- Date of creation: 1st January 1975, Manama, Bahrain
- Classes of business: Life and non life
- Rating: A.M. Best / A- / Stable
- Number of entities: 3 subsidiaries and 1 regional office (Kuwait)
- Number of employees: 191 employees
GIG Bahrain in 2023
 |
 |
|
Murad Ali Murad |
Abdulla Salah Sultan |
|
Insurance revenue (IFRS 17) |
289 976 000 USD |
|
Share capital |
50 327 000 USD |
|
Assets |
452 071 000 USD |
|
Shareholder’s equity |
121 914 000 USD |
|
Net result |
13 641 000 USD |
|
Non-life combined ratio (IFRS17) |
65.46% |
Management
| Murad Ali Murad | Chairman of the Board of Directors |
| Abdulla Salah Sultan | Chief Executive Officer (CEO) |
| Ali Ebrahim Noor | Chief Operating Officer (COO) |
| Fatema Al-Saffar | Chief Financial Officer (CFO) |
| Manoj Badoni | Chief Underwriting Officer |
| Ahmed A Bucheeri | Chief Investment Officer |
| Abdullah Faisal AlKhulaifi | General Manager (Kuwait) |
Shareholding
| Gulf Insurance Group K.S.C. | 56.12% |
| Warba Insurance Company K.S.C. | 13.33% |
| Bank of Bahrain and Kuwait B.S.C. | 6.82% |
| Bahraini and other shareholders | 23.73% |
GIG Bahrain: Major technical highlights
Figures in thousands USD
| Indicateurs | 2019 | 2020 | 2021 | 2022 | 2023 |
|---|---|---|---|---|---|
| Life and non-life insurance revenue (1) | 215 290 | 225 358 | 244 469 | 268 630 | 289 976 |
| Life insurance revenue (1) | 3 649 | 3 820 | 3 544 | 851 | 1 002 |
| Non-life insurance revenue (1) | 211 641 | 221 538 | 240 925 | 267 779 | 288 974 |
| Net non-life written premiums (2) | 86 147 | 87 260 | 97 119 | – | – |
| Net non-life earned premiums (2) | 86 289 | 88 529 | 94 184 | – | – |
| Net non-life incurred losses | 64 166 | 61 844 | 65 287 | – | – |
| Non-life management expenses (2) | 28 599 | 28 102 | 29 684 | – | – |
| Non-life insurance service expenses (3) | – | – | – | 70 153 | 189 177 |
| Net non-life loss ratio | 74.36% | 69.86% | 69.32% | – | – |
| Net non-life management expenses ratio | 33.20% | 32.20% | 30.56% | – | – |
| Net non-life combined ratio | 107.56% | 102.06% | 99.88% | 26.20% | 65.46% |
| Insurance service results (3) | – | – | – | 12 181 | 8 719 |
| Net result | 7 451 | 10 333 | 11 393 | 15 389 | 13 641 |
(1) Gross written premiums for the years 2019, 2020 and 2021, before the introduction of the new IFRS 17 standards, and insurance revenue under IFRS 17 from 2022 onwards.
(2) Data in accordance with IFRS 4
(3) Data in accordance with IFRS 17
IFRS 4 technical ratios for 2019, 2020 and 2021
- Net non-life loss ratio = Net non-life incurred losses / Net non-life earned premiums
- Net non-life management expenses ratio = Net non-life management expenses / Net non-life written premiums
- Net non-life combined ratio = Net non-life loss ratio + Net non-life management expenses ratio
IFRS 17 combined ratio for 2022 and 2023
- Non-life combined ratio = Non-life insurance service expenses / Non-life insurance revenue
Exchange rate as at 31/12/2023: 1 BHD = 2.63643 USD ; 31/12/2022: 1 BHD = 2.63554 USD ; at 31/12/2021: 1 BHD = 2.63667 USD ; at 31/12/2020: 1 BHD = 2.63793 USD ; at 31/12/2019: 1 BHD = 2.63655 USD
GIG Bahrain: Insurance revenue by class of business
Figures in thousands USD
| Classes of business | 2019 | 2020 | 2021 | 2022 | 2023 | 2023 shares |
|---|---|---|---|---|---|---|
| Marine and other risks (1) | 158 915 | 170 120 | 188 421 | 166 419 | 181 872 | 62.72% |
| Motor | 52 726 | 51 418 | 52 504 | 55 549 | 55 879 | 19.27% |
| Helth | – | – | – | 45 811 | 51 223 | 17.66% |
| Total non-life | 211 641 | 221 538 | 240 925 | 267 779 | 288 974 | 99.65% |
| Total life | 3 649 | 3 820 | 3 544 | 851 | 1 002 | 0.35% |
| Grand total | 215 290 | 225 358 | 244 469 | 268 630 | 289 976 | 100% |
Gross written premiums for 2019, 2020 and 2021 and insurance revenue for 2022 and 2023
(2) Including fire, accidents, engineering and aviation
Turnover breakdown per class of business in 2023
GIG Bahrain: Insurance service expenses by non-life class of business (IFRS 17)
Figures in thousands USD
| Classes of business | 2022 | 2023 | 2022-2023 evolution |
|---|---|---|---|
| Marine and other risks (1) | -22 489 | 84 524 | 475.72% |
| Motor | 46 072 | 52 056 | 12.95% |
| Health | 46 570 | 52 597 | 12.90% |
| Total non-life | 70 153 | 189 177 | 169.57% |
(1) Including fire, accidents, engineering and aviation
GIG Bahrain: Net loss ratio by non-life class of business
Figures in thousands USD
| Classes of business | 2019 | 2020 | 2021 |
|---|---|---|---|
| Marine and other risks (1) | 60.38% | 73.24% | 77.05% |
| Motor | 83.85% | 67.35% | 62.78% |
| Health | – | – | – |
| Total non-life | 74.36% | 69.86% | 69.32% |
(1) Including fire, accidents, engineering and aviation
GIG Bahrain: Net combined ratio by non-life class of business
| Classes of business | 2019 (1) | 2020 (1) | 2021 (1) | 2022 (2) | 2023 (2) |
|---|---|---|---|---|---|
| Marine and other risks (3) | 105.57% | 116.77% | 111.45% | -13.51% | 46.47% |
| Motor | 108.61% | 91.00% | 89.87% | 82.94% | 93.16% |
| Health | – | – | – | 101.66% | 102.68% |
| Total non-life | 107.56% | 102.06% | 99.88% | 26.20% | 65.46% |
(1) The combined ratio is calculated in accordance with IFRS 4 for the years 2019 – 2021: Net non-life combined ratio = Net non-life loss ratio + Non-life management expenses ratio.
(2) The combined ratio is calculated according to the new IFRS 17 standards for the years 2022 and 2023: Non-life combined ratio = Non-life insurance service expenses / Non-life insurance revenue.
(3) Including fire, accidents, engineering and aviation.
Source: Gulf Insurance Group-Bahrain
GIG Bahrain: Contact
| Head office |
BKIC Tower 2775, road 2835, block 428, Seef District, Manama, Bahrain |
| Phone |
+973 1 7119999 |
| Fax |
+973 1 7921111 |
|
info [at] gig [dot] com [dot] bh |
|
| Website |
www.gigbh.com |
