Standard & Poor's (S&P) has upgraded Al-Khaleej Takaful Insurance's (AKT) long-term credit and financial strength rating to "BBB+" from "BBB". The outlook remains stable.
The rating reflects the continuous improvement of the Qatari insurer [4]'s performance over the past years.
In 2021, AKT has posted a turnover of 302 million QAR (82.5 million USD) and a net profit of 43 million QAR (11.7 million USD). The combined ratio amounted to 74% in 2021.
The rating agency expects the company's premiums to grow by 4 to 6% within the next two years, with combined ratios still below 90%.
The strong profitability should allow AKT to maintain dividend payments while preserving its capital strength.
S&P also expects risk management and corporate governance policies to remain effective.