Trading Update

19 March 2018

GBGI LIMITED

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

Trading Update

2017 Calendar Year results show strong YOY gains

Reorganization of Angola business

GBGI Limited (AIM: GBGI), a leading integrated provider of international benefits insurance, today announces a trading update for the 2017 Calendar Year ("CY") ending 31 December 2017.

The Group saw continued commercial momentum, in line with management expectations, in the second half of the 2017 Calendar Year across its diversified product and regional footprint. As a result, GBGI recorded Gross Written Premium ("GWP") of approximately US$195 million in CY 2017 as compared to US$165 million across the same period in 2016.

As previously announced, the Group continued to make further investments in its operations to support both sales efforts and outstanding service levels, underpinning the robustness of its growth platform.

Operational and Business Highlights

• GBGI recorded IFRS Gross Written Premium of approximately US$195 million for CY2017 versus US$165 million for the same period in 2016.

• The Group's global strategic partnership with AXA continues to develop, with progress being made across two key areas of collaboration: reinsurance and access to new markets. In particular, the Group has utilized its partnership with AXA to enter new Latin American markets and create a product line focused on the needs of individuals.

• GBG Assist has fully integrated its QHM acquisition and is now leveraging the cost containment network across the entire set of group policies. In addition, the Group will be recording over US$5.5 million of GBG Assist fees in CY2017, including approximately US$1.6 million from the QHM acquisition.

• GBGI continues to deliver strong growth in Group corporate policies establishing a new record policy count, increasing the account base by approximately 15% over the 12 month period.

• GBGI bolstered its regional leadership team with the hiring of two key senior managers:

· Mr. David W. Carter is now the Regional Vice-President for GBG Asia Pacific. David's role will be to build premium growth in the region and increase GBGI's distribution platform.

· Ms. Cathy Garner is now the Global Head for Life and Long Term Disability. Cathy will be working closely with the GBGI Sales teams, brokers and distributors to develop customized life and disability products to expand GBG's brand globally.

• Andy Thorburn, previously an Executive Director of the Group serving as Director of Strategic Planning, has now assumed a Non-Executive Director role on the Board. This follows from the end of his employment contract with the Company on 1 January 2018.

• Pursuant to the Board's vigilance in managing risk exposure, and in light of the Angolan AOA currency devaluation and GBGI's view on the inability to transfer funds to USD (or equivalent currency) in a timely manner, the Group has reorganized its approach in the Angolan market. The Company expects that this change in approach would result in a reduction in CY2018 GWP of approximately US$20 million in the region. Due to the low margin nature of this stream, the Company expects the net reduction in profitability to be under US$1 million in CY2018.

• Under the new approach in Angola, GBGI moves from a primary risk taker, transferring its risk book and operations to its local partner in Angola. GBGI will continue in Angola as an excess of loss reinsurer to its local partner. In return, for transferring the business, the local partner has agreed to pay GBGI, in Angolan AOA, US$17.5 million for its undistributed profits and expertise, over the next 3 years, with the first payment commencing in April 2018. Due to the currency controls introduced by the Angolan government under its Macroeconomic Stabilization Program, the Company is considering its approach in relation to the surety of this balance and effect on the Group, which is expected to include a consequent effect on CY2017 statutory profits.

• A prudent approach will be taken on an interim dividend for the six-month stub period to 31 December 2017.

Reporting dates

• As previously announced, the Company has changed its accounting reference date to 31 December. Under this new reporting cycle, the Group's audited financials for the 2017 Calendar Year period (January-December) are expected to be released in April 2018 with an Annual General Meeting being scheduled for June 2018.

Bob Dubrish, CEO of GBGI commented:

"We believe we made great strides in transitioning into a public company listed on AIM in London during Calendar Year 2017. Although we are disappointed with the developments in Angola we do believe it is a unique situation within our portfolio and our core business remains strong and continues to grow. Looking forward, we are focusing our balance sheet resources on areas that we believe will reduce our overall risk profile and generate enhanced risk adjusted returns for our shareholders. We continue to see strong demand in the marketplace for our products and services and we are well set to continue on our positive growth trajectory."

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

For further information please contact:

GBGI Limited

Bob Dubrish (CEO) +1 949 421 3180

Eric Dickelman (CFO) +1 949 421 3390

Canaccord Genuity (Nominated Adviser & Broker) +44 (0)20 7523 8000

Sunil Duggal

Andrew Buchanan

Emma Gabriel

Instinctif Partners (Financial PR) +44 (0)20 7457 2020

Giles Stewart

Rui Videira

Lewis Hill

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.