S&P issues 'A-' rating for GIG with stable outlook

Logo of Gulf Insurance Group (GIG)

Gulf Insurance Group (GIG) received, on May 6, a report from Standard & Poor's Global Ratings (S&P), assigning the insurer a long-term financial strength rating of 'A-', with a stable outlook, the insurer said in a statement to Tadawul.

S&P said that GIG was assigned this rating based on a set of strength factors, most notably the company’s capital adequacy, diversified business mix, conservative investment portfolio with stable investment returns and strong reinsurance panel limiting any credit risk.

S&P has given a stable outlook for GIG due to its expectations that the company will continue to maintain its operating performance and capital adequacy over the next two years, the statement added.