Moody's revises Gulf Insurance Group's rating upward

Moody's has upgraded Gulf Insurance Group's (GIG) financial strength rating and that of its main subsidiary Gulf Insurance and Reinsurance from 'A3' to 'A2'. The outlook was changed from positive to stable.

The rating reflects the group's leading position in its target markets, its strengthened business profile and its good brand perception.

Moody's also acknowledged GIG's strong financial performance in 2022, the first year after the full integration of GIG Gulf's operations, formerly known as AXA Gulf.