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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.
A Regional Insurance coverage Powerhouse
Gulf Insurance coverage was a public shareholding firm listed on Boursa Kuwait and a constant market chief in Kuwait when it comes to 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 belongings had 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 clients, GIG is delivering unprecedented development for a sustainable future. Its strategic initiatives are paving the best way for future development and success, instilling optimism in its stakeholders.
GIG’s Various Portfolio
GIG presents 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 observe report of monetary efficiency, delivering constant shareholder returns.
GIG’s 60-12 months Legacy: A Model Evolution for the Subsequent Chapter
GIG’s enterprise mannequin revolves round offering complete insurance coverage options tailor-made to its clients’ wants. The corporate focuses on constructing robust 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 identification improve that preserves the core model ideas and components 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 longer term. “We’re shaping a precious insurance coverage ecosystem within the MENA area” is the strategically utilized new imaginative and prescient of the developed model.
Furthermore, GIG is actively investing in expertise to boost buyer expertise and operational effectivity. GIG has attained a aggressive edge in its markets via the implementation of a complete method involving the most recent and superior Data Expertise providers, Innovation in Merchandise and Distribution, Buyer Relations Administration, strong Enterprise Danger Administration, greatest requirements of Company Governance, prudent underwriting practices, strong Enterprise Technique & Decentralised Enterprise Mannequin focusing Human Capital Improvement 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 consider that incorporating ESG ideas into its enterprise practices is essential for long-term sustainability and creating worth for stakeholders.
Gulf Insurance coverage Group publicizes web revenue of US$ 54.7 million for the primary half of 2024
The group has a powerful observe report of monetary efficiency, delivering constant shareholder returns. This strong monetary efficiency instils confidence and safety in stakeholders, reaffirming their belief within the firm.
GIG reported a web 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 yr. 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 web funding revenue. GIG’s whole belongings 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 development, soundness in taking dangers due to diversified income sources and skill to protect stakeholders’ advantages and shield their rights. We endeavour to supply the perfect insurance coverage providers to our valued clients in all markets we function in (Egypt, Algeria, Turkey, Jordan and GCC) by adopting the required methods which immediately prioritise digital transformation in our operations, digital distribution of merchandise, digital claims providers and different supporting capabilities that every one collectively strengthen the GIG model and allow us to concentrate on shaping a precious insurance coverage ecosystem for the MENA area.”
He added, “We thank our valued clients for these achievements, in addition to the limitless assist from our shareholders, particularly FAIRFAX, and all honourable board members of the Group. I’d additionally like to specific 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 companies. 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 Providers Restricted, a Monetary Energy Score of ‘A’ with a Secure outlook from Customary & 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 12 months” 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.
Study extra concerning the model right here.
Uncover the full 2023-2024 World Branding Awards winner listing and study extra concerning the winners’ excellent achievements and world contributions to branding.
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