Clarification on trading update

14 November 2017

GBGI Limited

("GBGI" or the "Company" and, together with its subsidiary undertakings, the "Group")

Clarification on trading update

GBGI Limited (AIM: GBGI), a leading integrated provider of international benefits insurance, provides a clarification on the trading update for the fiscal year ending 30 June 2017, released on 18 September 2017 (the "Trading Update").

The Company announced in the Trading Update that gross written premiums ("GWP") exceeded US$200m for the full year. This figure was based on an internal key performance indicator measure of GWP which includes fronting commission and ceding premium. Fronting commission and ceding premium are not included in GWP on an IFRS reporting basis.

To clarify this statement in the Trading Update, the Company announces that it expects to report GWP on an IFRS basis for the fiscal year ended 30 June 2017, as approximately US$183m compared to US$153.6m for the prior year, an increase of over 19%.

The trading update of 18 September 2017 remains otherwise unchanged.

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Notes to Editors

GBGI is a leading integrated provider of international benefits insurance, operating globally across over 120 jurisdictions. Trading principally as "The Global Benefits Group" or "GBG", the Group distributes and underwrites health, life and disability, and travel insurance, with a client base that spans multinational corporations, expatriates, local HNWIs, international schools, non-profit organisations and international students. GBGI is a fully integrated insurance group providing services from policy sales to claims administration and servicing and is committed to delivering high levels of customer service. GBGI is incorporated in Guernsey.