Business Operations The Trusted Brand: Bringing Excellence To MENA
Regional Branches
+100
Building an Ecosystem around Digital Transformation.
Credit Rating
Top Achievements During 2023
- Successful implementation of IFRS 17 standard.
- Maintained Credit Ratings at “A” level from three rating agencies.
- Achieved notable subsidiary developments, with a premium growth of 77%. Introduced telesales division and opened two new branches.
Credit Rating
Top Achievements During 2023
- Achieved the best credit control results in Company’s history.
- Continued improving on Customer Satisfaction metrics (NPS) in key business segments, improving employee engagement.
- Demonstrated strong IT security with a ISO/IEC 27001 certification. Received a high maturity score based on a Center transpose for Internet Security (CIS) framework.
Credit Rating
Top Achievements During 2023
- Achieved a Solvency Margin of 172.3%. Market leader in terms of written premium and profitability.
- Achieved improvements in digital transformation, through projects like Collection Application, Online Selling, and others.
- Maintained the Financial Strength Rating at B++ and the Long‑term Issuer’s Credit Rating at bbb+ from A.M. Best.
Credit Rating
Top Achievements During 2023
- The only national company with rating of “A‑” from A.M. Best in the Kingdom of Bahrain.
- Substantially expanded operations and appointed new Information Security Officer (ISO) for Cybersecurity Safety.
- Further promoted digitalisation efforts and won the ‘Great Place to Work Award’ for 2023.
Top Achievements During 2023
- GIG Saudi became the second largest national company in the motor segment and fifth largest in healthcare.
- Achieved exceptional growth in engineering and P&C lines.
- Completed multiple transformation projects and system enhancements.
Top Achievements During 2023
- Achieved forecasted profit for 2023, while retaining a well hyphen balanced portfolio both in terms of distribution and product mix.
- Renewed treaties with relative cost effective improvements compared to previous year.
- Replaced data center transpose and established a new Agency Portal. Successfully implemented IFRS 17.
Top Achievements During 2023
- Achieving unprecedented growth rates in investment returns and investment portfolio.
- Legacy accounting balances fully absorbed, leading to the end of the financial cleanup operation.
- Established a partnership with CHUBB and Société Générale bank.
Credit Rating
Top Achievements During 2023
- Maintained very good levels of growth and profitability.
- Won "Best Micro Insurance Company" in the 2023 Annual GBO Awards.
- Continued to explore niche markets and launched new products.
Top Achievements During 2023
- All reinsurance agreements have been renewed, and a number of international reinsurance companies have been contacted to deal with in the future.
- Achieved an average rate of return on investment of 14.5%.
- Activated IFRS 17 standard module and electronic tax receipt system.