GIG Hits 52-Week High on Tadawul After June 30 Rally

Shares of Tadawul-listed GIG touched their highest level in 52 weeks on Monday, June 30, according to data compiled by Argaam. The stock closed at a price not seen since mid-2023, though the exchange did not disclose a specific catalyst for the move.

The rally pushed GIG's market capitalization above SAR 12 billion for the first time this year. Trading volume on the session was roughly double the 30-day average, suggesting institutional participation rather than retail noise, traders familiar with the matter said.

GIG, formerly known as Gulf Insurance Group, has been restructuring its regional portfolio over the past 18 months. The company sold its stake in a Jordanian subsidiary in late 2024 and has been consolidating operations in Saudi Arabia and the UAE. Those moves have improved the group's return on equity, which stood at 14.2% in the most recent quarter, up from 11.8% a year earlier.

Analysts at Al Rajhi Capital and Samba Capital have maintained overweight ratings on the stock, citing the Saudi insurance sector's pricing discipline and GIG's market share gains in motor and health lines. The sector has benefited from mandatory health insurance expansion under Saudi Vision 2030, which has driven premium growth across the board.

GIG's price-to-book ratio now sits at 2.1x, above its five-year average of 1.7x. That premium reflects the market's expectation that the restructuring gains are still flowing through, though some traders said the valuation leaves little room for error if claims ratios tick up in the second half.

The stock's 52-week high comes ahead of GIG's second-quarter earnings, due in late July. Consensus estimates compiled by Argaam call for net profit of SAR 320 million, up 18% year-on-year.