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Gulf Insurance coverage Group (GIG) is a number one insurance coverage supplier with a powerful presence within the Center East and North Africa (MENA) area. Based in 1962, the corporate has grown right into a regional large, providing a various vary of insurance coverage services and products.
A Regional Insurance coverage Powerhouse
Gulf Insurance coverage was a public shareholding firm listed on Boursa Kuwait and a constant market chief in Kuwait by way of premiums written. The group is among the many largest and most diversified insurance coverage teams within the MENA.
As a regional insurance coverage powerhouse, the group enjoys a powerful aggressive market place in Kuwait, Bahrain, Jordan and Egypt and wonderful operational footprints in UAE, KSA, Turkey, Algeria, Qatar, Oman, Iraq, and Lebanon. As of 30 September 2023, the group’s reported consolidated property have been US$3.99 billion.
Evolving from its origins as a distinguished private and industrial insurer in Kuwait, GIG has now solidified its standing as a regional insurance coverage powerhouse within the MENA area. With greater than 100 branches throughout 12 markets, +3,800 staff and +3.5 million prospects, GIG is delivering unprecedented progress for a sustainable future. Its strategic initiatives are paving the way in which for future progress and success, instilling optimism in its stakeholders.
GIG’s Numerous Portfolio
GIG affords a complete vary of insurance coverage merchandise, together with property, casualty, motor, well being, and life insurance coverage, catering to each people and company shoppers. The group has a powerful monitor report of monetary efficiency, delivering constant shareholder returns.
GIG’s 60-Yr Legacy: A Model Evolution for the Subsequent Chapter
GIG’s enterprise mannequin revolves round offering complete insurance coverage options tailor-made to its prospects’ wants. The corporate focuses on constructing sturdy relationships with its shoppers and delivering distinctive service.
Marking a historic 60-year milestone of operational excellence, GIG has launched an EVOLVED BRAND as a part of a serious transformation. This strategic transfer is designed to place the group for long-term success amid the ever-changing enterprise panorama. The timing was superb for an id improve that preserves the core model ideas and parts whereas additionally reflecting the distinctive traits of its regional markets and the maturity of the model inside them. This evolution not solely celebrates its previous achievements but additionally signifies the group’s readiness to adapt and innovate for the long run. “We’re shaping a beneficial insurance coverage ecosystem within the MENA area” is the strategically utilized new imaginative and prescient of the advanced model.
Furthermore, GIG is actively investing in know-how to boost buyer expertise and operational effectivity. GIG has attained a aggressive edge in its markets via the implementation of a complete strategy involving the most recent and superior Info Expertise providers, Innovation in Merchandise and Distribution, Buyer Relations Administration, sturdy Enterprise Threat Administration, greatest requirements of Company Governance, prudent underwriting practices, sturdy Enterprise Technique & Decentralised Enterprise Mannequin focusing Human Capital Growth and Digitalisation.
GIG has been actively integrating sustainability into its enterprise operations, demonstrating a stable dedication to environmental, social, and governance (ESG) ideas. The group imagine that incorporating ESG ideas into its enterprise practices is essential for long-term sustainability and creating worth for stakeholders.
Gulf Insurance coverage Group proclaims internet revenue of US$ 54.7 million for the primary half of 2024
The group has a powerful monitor report of monetary efficiency, delivering constant shareholder returns. This sturdy monetary efficiency instils confidence and safety in stakeholders, reaffirming their belief within the firm.
GIG reported a internet revenue of KD 16.8 million (USD 54.7 million) for the primary half of 2024, a decline from KD 25.3 million in the identical interval final 12 months. Regardless of this, the group noticed a 15% improve in insurance coverage income, reaching KD 449.2 million (USD 1.5 billion) and a 20% rise in internet funding earnings. GIG’s complete property grew by 6%, reaching KD 1.25 billion (USD 4.07 billion). The corporate attributes its success to strategic digital transformation and diversified income sources.
Mr. Khaled Saoud Al Hasan, GIG’s Vice Chairman & CEO, stated:
“Our outcomes for the primary half of 2024 replicate the power of GIG as a Group, its steady progress, soundness in taking dangers because of diversified income sources and talent to protect stakeholders’ advantages and shield their rights. We endeavour to offer the most effective insurance coverage providers to our valued prospects in all markets we function in (Egypt, Algeria, Turkey, Jordan and GCC) by adopting the mandatory methods which immediately prioritise digital transformation in our operations, digital distribution of merchandise, digital claims providers and different supporting features that every one collectively strengthen the GIG model and allow us to give attention to shaping a beneficial insurance coverage ecosystem for the MENA area.”
He added, “We thank our valued prospects for these achievements, in addition to the limitless assist from our shareholders, specifically FAIRFAX, and all honourable board members of the Group. I might additionally like to precise my honest appreciation to our devoted staff for his or her honest efforts and all of the involved authorities within the State of Kuwait for his or her steady cooperation to develop the Kuwaiti insurance coverage sector.”
Constant Dedication to Excellence
Furthermore, GIG additionally enjoys and maintains a superior ranking profile from internationally famend ranking businesses. It holds a Monetary Energy Score of ‘A’ (Wonderful) and an issuer credit standing of ‘a, having a Secure outlook from A.M. Greatest Europe – Score Companies Restricted, a Monetary Energy Score of ‘A’ with a Secure outlook from Commonplace & Poor’s and an upgraded Insurance coverage Monetary Energy Score (IFSR) of ‘A2’ from Moody’s Traders Service carrying a Secure outlook. Moreover, KIPCO – Kuwait Tasks Firm and Canadian-based Fairfax Monetary Holdings Ltd. are GIG’s main shareholders.
GIG has been named the “Model of the Yr” within the Insurance coverage class on the 2023-2024 World Branding Awards within the Regional tier, solidifying its standing as a number one insurance coverage supplier within the area.
Be taught extra in regards to the model right here.
Uncover the full 2023-2024 World Branding Awards winner listing and study extra in regards to the winners’ excellent achievements and international contributions to branding.
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