S&P Global Ratings has assigned Gulf Insurance Group (GIG) a long-term financial strength rating of ‘A-’ with a stable outlook.

The rating agency based its assessment on several strengths, including the company’s capital adequacy and diversified business mix, according to a bourse filing.

S&P cited additional factors for its rating, such as GIG’s conservative investment portfolio, stable investment returns, and a robust reinsurance panel that mitigates credit risk.

The agency also stated that the company’s outlook reflects expectations of maintaining the current level of operating performance and capital adequacy over the next two years.

It is worth noting that GIG swung to losses in the first quarter (Q1) of 2024, recording a net loss after Zakat attributable to shareholders of SAR 20.21 million.

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