Business Review
GIG‑Kuwait
Credit Rating
Top Achievements During 2024
- Re‑affirmation of our Moody’s S&P and AM Best Rating at “A” level post Afya Termination.
- Successfully enhanced IFRS 17 Reporting and improved reserving structure.
- Redesigning the Company’s organization structure.
GIG‑Gulf
Credit Rating
Top Achievements During 2024
- Successfully implemented new regulations for brokers from Central Bank of UAE offering different integration patterns and tools.
- The Company engaged with the Oman Financial Services Authority (FSA) and other participants in the Dhamani program, being the first insurer to complete deliveries in early 2025.
- The Company was able to launch an effective response to unprecedented floods in the Region and maintained a stable Customer Satisfaction, settling 70% of the claims 1 month after the event.
GIG‑Jordan
Credit Rating
Top Achievements During 2024
- Maintaining the Market Leadership position in Jordan in terms of written premium and profitability.
- Bundled products were introduced, such as a life with health insurance product, as well as the (50/50) product for individual life and critical illness, contributing to a 13% increase in the company’s written premiums.
- In terms of technology, the year 2024 was full of accomplishments as several digital transformation projects were launched such as Cross‑selling Portal, Cash on Delivery ‑ eFAWATERCOM Cycle on Mobile App, including other projects.
GIG‑Bahrain
Credit Rating
Top Achievements During 2024
- Launch of Performance bonds and Jewelers protection plan “Khazeena” under Fire and General Accidents department, revamping Motor product to comprehensive motor with “Pay by Kilometer.”
- Portfolio Review and optimization through LTA agreements under Medical.
- Optimized company’s services through a shift towards digitalization with the adoption of a new core insurance system.
GIG‑Saudi
Credit Rating
Top Achievements During 2024
- The entity is considered the 8th largest in KSA motor and healthcare segments, in terms of revenue.
- GIG Saudi managed overall profitable results, particularly in motor, where net results improved by exceptional rate.
- Completed multiple transformation projects and system enhancements (with an aim to strengthen digital base), and development is in progress on additional strategic projects in line with the Company’s strategy.
GIG‑Turkey
Top Achievements During 2024
- Achieved growth of 39.3% for the year 2024, with material policy count increase via retention of major business partners along with the addition of new small & mid‑sized accounts.
- The first phase of the Datacenter Replacement Project, has been successfully completed. As a result, there was a 20‑30% increase in performance.
- The launch of the new Health Tourism Travel Insurance Plan.
GIG‑Algeria
GIG‑Egypt
Credit Rating
Top Achievements During 2024
- Finalization of the merger process with AIG Insurance Company.
- Continuous development on the quality of service provided, in addition to maintaining a high level of customer satisfaction.
- Won the “Best General Insurance Company 2024” award by Finance Derivative magazine: the awards program aims to honor excellence in performance and reward companies across different domains of the business and financial world.
GIG‑Egypt Life Takaful
Top Achievements During 2024
- New bancassurance agreement AUB as forth bancassurance agreement.
- Achieved an average return on investment of 18.2% due to focusing on short‑term investment assets, which helped in avoiding unrealized losses as a result of changes in the fair value of government bonds
- Nominated for the Cambridge Excellence Award in Islamic Asset Management in Egypt, acheiving a 124% return on investment in the” Makasseb Fund” since its inception.