DOHA: Qatar Islamic Insurance Company (QIIC) yesterday announced that ratings agency Moody’s Investors Service has affirmed its ‘Baa2’ insurance financial strength rating (IFSR). The outlook of QIIC was changed to “Positive” from “Stable” based on the company’s continued strong performance, said a press statement.
Moody’s said that its positive outlook for QIIC’s rating reflects the company’s improving and extremely strong capitalization in relation to insurance risk (with the 2013 consolidated equity increasing by QR40m to QR450m since 2011, and maintain a Gross Underwriting Leverage of (0.7 x).
The new outlook also reflects the insurer’s sustained strong profitability at both the underwriting level (relative to peers in the middle east) and the bottom line (with a Moody’s basis five year average Return on Capital of 16.8 percent and a five year average Combined Ratio of 68.9 percent as of 2013).
In 2013, QIIC recorded a 3 percent increase in gross contributions to QR212m from QR207m, largely driven by increase in
its General Accident and
Takaful Life and Health
business.
The QIIC is considered one of the leading Islamic insurance companies around the world.
The Peninsula
