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AM Best has affirmed the Financial Strength Rating of “A-” (Excellent) and the Long-Term Issuer Credit Rating of “a-” for Bahrain Kuwait Insurance Company (GIG Bahrain) and its subsidiary, GIG Bahrain Takaful. The outlook for both ratings is stable.
GIG Bahrain demonstrated solid operating performance in 2024, reporting a combined ratio of 96.5% and a return on equity of 11.6%.
A leading player in the Bahraini insurance market, the company recorded insurance revenue of 114.2 million BHD (300 million USD) in 2024, up from 110 million BHD (290 million USD) in 2023.
The rating for GIG Bahrain Takaful also reflects the strategic importance of the subsidiary to its parent company.