S&P Global Ratings upgrades GIC Re South Africa to ‘BBB-‘ following action on sovereign, outlook stable

Managing Director GIC Re South Africa Limited Jetho Jhamnani

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Chuks Udo Okonta

S&P Global Ratings has upgraded GIC Re South Africa Limited global scale insurer financial strength rating and issuer credit ratings to ‘BBB-‘ from ‘BB+’ and revised the outlook to stable from positive.

The Rating agency also affirmed its national scale rating on the reinsurer. These rating actions follow the upgrade of South Africa (see “South Africa Foreign Currency Rating Raised To ‘BB’; Local Currency Rating Raised To ‘BB+’; Outlook Positive,” Nov. 14, 2025).

According to S&P Global Ratings, the upgrade on GIC Re SA reflects the upgrade on the South African sovereign and the view of the parent GIC Re’s creditworthiness. “We upgraded our global scale insurer financial strength rating and issuer credit ratings on GIC Re SA to ‘BBB-‘ from ‘BB+’ and revised the outlook to stable. We also affirmed our national scale rating on the reinsurer. Our ratings on GIC Re SA are above the sovereign foreign currency rating to reflect the benefits from rating uplift due to the support of its parent, as such, the upgrade to the sovereign rating allows us to attribute greater support from GIC Re SA’s parent.

We think that the parent entity, General Insurance Corporation of India (GIC Re), will continue to support GIC Re SA financially and operationally.
We anticipate that GIC Re SA will maintain its positive net profitability over the next 24 months. GIC Re SA did not experience material claims from the natural catastrophe events,” it said.

The rating Agency noted that on Nov. 14, it raised the foreign currency long-term sovereign credit ratings on South Africa to ‘BB’ from ‘BB-‘ and our local currency long-term sovereign credit ratings to ‘BB+’ from ‘BB’ and assigned positive outlooks to both long-term ratings.

“We upgraded our global scale insurer financial strength rating and issuer credit ratings on GIC Re South Africa Ltd. (GIC Re SA) to ‘BBB-‘ from ‘BB+’ and revised the outlook to stable from positive. We also affirmed our national scale rating on the reinsurer,” it submitted.