Qatar Insurance has secured the top position in terms of balance sheet (assets in 2016) and shareholders’ equity (in 2016) in a ranking by the Al Bayan magazine.
Al Bayan, which ranks insurance companies based on financial results, placed Qatar Insurance at the top position amongst 150 insurance companies operating out of the Mena (Middle East and North Africa) region.
Founded in 1964, QIC was the first domestic insurance company in Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and Mena region.
QIC is one of the highest rated insurers in the Gulf region with a rating of A/Stable from Standard & Poor’s and A (Excellent) from A.M. Best.
In terms of profitability and market capitalisation, QIC is also the largest insurance company in the Mena region. It is listed on the Qatar Exchange and has a market capitalisation of more than $4bn.
About QIC’s top ranking Khalifa Abdulla Turki al-Subaey said, “We are pleased to be ranked first amongst eminent industry players in the Mena region. Following a well thought out strategy of diversification, today QIC has transformed into a leading insurance group and has expanded its presence not only in the Mena, but also across key international markets.”
He further stated, “The top ranking of QIC is testament to the commendable achievements that have been accomplished through the dedication and commitment of the employees of the Group. Aligning with the Qatar National Vision 2030, we will continue to forge ahead on our mission to showcase QIC amongst the 50 top global insurance companies.”
Al-Subaey: Diversification feat.
