AM Best Affirms Credit Ratings of Qatar Islamic Insurance Group Q.P.S.C.
LONDON--(BUSINESS WIRE)-- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of 'a-' (Excellent) of Qatar Islamic Insurance Group Q.P.S.C. (QIIG) (Qatar). The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect QIIG's balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.
QIIG is a takaful insurer and operates through a hybrid model, whereby the shareholders' fund charges the policyholders' fund (PHF) a Wakala fee based on gross written contributions (GWC) and a Mudarabah fee based on investment income.
QIIG's balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best's Capital Adequacy Ratio (BCAR). AM Best assesses the company's risk-adjusted capitalisation on a combined basis, including its policyholders' and shareholders' funds, due to the strength of domestic regulation and requirement that the shareholders' fund would have to support the PHF were it to fall into deficit. Other positive balance sheet factors include the company's track record of internal capital generation through the retention of earnings and QIIG's accumulated surplus within the PHF. An offsetting factor to the assessment is QIIG's exposure to illiquid real estate assets and investments in associates, which accounted for 41.3% of its total investments as at year-end 2024. Despite this, the company maintains a robust level of liquidity, with its consolidated cash and deposits covering net technical provisions by 170.5% at year-end 2024, indicating that the company holds sufficient surplus capital to manage the higher investment risk appetite.
AM Best assesses QIIG's operating performance as strong, evidenced by a five-year (2020-2024) weighted average return on equity of 16.6%. QIIG's combined family and general takaful portfolios have exhibited excellent underwriting performance over the medium term, with the five-year weighted average combined ratio of 73.1%. Underwriting performance of the general takaful book was affected adversely by underperformance of the medical segment in 2023 and 2024; however, the company has taken actions to remediate this portfolio.
QIIG holds a niche position within its domestic insurance market, where it is a market-leading takaful player. The company has good diversification by line of business, offering a range of Sharia-compliant insurance products. In 2024, QIIG wrote GWC of QAR 551.2 million (USD 157.4 million). The business profile assessment is constrained by the company's geographical concentration and limited competitive position within the wider Qatari insurance market.
This press release relates to Credit Ratings that have been published on AM Best's website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best's Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best's Credit Ratings, Best's Performance Assessments, Best's Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best's Ratings & Assessments.
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