S&P Global Ratings has reaffirmed its ‘A’ issuer credit and financial strength ratings on Qatar Insurance Company (QIC) and its guaranteed subsidiaries, Qatar Reinsurance Company Limited (Qatar Re based in Bermuda), QIC Europe, QLM Life & Medical Insurance, and Kuwait Qatar Insurance Company.
The report reaffirms the outlook of Qatar Insurance Company and its rated subsidiaries as 'Stable'.
QIC Group benefits from ‘AAA’ level risk-based capital adequacy despite rapid growth and various acquisitions over recent years. The report stresses that QIC can maintain its ‘AAA’ level risk-based capital, and its strong business position.
The rating reflects the strength of QIC’s strong business and financial position, its well diversified business portfolio by geography and product, diversified investment portfolio, and an excellent operating performance.
Khalifa A al-Subaey, Group president and CEO of QIC Group, said: “We are encouraged by S&P’s affirmation of our strong financial strength rating. The rating agency recognises the successful establishment of our global QIC footprint and its expected continued positive effect on our financial performance going forward. The group continued to maintain its credit rating from Standard & Poor’s Level A.”