Moody’s rates Gulf Insurance IFSR A3

Moody's Investors Service said it assigned an A3 insurance financial strength rating to Gulf Insurance Group KSCP, the operating holding company of the Kuwait-based group with operations across the Middle East and North Africa region.

The agency also assigned an A3 insurance financial strength rating to Gulf Insurance’s main insurance operating company in Kuwait, Gulf Insurance & Reinsurance Co. KSC.

Both companies carry a stable outlook.

Moody's said Gulf Insurance’s insurance financial strength rating reflects: (a) The group's strong and leading position in its target markets, with a relative market share ratio of around 4 times, as well as its well-established brand recognition in the region; (b) strong and consistent profitability, with a return on capital of 11% between 2011-2015 driven by a very robust five-year combined ratio of 93.5%; (c) Gulf Insurance’s good capitalization, with total equity of KWD 111 million ($366 million), representing 22% of total assets at year-end 2015; and (d) strong management, which has implemented prudent and sophisticated risk management which is critical for the group's continuous expansion in the region.

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