17-01-2021
Standard & Poor's International announced its credit rating and financial strength for QLM Qatar Life and Health Insurance, at the A- level, with a stable outlook.
This new classification comes after the withdrawal of the parent company's guarantee by Qatar Insurance Group (formerly the parent company). It also confirms the strength of QLM - independently - and its strong position in the market as a leader in the field of life and health insurance and its good performance record besides capital adequacy.
On this occasion, Mr. Fahad Mohamed Al Suwaidi, CEO of the company, said, “It is encouraging that the international agency / Standard & Poor's / International confirms the strength of the company's financial strength and its dominant position in the market, which was clearly reflected in its classification at the level / A- / with a future outlook. Stable.”, adding that this classification will open more opportunities locally and internationally to obtain large strategic contracts and contribute to the consolidation of the company's presence in the regional market across the Gulf Cooperation Council countries, through the reinsurance business.
By listing the company's shares on the Qatar Stock Exchange, the company entered a new era in its successful journey, as the strong credit rating will help it to reinforce its leading position in the insurance market.
It is noteworthy that the capital of QLM Company is 350 million riyals, and it acquires more than 55% of the health insurance market in Qatar. The total written premiums at the end of the first half of last year reached 605 million riyals, an increase of 6%, while the net profit reached during the same period, 51 million riyals, a growth of 25%, and 0.14 riyals per share, according to the company's interim financial statements by the end of June 2020.