Parental Guarantee

GIC Re South Africa Ltd has an unconditional and irrevocable parental guarantee from its parent, GIC Re India. As per regulatory provisions of FSB, based on Reinsurance Regulatory Review final position paper, our parental guarantee technically puts GIC Re South Africa at par with the credit rating of our parent, i.e. A- (Excellent) by A M Best.

S & P Report – Abstract

S&P has published the rating of GIC Re South Africa Ltd for the year 2017.
Following is the summary of the rating action as mentioned by S&P in their report:

    • In our view, GIC Re South Africa Ltd. (GIC Re SA) remains supported by its parent GIC Re. This is reflected in its robust capital position,  particularly via the planned capital injection in 2017 following the  increase in 2016.
    • Operating performance is weak and its competitive position is limited. This mostly reflects the difficult operating conditions in GIC Re SA’s core markets, notably the highly competitive South African sector.
    • We are affirming our ‘BB+’ global scale and ‘zaA+’ national scale ratings on GIC Re SA.
    • The stable outlook reflects our opinion that the company will remain well supported by its parent. Hence, we expect it to retain its strategic status to GIC Re.

On the 7th of August 2017 S&P upgraded GIC Re South Africa Ltd’s national scale rating to ‘zaAA+’

On the 24th of November 2017 S&P affirmed GIC Re South Africa Ltd’s global scale rating at ‘ BB+ ‘ and National scale rating at ‘zaAA+’ national

 S&P Rating Affirmation letter November 2017

 S&P Rating Upgrade Letter August 2017

 S&P Rating Letter 2017

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