AM Best affirms GIG Egypt's rating

AM Best has confirmed GIG Egypt's "B++" (Good) financial strength and "bbb+" long-term credit ratings with a stable outlook.

The rating reflects the company's strong balance sheet, good operating performance, and appropriate enterprise risk management.

According to the rating agency, the Egyptian insurer's 2017-2021 results are strong. The five-year average combined ratio is 84.1% and the return on equity is 26.5%.