Gulf Insurance Group - GIG Egypt

Date of creation: 1 July 1994 in Cairo
Class of business: Non life
Rating:

A.M. Best: B++ (Stable)
Moody’s: Ba2 (Stable)

GYG Egypt in 2019


Raafat Al-Salamony Chairman of the board	Alaa El-Zoheiry Managing director

Share capital	17 940 000 USD
Turnover	66 373 989 USD
Assets	96 092 365 USD
Shareholder’s equity	35 685 944 USD
Net result	10 862 771 USD
Loss ratio	59,22 %
Management expenses ratio	26 %
Combined ratio	85,22 %

Management

Raafat Al-Salamony	Chairman of the board
Alaa El-Zoheiry	Managing director
Ahmed Shokry	Audit, taxes & collection sector head
Mohamed Esmael Khaled	MD Technical assistant
Hosam Fouad	Finance sector head
Wael Mohamed Roushdy	Marine claims sector head
Makeen Lotfy Abdallah	Business & products development sector head
Hanna Aly Wahba	Medical insurance department sector head

Major shareholders

GIG- Kuwait	94.85%
Suez Canal Bank	5.00%
Egyptian businessmen	0,15%

Read also | Top 10 insurance companies in Egypt

GIG Egypt: Major technical highlights (2015-2019)

Figures in USD

	2015	2016	2017	2018	2019
Gross written premiums	56 148 208	60 567 166	41 455 354	54 202 763	66 373 989
Net written premiums	28 837 773	29 309 697	16 948 729	20 827 977	24 811 436
Net earned premiums	26 586 315	27 616 041	15 595 767	18 364 479	24 047 399
Net incurred losses	13 051 251	15 085 690	8 759 778	10 584 860	14 241 113
Loss ratio ⁽¹⁾	49.09%	54.63%	56.17%	57.64%	59.22%
Management expenses	15 690 814	16 511 837	10 395 544	13 095 306	17 257 553
Management expenses ratio ⁽²⁾	27.95%	27.26%	25.08%	24.16%	26.00%
Combined ratio ⁽³⁾	77.04%	81.89%	81.25%	81.80%	85.22%
Net result	9 566 685	8 666 514	6 429 740	7 082 654	10 862 771

⁽¹⁾ Loss ratio = incurred losses / earned premiums
⁽²⁾ Management expenses ratio = management expenses / written premiums
⁽³⁾ Combined ratio = loss ratio + management expenses ratio

GIG Egypt: Breakdown of turnover per class of business (2015-2019)

Figures in USD

	2015	2016	2017	2018	2019	Evolution 2018-2019 ⁽¹⁾	Parts 2019
Motor	24 103 175	24 825 231	13 256 514	14 646 459	17 671 423	12.60%	26.62%
Fire	9 297 683	10 564 195	11 892 429	14 161 423	17 092 530	12.64%	25.75%
Engineering	6 842 966	8 243 491	5 312 096	7 831 498	10 424 443	24.23%	15.71%
Accident	6 147 618	6 646 220	5 010 795	6 475 181	7 974 771	14.94%	12.02%
Marine ⁽²⁾	6 492 191	5 523 693	3 041 285	4 728 779	5 831 805	15.10%	8.79%
Health	380 968	1 945 297	1 331 448	3 571 728	4 766 330	24.54%	7.18%
Energy	2 275 476	2 279 470	1 349 359	2 149 180	1 760 483	-23.55%	2.65%
Aviation	608 131	539 569	261 428	638 515	852 204	24.56%	1.28%
Total	56 148 208	60 567 166	41 455 354	54 202 763	66 373 989	14.28%	100%

⁽¹⁾ Evolution in local currency ⁽²⁾ Including marine and inland transportation

Breakdown of 2019 turnover per class of business

gig egypt turnover

GIG Egypt: Net earned premiums per class of business (2015-2019)

Figures in USD

	2015	2016	2017	2018	2019	Evolution 2018-2019 ⁽¹⁾
Motor	19 222 807	20 590 300	11 267 903	11 879 864	14 368 529	12.88%
Fire	1 132 993	1 250 236	711 093	952 113	1 417 103	38.91%
Engineering	1 388 213	1 305 137	941 388	1 033 231	1 734 708	56.69%
Accident	3 005 720	2 628 925	1 451 089	2 074 984	2 768 612	24.53%
Marine ⁽²⁾	1 710 352	1 381 557	835 749	1 086 231	1 402 157	20.47%
Health	59 748	347 538	327 385	1 294 557	2 333 442	68.22%
Energy	61 484	107 013	59 159	42 180	22 116	-51.07%
Aviation	4 998	5 335	2 001	1 319	732	-48.21%
Total	26 586 315	27 616 041	15 595 767	18 364 479	24 047 399	22.21%

GIG Egypt: Net incurred losses per class of business (2015-2019)

Figures in USD

	2015	2016	2017	2018	2019	Evolution 2018-2019 ⁽¹⁾
Motor	10 591 823	13 027 522	7 221 884	7 957 238	9 238 887	8.36%
Fire	466 959	351 516	221 957	404 189	676 173	56.13%
Engineering	840 604	480 682	623 396	668 910	1 094 115	52.65%
Accident	776 244	494 397	224 364	325 357	659 846	89.28%
Marine ⁽²⁾	369 336	341 748	138 358	251 056	282 142	4.88%
Health	11 638	312 886	326 648	979 214	2 290 224	118.28%
Energy	-3 676	68 605	-2 801	-	-	-
Aviation	-1 677	8 334	5 972	-1 104	-274	-76.88%
Total	13 051 251	15 085 690	8 759 778	10 584 860	14 241 113	25.57%

⁽¹⁾ Evolution in local currency ⁽²⁾ Including marine and inland transportation

GIG Egypt: Management expenses per class of business (2015-2019)

Figures in USD

	2015	2016	2017	2018	2019	Evolution 2018-2019 ⁽¹⁾
Motor	6 619 108	6 715 047	3 679 244	4 264 039	5 794 754	26.83%
Fire	2 564 637	2 883 501	2 227 375	2 806 598	3 503 460	16.50%
Engineering	1 817 499	2 234 965	1 366 387	1 678 036	2 623 635	45.92%
Accident	1 870 184	1 772 825	1 382 671	1 867 985	2 288 262	14.33%
Marine ⁽²⁾	1 994 439	1 726 208	1 006 585	1 355 343	1 594 063	9.77%
Health	194 556	491 219	333 388	725 350	1 075 710	38.41%
Energy	555 131	614 154	364 136	314 465	250 622	-25.62%
Aviation	75 260	73 918	35 758	83 490	127 047	42.02%
Total	15 690 814	16 511 837	10 395 544	13 095 306	17 257 553	22.99%

⁽¹⁾ Evolution in local currency ⁽²⁾ Including marine and inland transportation

GIG Egypt: Loss ratio per class of business (2015-2019)

	2015	2016	2017	2018	2019
Motor	55.10%	63.27%	64.09%	66.98%	64.30%
Fire	41.21%	28.12%	31.21%	42.45%	47.72%
Engineering	60.55%	36.83%	66.22%	64.74%	63.07%
Accident	25.83%	18.81%	15.46%	15.68%	23.83%
Marine ⁽¹⁾	21.59%	24.74%	16.55%	23.11%	20.12%
Health	19.48%	90.03%	99.77%	75.64%	98.15%
Energy	-5.98%	64.11%	-4.74%	-	-
Aviation	-33.54%	156.23%	298.45%	-83.69%	-37.43%
Total	49.09%	54.63%	56.17%	57.64%	59.22%

⁽¹⁾ Including marine and inland transportation

GIG Egypt: Management expenses ratio per class of business (2015-2019)

	2015	2016	2017	2018	2019
Motor	27.46%	27.05%	27.75%	29.11%	32.79%
Fire	27.58%	27.30%	18.73%	19.82%	20.50%
Engineering	26.56%	27.11%	25.72%	21.43%	25.17%
Accident	30.42%	26.67%	27.59%	28.85%	28.69%
Marine	30.72%	31.25%	33.10%	28.66%	27.33%
Health	51.07%	25.25%	25.04%	20.31%	22.57%
Energy	24.40%	26.94%	26.99%	14.63%	14.24%
Aviation	12.38%	13.70%	13.68%	13.08%	14.91%
Total	27.95%	27.26%	25.08%	24.16%	26%

GIG Egypt: Combined ratio per class of business (2015-2019)

	2015	2016	2017	2018	2019
Motor	82.56%	90.32%	91.84%	96.09%	97.09%
Fire	68.79%	55.42%	49.94%	62.27%	68.22%
Engineering	87.11%	63.94%	91.94%	86.17%	88.24%
Accident	56.25%	45.48%	43.05%	44.53%	52.52%
Marine	52.31%	55.99%	49.65%	51.77%	47.45%
Health	70.55%	115.28%	124.81%	95.95%	120.72%
Energy	18.42%	91.05%	22.25%	14.63%	14.24%
Aviation	-21.16%	169.93%	312.13%	-70.61%	-22.52%
Total	77.04%	81.89%	81.25%	81.80%	85.22%

Exchange rate EGP/USD as at 31/12	2015	2016	2017	2018	2019
Exchange rate EGP/USD as at 31/12	0.13	0.11285	0.0551	0.05581	0.0598

GIG Egypt: Contact

Siège social	13 Ma'ahad Ishteraki St., Merryland, Heliopolis - Cairo, Egypt
Phone	(+20) 2 4517620 / (+20) 2 4517622 / (+20) 2 4517624
E-mail	mail [at] gig [dot] com [dot] eg
Website	www.gig.com.eg

Average:

Your rating: None

Mon, 03/08/2020 - 14:09

Gulf Insurance Group - GIG Egypt

GYG Egypt in 2019

GIG Egypt: Major technical highlights (2015-2019)

GIG Egypt: Breakdown of turnover per class of business (2015-2019)

GIG Egypt: Net earned premiums per class of business (2015-2019)

GIG Egypt: Net incurred losses per class of business (2015-2019)

GIG Egypt: Management expenses per class of business (2015-2019)

GIG Egypt: Loss ratio per class of business (2015-2019)

GIG Egypt: Management expenses ratio per class of business (2015-2019)

GIG Egypt: Combined ratio per class of business (2015-2019)

The online magazine