AM Best has revised the outlooks to stable from negative and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of Qatar General Insurance & Reinsurance Company QPSC (QGIRC) (Qatar).

These Credit Ratings (ratings) reflect QGIRC’s consolidated balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

The revision of the outlooks to stable from negative reflects the stabilisation of QGIRC’s credit fundamentals after several years of significant operating losses. AM Best expects that the company’s operating performance will remain adequate, albeit with some level of volatility.

QGIRC’s balance sheet strength assessment is underpinned by risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best expects the company’s risk-adjusted capitalisation to remain at this level, underpinned by its low underwriting leverage. QGIRC’s balance sheet strength assessment benefits from sufficient liquidity to cover its net insurance contract liabilities, although over half of its liquid assets are listed equities, which exposes the company to market risk. The company remains highly concentrated to real estate and private equity investments, albeit to a lesser extent than in prior years, with three assets accounting for over half of its investment portfolio.

QGIRC’s investment results have been very volatile and have more than offset the generally positive underwriting results. However, the company returned to profitability in 2024 and has since shown an improved and more stable performance, in part driven by efforts to de-risk the investment portfolio and improve investment yield. QGIRC posted a QAR 30.4 million and QAR 123.6 million net profit in 2024 and 2025, respectively, which translated into a 0.9% and 3.5% return on equity.

QGIRC implemented robust corrective actions following the governance failures under its previous management team, which contributed to material asset write-downs in 2020. While management has a clear mandate to de-risk the investment profile gradually, the company’s investment risk appetite remains high, creating the potential for further volatility within QGIRC’s operations.

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