S&P affirms QIC's A- rating

Standard & Poor's has affirmed the "A-" financial strength rating of Qatar Insurance Company's (QIC). The outlook remains stable.

In 2024, QIC recorded an insurance revenue of 8.6 billion QAR (2.3 billion USD), down 15% over one year . Despite this decline in revenue , the company achieved a 19% increase in net profit to 735 million QAR (194 million USD).

The combined ratio improved by 3 points to stand at 93% against 96% in 2023.

The insurer maintained its leading position in the Qatari market. He is also among the largest players in Oman and the United Arab Emirates in terms of insurance revenue.

For the years 2025 and 2026, S&P expects the Qatari group to report a 3% growth in its insurance revenue, a net profit between 700 and 800 million QAR (190 and 217 million USD) and a combined ratio of around 93%-95%.