Moody’s affirms GIG Egypt’s Ba2 rating, stable outlook – official

Moody’s Investors Service has affirmed the Ba2 insurance financial strength rating (IFSR) of GIG Insurance – Egypt (GIG Egypt) and maintained its stable outlook, GIG managing director Alaa el-Zoheiry told Amwal Al Ghad on Sunday.

el-Zoheiry’s remarks were made after his meeting with representatives of Moody’s to renew the company’s rating.

The latest rating supports GIG Egypt’s strategy to boost its market share in the Egyptian insurance market by carrying out digital transformation policies in line with the state’s plans to achieve financial inclusion across all sectors, el-Zoheiry said.

Earlier, Moody’s announced in March the completion of a periodic review of the ratings of GIG Egypt.

“Given the strong brand association with the Group as well as the sharing of technical expertise, reflecting the Group’s continued commitment to the region, Moody’s incorporates three notches of support into GIG Egypt’s IFSR,” the rating agency said in a statement in March.

“GIG Egypt’s stand-alone credit profile reflects its top three position in the Egyptian P&C insurance market and a growing brand, good product diversification of non-life products and very good operating profitability.”