Yara El-Gannainy_ Moody's Ratings has upgraded (GIG Insurance – Egypt) credit rating from Ba2 to Ba1, while maintaining a positive outlook, in light of the improvement in Egypt's sovereign rating, the strength of the company's financial position, and its growth and profitability rates.
The upgrade follows Moody's decision to upgrade the sovereign credit rating of the Arab Republic of Egypt to B3, in line with the agency's previous expectations regarding the possibility of upgrading the company's credit rating along with the improvement of the state's sovereign rating.
The agency praised the strength and resilience of the company's financial position, the diversification of its insurance portfolio, alongside its outstanding growth and profitability rates, as well as the strong support it receives from its parent group.
According to the statement, the rating upgrade reflects the company's strong financial performance, the effectiveness of its operational approach, and its risk management capabilities, while the positive outlook indicates the potential for further improvements in its credit rating during the upcoming period.
GIG Insurance – Egypt operates in property and casualty insurance and is affiliated with the Kuwaiti Gulf Insurance Group and the Canadian Fairfax Group, enabling it to benefit from the institutional support and international expertise of both groups.
