Moody’s Investors Service agency has assigned the insurance financial strength rating (IFSR) of A3 for the Kuwait-based group with operations across the MENA region. The outlook on the rating is stable. This reflects GIG’s strong and leading position in its target markets, strong and consistent profitability, good level of capitalization and strong management with prudent and sophisticated risk management tools.

The agency announced that GIG's franchise primarily stems from the leading positions of its subsidiaries in the target markets in Kuwait, Bahrain and Jordan in addition to being the fourth-largest non-life insurer in Egypt. 

GIG is following a positive approach in distribution and has a well-diversified product in its Conventional and Takaful lines of business.

The liquidity has been viewed as adequate, the profitability is strong and the returns are stable. The group enjoys a good level of capitalization brought through its continued strong results along with the sophisticated capital management tools.

GIG is one of the few entities in the GCC that benefits from the review of both internal and external actuaries at the group and subsidiary levels. These reviews have brought both sophistication and adequacy to the group’s reserving techniques. 

The stable outlook on GIG reflects Moody’s expectation that the group will maintain its solid market position and brand in its key markets while maintaining good capitalization and delivering strong results.