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Gulf Insurance Group (GIG) is a leading insurance provider with a strong presence in the Middle East and North Africa (MENA) region. Founded in 1962, the company has grown into a regional giant, offering a diverse range of insurance products and services.
A Regional Insurance Powerhouse
Gulf Insurance was a public shareholding company listed on Boursa Kuwait and a consistent market leader in Kuwait in terms of premiums written. The group is among the largest and most diversified insurance groups in the MENA.
As a regional insurance powerhouse, the group enjoys a strong competitive market position in Kuwait, Bahrain, Jordan and Egypt and excellent operational footprints in UAE, KSA, Turkey, Algeria, Qatar, Oman, Iraq, and Lebanon. As of 30 September 2023, the group’s reported consolidated assets were US$3.99 billion.
Evolving from its origins as a prominent personal and commercial insurer in Kuwait, GIG has now solidified its standing as a regional insurance powerhouse in the MENA region. With more than 100 branches across 12 markets, +3,800 employees and +3.5 million customers, GIG is delivering unprecedented growth for a sustainable future. Its strategic initiatives are paving the way for future growth and success, instilling optimism in its stakeholders.
GIG’s Diverse Portfolio
GIG offers a comprehensive range of insurance products, including property, casualty, motor, health, and life insurance, catering to both individuals and corporate clients. The group has a strong track record of financial performance, delivering consistent shareholder returns.
GIG’s 60-Year Legacy: A Brand Evolution for the Next Chapter
GIG’s business model revolves around providing comprehensive insurance solutions tailored to its customers’ needs. The company focuses on building strong relationships with its clients and delivering exceptional service.
Marking a historic 60-year milestone of operational excellence, GIG has launched an EVOLVED BRAND as part of a major transformation. This strategic move is designed to position the group for long-term success amid the ever-changing business landscape. The timing was ideal for an identity upgrade that preserves the core brand principles and elements while also reflecting the unique characteristics of its regional markets and the maturity of the brand within them. This evolution not only celebrates its past achievements but also signifies the group’s readiness to adapt and innovate for the future. “We’re shaping a valuable insurance ecosystem in the MENA region” is the strategically applied new vision of the evolved brand.
Moreover, GIG is actively investing in technology to enhance customer experience and operational efficiency. GIG has attained a competitive edge in its markets through the implementation of a comprehensive approach involving the latest and superior Information Technology services, Innovation in Products and Distribution, Customer Relations Management, robust Enterprise Risk Management, best standards of Corporate Governance, prudent underwriting practices, robust Business Strategy & Decentralised Business Model focusing Human Capital Development and Digitalisation.
GIG has been actively integrating sustainability into its business operations, demonstrating a solid commitment to environmental, social, and governance (ESG) principles. The group believe that incorporating ESG principles into its business practices is crucial for long-term sustainability and creating value for stakeholders.
Gulf Insurance Group announces net profit of US$ 54.7 million for the first half of 2024
The group has a strong track record of financial performance, delivering consistent shareholder returns. This robust financial performance instils confidence and security in stakeholders, reaffirming their trust in the company.
GIG reported a net profit of KD 16.8 million (USD 54.7 million) for the first half of 2024, a decline from KD 25.3 million in the same period last year. Despite this, the group saw a 15% increase in insurance revenue, reaching KD 449.2 million (USD 1.5 billion) and a 20% rise in net investment income. GIG’s total assets grew by 6%, reaching KD 1.25 billion (USD 4.07 billion). The company attributes its success to strategic digital transformation and diversified revenue sources.
Mr. Khaled Saoud Al Hasan, GIG’s Vice Chairman & CEO, said:
“Our results for the first half of 2024 reflect the strength of GIG as a Group, its continuous growth, soundness in taking risks thanks to diversified revenue sources and ability to preserve stakeholders’ benefits and protect their rights. We endeavour to provide the best insurance services to our valued customers in all markets we operate in (Egypt, Algeria, Turkey, Jordan and GCC) by adopting the necessary strategies which today prioritise digital transformation in our operations, digital distribution of products, digital claims services and other supporting functions that all together strengthen the GIG brand and enable us to focus on shaping a valuable insurance ecosystem for the MENA region.”
He added, “We thank our valued customers for these achievements, as well as the unlimited support from our shareholders, namely FAIRFAX, and all honourable board members of the Group. I would also like to express my sincere appreciation to our dedicated employees for their sincere efforts and all the concerned authorities in the State of Kuwait for their continuous cooperation to develop the Kuwaiti insurance sector.”
Consistent Commitment to Excellence
Moreover, GIG also enjoys and maintains a superior rating profile from internationally renowned rating agencies. It holds a Financial Strength Rating of ‘A’ (Excellent) and an issuer credit rating of ‘a, having a Stable outlook from A.M. Best Europe – Rating Services Limited, a Financial Strength Rating of ‘A’ with a Stable outlook from Standard & Poor’s and an upgraded Insurance Financial Strength Rating (IFSR) of ‘A2’ from Moody’s Investors Service carrying a Stable outlook. Furthermore, KIPCO – Kuwait Projects Company and Canadian-based Fairfax Financial Holdings Ltd. are GIG’s major shareholders.
GIG has been named the “Brand of the Year” in the Insurance category at the 2023-2024 World Branding Awards in the Regional tier, solidifying its status as a leading insurance provider in the region.
Learn more about the brand here.
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