Kuwait Projects Company (Holding) - Investor Presentation
GULF INSURANCE GROUP
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Business highlights
Kuwait-based insurance company with operations in life and
non-life as well as Takaful insurance
Presence across the MENA region in 13 countries through a
network of over 85 branches; market leader in 4 countries
A rating from S&P; A3 from Moody's; A from AM Best
GIG has successfully completed the acquisition of AXA's Gulf
operations in Sep'21 which makes it one of the top three
insurance companies in the MENA region
Key Franchises
Name
GIG Gulf and GIG Saudi
GIG Kuwait
Arab Orient Insurance
Arab Misr Insurance
Gulf Sigorta
Effective
Assets¹
Revenue²
Market Position
Stake¹
US$ mn
US$ mn
Among Top-5 players
in Saudi, UAE and Oman
100%
1,933
200
#1 by GPW in Kuwait
100%
898
90
Bahrain Kuwait Insurance
#1 by GPW in Bahrain
56%
472
28
#1 by GPW in Jordan
90%
220
23
#1 by technical profits in Egypt
Niche player in Turkey
99%
176
17
99%
162
11
Net Profit US$ mn & ROE %
Premium Written US$ mn
Combined Ratio %
94%
94%
18%
765
27%
26%
492
393
18
192
66%
68%
Q1 2021
20%
32
Q1 2022
Q1 2021
Q1 2022
Q1 2021
Q1 2022
Gross
Net
Loss Ratio
Expense Ratio
Combined Ratio
Return on Equity
gig
GIG completed acquisition of AXA Gulf on 06 September 2021,
post which its results are consolidated in its financials
US$4.4 bn total assets on 31 March 2022 2 US$384mn total revenue for the quarter ended 31 March 2022
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