AM Best affirms GIG Egypt's rating

AM Best has affirmed GIG Egypt's financial strength rating of “A” (Excellent) and long-term credit rating of “a.” The outlook remains stable.

The company's strong balance sheet is one of the key rating factors. This strength is expected to remain at its highest level.

Despite difficult market conditions and high inflation in the country, the Egyptian insurer continues to perform well. Over the 2020-2024 period, the weighted average return on equity stands at 31.9%. The average five-year combined ratio is of 83.8%.

AM Best's decision also reflects the strategic importance of GIG Egypt to its parent company, Gulf Insurance Group (GIG).