AM Best upgrades the rating of Qatar Islamic Insurance Group

AM Best upgrades Qatar Islamic Insurance Group's (QIIG) financial strength rating to 'A-' from 'B++'. The long-term credit rating was raised to "a-" from "bbb+".

The outlook for both ratings shifted from positive to stable.

The rating agency justifies its decision by the strength of QIIG's balance sheet, its operational performance and its effective enterprise risk management.

In 2020, the Qatari insurer achieved a net profit of 76 million QAR (20.7 million USD). The return on equity was set at 13.6%.