Subsequent to the successful listing of QLM’s stock at the Qatar stock exchange followed by withdrawal of parental guarantee by QIC, S&P Global Ratings has reassigned its ‘A negative’ issuer credit and financial strength ratings on QLM Life and Medical Insurance Company QPSC with the outlook stable.
The current rating is based on stand-alone strength of QLM’s own strong market position as a leading life and health insurance company and its good performance track record coupled with excellent capital adequacy.
Fahad Mohamed Al Suwaidi, Chief executive officer of QLM, stated: ‘We are encouraged by S&P’s assertion of our strong financial strength and dominant market position which has been well reflected in the rating “A- with stable outlook” as assigned to QLM. The rating shall open more opportunities both locally and internationally to capture large strategic accounts and to expand its regional footprint across GCC through the reinsurance route. With the listing of the company at Qatar Stock Exchange, the company has entered a new era and a strong credit rating shall help to further cement its leading position in the insurance market.”