S&P upgrades GIG's rating

Standard and Poor's (S&P) has raised the long-term financial strength and credit ratings of Gulf Insurance Group (GIG) and its subsidiary Gulf Insurance and Reinsurance from "A-" to "A". The outlook is stable.

S&P reasons its decision by the 50 million KWD (165.4 million USD) increase of the company's share capital and the issue of 60 million KWD (198.485 million USD) of bonds.

The rating agency expects the insurer to successfully integrate AXA's operations in the Gulf region, improve its investments, maintain a strong capital base and continue to grow its operational performance.

In September 2021, GIG finalized the acquisition of 50% of AXA Gulf and 34% of AXA Cooperative Insurance Company (Saudi Arabia). Through this transaction, the group is to be one of the three main players in the region with a turnover of 2.3 billion USD.