AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a+” (Excellent) of Gulf Insurance Group (Gulf) B.S.C. (c) (GIG Gulf) (Bahrain). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect GIG Gulf’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in lift from GIG Gulf’s parent company, Gulf Insurance Group K.S.C.P., due to its strategic importance to the group.

GIG Gulf’s balance sheet strength assessment reflects its risk-adjusted capitalisation, which was comfortably at the strongest level at year-end 2025, as measured by Best’s Capital Adequacy Ratio (BCAR). GIG Gulf’s balance sheet benefits from its relatively low reliance on reinsurance, when compared with its regional peers, and conservative asset allocation, with minimal foreign exchange risk. Nonetheless, it is exposed to elevated financial system risk stemming from its operations in Bahrain and Oman.

GIG Gulf’s operating performance assessment considers the company’s history of strong overall profitability, as evidenced by a four-year (2022-2025) average return on equity of 12.7%. Overall results have been supported by solid and relatively stable underwriting profitability. In 2025, the company generated a net-net combined ratio of 95.5% (2024: 99.2%), as calculated by AM Best. GIG Gulf’s underwriting results have demonstrated continued improvement over the first six months of 2026, supported by better claims experience and rate increases within the company’s core lines of business.

GIG Gulf’s business profile assessment reflects its established position, commanding a top five position based on net insurance service revenue within each of its core markets: the United Arab Emirates, Bahrain and Oman. Additionally, the company has a 50% ownership stake in Gulf Insurance Group (A Saudi Joint Stock Company) in Saudi Arabia.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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