S&P Global Ratings has upgraded the global scale insurer financial strength and issuer credit ratings of GIC Re South Africa Ltd. to ‘BBB-’ from ‘BB+’, while revising the outlook to stable. This rating enhancement follows the recent positive sovereign credit action on South Africa and reflects growing confidence in both the national economic outlook and the strong backing of GIC Re SA’s parent, General Insurance Corporation of India (GIC Re). The affirmation of GIC Re SA’s national scale rating, alongside expectations of sustained profitability and operational strength, underscores its resilience and stability within the insurance and reinsurance sector.