AM Best upgrades GIG Egypt's rating

AM Best has revised GIG Egypt's financial strength rating upwards from “B++” (Good) to “A” (Excellent). Long-term credit rating was upgraded from “bbb+” to “a”. The outlook remains stable.

This decision reflects the strategic importance of the Egyptian insurer for its parent company Gulf Insurance Group (GIG). The Kuwaiti group acquired AIG Egypt in April 2023, and intends to merge its new subsidiary with GIG Egypt.

According to AM Best, despite difficult market conditions and high inflation rates in the country, GIG Egypt continues to deliver solid results. Over the period 2019-2023, the average combined ratio stood at 85.3%. The five-year average return on equity (ROE) amounted to 27.9%.