AM Best has affirmed the ratings of Gulf Insurance Group (Gulf) B.S.C. (c), known as GIG Gulf: A (Excellent) for financial strength and "a+" for long-term issuer credit. The outlook on both is stable. The Bahrain-domiciled insurer is in the top five by net insurance service revenue in each of its core markets, the UAE, Bahrain and Oman.
The agency assesses the balance sheet as very strong. It says risk-adjusted capital was comfortably at the strongest level of its capital model (BCAR) at year-end 2025. It credits lower use of reinsurance than regional peers and a conservative investment mix. It also flags elevated financial system risk from the company's operations in Bahrain and Oman.
On performance, AM Best cites an average return on equity of 12.7% over 2022-2025 and a net-net combined ratio of 95.5% in 2025, down from 99.2% in 2024. It says underwriting results continued to improve in the first half of 2026, helped by better claims experience and rate increases in core lines.
The ratings include lift from the parent, Gulf Insurance Group K.S.C.P. of Kuwait, because GIG Gulf is strategically important to the group. GIG Gulf also owns 50% of Gulf Insurance Group in Saudi Arabia.
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AM Best ↗Company · 22 Oct 2026
This is an original brief based on the linked publication. Company statements and forecasts are attributed to their source.
