Gulf Insurance Group (GIG) anticipates that its gross written premiums will remain stable in 2024 but may decline in 2025 due to the Kuwait Ministry of Health’s recent revocation of a health insurance contract for retired citizens. This significant contract, known as AFYA, was terminated on September 12, 2024. GIG, however, is expected to manage the financial impact effectively, supported by a strong operational performance and recent upgrades in its credit ratings by AM Best and S&P Global Ratings. The company’s solid balance sheet and profitability metrics position it well to navigate this setback while maintaining a positive outlook.
