insurance Group (GIG) announced a 39% increase in its net insurance result to KD 8.7 million (US$ 28.2 million) in the first quarter of 2025, up from KD 6.2 million (US$ 20.1 million) in the same period last year, primarily driven by significant improvement in performance of the underlying insurance operations across a majority of its subsidiaries and lines of business. Net investment income reached KD 12.1 million (US$ 39.3 million) for the first quarter of 2025, compared to KD 19.6 million (US$ 63.5 million) recorded for the same period last year. Net profit stood at KD 6.6 million (US$ 21.3 million) for the period of 2025, equivalent to earnings per share of 20.42 fils (US$ 0.063) compared to a net profit of KD 10.9 million (US$ 35.5 million) or 35.84 fils per share (USD 0.110) for the same period last year. Insurance revenue reached KD 177.8 million (US$ 576.7 million) compared to KD 212.7 million (US$ 689.8 million) recorded for the same period last year. The book value per share reached 874 fils as of March 31, 2025, compared to 852 fils as of December 31, 2024, an increase of 2.6%. Equity attributable to the shareholders of the parent company amounted to KD 248.7 million (US$ 806.5 million) as of March 31, 2025, an increase of 2.5% compared to the equity attributable to the shareholders of the parent company as of December 31, 2024, which amounted to KWD 242.6 million (USD 786.5 million). Total assets reached KD 1.24 billion (US$ 4 billion) as of March 31, 2025. As it continues to strengthen its international footprint and capabilities, GIG remains one of the largest and most diversified insurance groups in the MENA region where it focuses on shaping a valuable insurance ecosystem. The Group extended its gratitude to its customers, shareholders, namely FAIRFAX, and board members for their continued trust in the Group's strategy, further thanking employees for their dedication and efforts and all the concerned authorities in the State of Kuwait for their continuous cooperation to develop the Kuwaiti insurance sector. Further information: Khalid Al Sanousi Group Executive Manager, Corporate Comms. & IR khalids@ Philemon Rajan Manager, Corp. Comms. & IR prajan@ About GIG: GIG is the largest insurance Group in Kuwait in terms of written and retained premiums, with operations in life and non-life as well as Takaful insurance. GIG has become one of the largest insurance networks in the Middle East and North Africa with companies in Kuwait, Bahrain, Jordan, Egypt, Turkey, Algeria, UAE, KSA, Oman, Qatar, Iraq, and Lebanon. Its reported consolidated assets stand at US$ 4 billion as at 31 March 2025. Gulf Insurance Group enjoys the privilege of being the first triple-rated insurance Group in Kuwait. The Group holds a Financial Strength Rating of 'A' (Excellent) and issuer credit rating of 'a+' (Excellent) with Stable outlook from A.M. Best Europe – Rating Services Limited, a Financial Strength Rating of 'A' with Positive outlook from Standard & Poor's and an Insurance Financial Strength Rating (IFSR) of 'A2' from Moody's Investors Service carrying a Stable outlook. GIG is a majority-owned subsidiary of Fairfax Financial Holdings Limited, a Canadian holding company listed on the Toronto Stock Exchange, which, through its subsidiaries, is primarily engaged in property and casualty insurance and reinsurance and the associated investment management. The conversion rate applied is KD 0.3084 per US$1
Al Bawaba
18-05-2025
- Business
- Al Bawaba
Gulf Insurance Group announces 39% increase in net insurance result
Gulf Insurance Group (GIG) announced a 39% increase in its net insurance result to KD 8.7 million (US$ 28.2 million) in the first quarter of 2025, up from KD 6.2 million (US$ 20.1 million) in the same period last year, primarily driven by significant improvement in performance of the underlying insurance operations across a majority of its subsidiaries and lines of investment income reached KD 12.1 million (US$ 39.3 million) for the first quarter of 2025, compared to KD 19.6 million (US$ 63.5 million) recorded for the same period last profit stood at KD 6.6 million (US$ 21.3 million) for the period of 2025, equivalent to earnings per share of 20.42 fils (US$ 0.063) compared to a net profit of KD 10.9 million (US$ 35.5 million) or 35.84 fils per share (USD 0.110) for the same period last year. Insurance revenue reached KD 177.8 million (US$ 576.7 million) compared to KD 212.7 million (US$ 689.8 million) recorded for the same period last book value per share reached 874 fils as of March 31, 2025, compared to 852 fils as of December 31, 2024, an increase of 2.6%.Equity attributable to the shareholders of the parent company amounted to KD 248.7 million (US$ 806.5 million) as of March 31, 2025, an increase of 2.5% compared to the equity attributable to the shareholders of the parent company as of December 31, 2024, which amounted to KWD 242.6 million (USD 786.5 million).Total assets reached KD 1.24 billion (US$ 4 billion) as of March 31, it continues to strengthen its international footprint and capabilities, GIG remains one of the largest and most diversified insurance groups in the MENA region where it focuses on shaping a valuable insurance Group extended its gratitude to its customers, shareholders, namely FAIRFAX, and board members for their continued trust in the Group's strategy, further thanking employees for their dedication and efforts and all the concerned authorities in the State of Kuwait for their continuous cooperation to develop the Kuwaiti insurance sector. © 2000 - 2025 Al Bawaba ( Signal PressWire is the world's largest independent Middle East PR distribution service.
Khaleej Times
29-04-2025
- Business
- Khaleej Times
GIG Gulf - making insurance simple, easy and relevant
Part of the region's leading insurance powerhouse, Gulf Insurance Group (GIG), GIG Gulf has earned its place as one of the most trusted names in insurance across the Middle East. With over 70 years of presence in the GCC, the company provides a wide range of insurance products for individuals, families, SMEs, and corporates in the UAE, Oman, Bahrain, and Qatar. Backed by Fairfax Financial Holdings and driven by a focus on innovation, service excellence, and regional expertise, GIG Gulf is on a mission to become the region's go-to digital insurer putting members at the centre of everything it does. In a world where digital transformation is reshaping industries, GIG Gulf is leading the charge in reimagining how customers engage with insurance. The company's focus on intuitive, technology-driven experiences has positioned it as a pioneer in delivering smart, accessible, and user-friendly solutions. At the heart of this evolution is MyGIG, a digital ecosystem for our existing customers. Our award-winning MyGIG Gulf mobile app is a powerful tool for our health members, putting the control in their hands. With features like instant policy access, real-time claims tracking, and a smart provider locator, the app simplifies the customer journey and reflects GIG Gulf's commitment to blending innovation with everyday convenience. It creates a place for customers to have quick access more than just their policy with access to wellbeing services that allow us to care beyond the typical insurance offering. But the transformation goes beyond healthcare. The MyGIG Car portal, allows customers to download Orange Cards instantly streamlining what used to be a time-consuming task for GCC-bound motorists. It's another example of how GIG Gulf is using digital agility to meet real-world needs. The company has also pioneered integration with UAE PASS, the national digital identity platform, across its services. This allows customers to log in with a single tap and securely share verified documents like their Emirates ID and driving license making it faster, safer, and reinforcing GIG Gulf's focus on building easy and seamless digital interactions. Renewing motor insurance can be done in under 1 minute. With a simple link sent via SMS, WhatsApp, or email, customers can review, authenticate, and pay all within minutes. It's seamless, fast, and a clear example of GIG Gulf's drive to simplify insurance at every step. And to ensure we provide the best support during crisis, our first-in-region end to end claim registration journey powered by artificial intelligence allows customers to register their claims instantly online, choose the garage that they prefer for repair and ultimately, speeding up the process that will get them back on the road in no time. With an 'A' (Excellent) rating from AM Best and recent recognition as Health Insurer of the Year 2025 by Mena II, GIG Gulf isn't just keeping up with the digital shift — it's setting the standard. From real-time services to simplified renewals, greater transparency, and a focus on ease, GIG Gulf is reshaping what insurance should look and feel like in the moments that matter. In today's connected world, it's not just about being digital — it's about offering smart, effortless solutions that customers can trust. "Our digital transformation is about offering fast and easy protection, but with a human touch. At GIG Gulf, we're building a future where insurance is as intuitive as it is essential, seamlessly woven into our customers' everyday lives."
Daily Tribune
21-04-2025
- Business
- Daily Tribune
Bahrain Kuwait Insurance Co. celebrates 50 years of excellence
Bahrain Kuwait Insurance Co. (GIG Bahrain), a subsidiary of Gulf Insurance Group (GIG), announced its 50th Anniversary Celebration, marking half a century of dedicated service and innovation in the insurance sector. The commemorative event is scheduled to bring together esteemed clients, partners, and stakeholders to honour this significant milestone. Since its establishment in 1975 as Bahrain Kuwait Insurance Co., the company has been a cornerstone of the Kingdom's insurance sector. GIG Bahrain was the first insurance company to be publicly listed in Bahrain and has played a vital role in fostering confidence in the local insurance market. Over the decades, it introduced numerous firsts in the industry, including innovative motor, medical, and property insurance products that benefited large number of individuals and businesses. Through its dedication to transparency, customer-centric solutions, and market leadership, GIG Bahrain has helped shape the regulatory and operational standards of the Bahraini insurance industry. Mr. Murad Ali Murad, Chairman of GIG Bahrain, reflected on the company's journey 'Reaching our 50th anniversary is a testament to the unwavering dedication of our team and the trust our clients and shareholders have placed in us. Over the decades, we've witnessed and contributed to the evolution of Bahrain and Kuwait's insurance industries, introducing innovative products and setting new standards of service. As we celebrate this golden jubilee, we remain committed to delivering exceptional insurance solutions and upholding the values that have defined our success.' Dr. Abdulla Sultan, CEO of GIG Bahrain, added 'This milestone offers us an opportunity to express our gratitude to our loyal customers and partners. Over the years, we've seen substantial and sustainable growth, driven by our expansion in commercial and conventional lines of business. Looking ahead, we are excited to continue our journey of sustainability & innovation, embracing new technologies and methodologies to better serve our community.' The 50th Anniversary Celebration will feature a series of events, including keynote speeches, a walkthrough of Bahrain's historic insurance sector and networking opportunities, all aimed at fostering dialogue on the future of the insurance industry
