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Gulf Insurance Group - GIG

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Magazine Issue: 
Reinsurers in control [3]
Magazine date: 
Nov 2021
GIG
  • Date de création: 9 April1962, Kuwait
  • Classes of business: Life and non-life
  • Rating:
    - Standard & Poor’s : A- / Positive
    - A.M. Best : A / Under review
    - Moody's : A3 / Negative
  • Regional presence: 11 countries (Kuwait, Bahrain, Jordan, Egypt, Turkey, Algeria, Syria, Iraq, Lebanon, Saudi Arabia and the United Arab Emirates)
  • Number of employees: 2 500

GIG in 2020

Farqad Abdullah Al Sane
Khaled Saoud Al Hasan
Farqad Abdullah Al-Sane
Chairman of the Board of Directors
Khaled Saoud Al Hasan
Group CEO
Share capital
61 243 719 USD
Turnover
1 455 254 658 USD
Assets
2 621 824 920 USD
Shareholder’s equity
475 867 551 USD
Net result
65 794 393 USD
Net non-life loss ratio
69.95%
Net non-life management expenses ratio
26.38%
Net non-life combined ratio
96.33%

Management

Farqad Abdullah Al-SaneChairman of the Board of Directors
Khaled Saoud Al HasanBoard member and Group CEO
Farid Joseph SaberAssistant Group CEO -Operations
Osama Kamel Mostafa Aly KishkGroup Chief Financial Officer
Sridharan SundaresanGroup Technical Head - Reinsurance

Shareholding (September 2021)

ShareholdersShares
KIPCO Group
46.32%
Fairfax Financial Holdings Limited
43.69%
Others
9.99%

Read also | S&P upgrades GIG's rating [4]

GIG: major technical highlights

Figures in thousands USD
Highlights20162017201820192020
Gross written premiums
695 7111 006 5861 195 7401 296 3881 455 255
- Gross non-life written premiums
629 972974 2321 142 4261 233 3241 381 963
- Gross life written premiums
65 73932 35453 31563 06473 292
Net written premiums
339 744444 395561 300600 973630 275
Net non-life written premiums
285 301422 683526 959557 666575 666
Net earned premiums
343 948416 014541 245596 438612 416
Net non-life earned premiums
290 285397 470502 456556 372577 176
Non-life incurred losses
209 241307 050377 621413 547403 757
Non-life management expenses
99 778131 554141 363148 178151 870
Net non-life loss ratio (1)
72.08%77.25%75.16%74.33%69.95%
Net non-life management expenses ratio (2)
34.97%31.12%26.83%26.57%26.38%
Net non-life combined ratio (3)
107.05%108.37%101.99%100.90%96.33%
Net result
47 01935 55248 08750 27865 794

(1) Net non-life loss ratio = Non-life incurred losses / Net non-life earned premiums
(2) Net non-life management expenses ratio = Non-life management expenses / Net non-life reinsurance written premiums
(3) Net non-life combined ratio = Net non-life loss ratio + Net non-life management expenses ratio

Exchange rate as at 31/12/2020 : 1 KWD = 3.27438 USD ; 31/12/2019 : 1 KWD = 3.28983 USD ; at 31/12/2018 : KWD = 3.27956 USD ; at 31/12/2017 : 1 KWD = 3.30268 USD ; at 31/12/2016 : 1 KWD = 3.26307 USD.

Read also | Gulf Insurance Group: results increase in Q1 2022 [5]

GIG : turnover breakdown per class of business

Figures in thousands USD
Class of business201620172018201920202020 shares
Health
272 630531 973596 142652 484794 86954.62%
Property damage
83 556103 405134 688162 293192 33813.22%
Motor
149 691167 908191 048198 496180 47412.40%
Engineering
57 65374 055107 34298 31092 9496.39%
Accident
39 25768 19778 32386 19187 8386.03%
Marine and aviation
27 18628 69534 88235 55133 4932.30%
Total non-life629 972974 2321 142 4261 233 3241 381 96394.96%
Life65 73932 35453 31563 06473 2925.04%
Grand total695 7111 006 5861 195 7401 296 3881 455 255100%

Breakdown of 2020 turnover per class of business

gig turnover

GIG : net written premiums per class of business

Figures in thousands USD
 201620172018201920202019-2020 evolution (1)
Health
111 332190 715256 009280 168315 61513.18%
Property damage
7 8389 59715 72217 56221 60423.60%
Motor
139 985157 511180 732187 781169 032-9.56%
Engineering
7 43528 73531 51027 08828 1954.58%
Accident
12 81528 56632 86335 08931 319-10.32%
Marine and aviation
5 8957 55910 1239 9799 900-0.32%
Total non-life285 301422 683526 959557 666575 6663.71%
Life54 44421 71234 34143 30754 60926.69%
Grand total339 744444 395561 300600 973630 2755.37%

GIG : net earned premiums per class of business

Figures in thousands USD
 201620172018201920202019-2020 evolution (1)
Health
116 890196 307249 887285 231316 72011.56%
Property damage
8 1587 59610 52319 04419 8284.61%
Motor
139 581144 088172 104184 507178 381-2.86%
Engineering
6 94916 17428 01524 02423 052-3.60%
Accident
12 78726 33132 01133 56829 396-12.02%
Marine and aviation
5 9216 9749 9169 9989 800-1.52%
Total non-life290 285397 470502 456556 372577 1764.23%
Life53 66318 54538 78940 06535 240-11.63%
Grand total343 948416 014541 245596 438612 4163.16%

(1) Evolution in local currency

GIG : non-life incurred losses per class of business

Figures in thousands USD
 201620172018201920202019-2020 evolution (1)
Health
101 272179 314197 596230 374239 5754.48%
Property damage
1 3164 0268 0193 63910 454188.64%
Motor
102 208110 793142 799151 427126 410-16.13%
Engineering
3415 07217 96314 95114 544-2.26%
Accident
3 1076 0117 95211 9909 733-18.44%
Marine and aviation
9971 8333 2921 1663 041162.01%
Total non-life209 241307 050377 621413 547403 757-1.91%

GIG : non-life management expenses per class of bsuiness

Figures in thousands USD
 201620172018201920202019-2020 evolution (1)
Health
22 44129 73136 54640 43039 844-0.99%
Property damage
12 71815 73417 75118 10020 86215.80%
Motor
41 89743 19845 72448 43245 797-4.99%
Engineering
8 26813 40611 00012 06911 354-5.48%
Accident
8 07622 34122 16821 02726 11324.77%
Marine and aviation
6 3787 1438 1738 1197 900-2.24%
Total non-life99 778131 554141 363148 178151 8702.98%

(1) Evolution in local currency

GIG : net non-life loss ratio per class of business

 20162017201820192020
Health
86.64%91.34%79.07%80.77%75.64%
Property damage
16.13%53.00%76.20%19.11%52.72%
Motor
73.23%76.89%82.97%82.07%70.87%
Engineering
4.90%31.36%64.12%62.23%63.09%
Accident
24.30%22.83%24.84%35.72%33.11%
Marine and aviation
16.83%26.29%33.20%11.66%31.03%
Total non-life72.08%77.25%75.16%74.33%69.95%

GIG : net non-life management expenses ratio

 20162017201820192020
Health
20.16%15.59%14.28%14.43%12.62%
Property damage
162.26%163.95%112.91%103.06%96.56%
Motor
29.93%27.43%25.30%25.79%27.09%
Engineering
111.20%46.66%34.91%44.56%40.27%
Accident
63.02%78.21%67.46%59.93%83.38%
Marine and aviation
108.20%94.50%80.74%81.36%79.80%
Total non-life34.97%31.12%26.83%26.57%26.38%

GIG : net non-life combined ratios per class of business

 20162017201820192020
Health
106.80%106.93%93.35%95.20%88.26%
Property damage
178.39%216.95%189.11%122.17%149.28%
Motor
103.16%104.32%108.27%107.86%97.96%
Engineering
116.10%78.02%99.03%106.79%103.36%
Accident
87.32%101.04%92.30%95.65%116.49%
Marine and aviation
125.03%120.79%113.94%93.02%110.83%
Total non-life107.05%108.37%101.99%100.90%96.33%
GIG

GIG : Contact

Head Office
KIPCO Tower, Floor 40 Khaled Ibn Alwaleed Street, Sharq P.O. Box 1040, Safat 13011, Kuwait
Phone
+965 1802080
Fax
+965 22961826
E-mail
contacts [at] gig [dot] com [dot] kw
Website
Wed, 24/11/2021 - 12:18

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[4] https://www.atlas-mag.net/en/article/sp-upgrades-gig-s-rating
[5] https://www.atlas-mag.net/en/article/gulf-insurance-group-results-increase-in-q1-2022
[6] https://www.gulfinsgroup.com/Home