Mubasher: A.M. Best Co announced that it has affirmed the financial strength rating of ‘B++’ (good) and the long-term issuer credit rating of “BBB+” on Qatar Islamic Insurance (QIIC).

The outlook of QIIC's credit ratings would remain stable, the specialist insurance ratings agency said in a report. 

The ratings showed QIIC’s balance sheet strength, which A.M. Best categorizes as very strong, as well as its strong robust operating performance, limited business profile and appropriate enterprise risk management, according to the statement.

"QIIC has a track record of strong operating and technical profitability, highlighted by a five-year average (2013 - 2017) combined ratio of 79% that has remained very stable over recent years," A.M. Best said.

QIIC’s profits declined 2.4% to QAR 61.95 million during the full-year 2017, compared to QAR 63.5 million a year earlier.

QIIC "benefits from being a member of the National Insurance Consortium, which provides QIIC access to sizable government infrastructure contracts. QIIC reported modest premium growth in 2017, as the company reported a 1% increase in GWC to QAR 317 million, compared with 2016," the US-based agency noted.