AM Best Affirms Credit Ratings of Damaan Islamic Insurance Company ‘BEEMA’ (Q.P.S.C.)

LONDON--(BUSINESS WIRE)--#insurance--AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Damaan Islamic Insurance Company ‘BEEMA’ (Q.P.S.C.) (Beema) (Qatar). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect Beema’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, limited business profile and appropriate enterprise risk management.

Beema is a takaful insurer and operates through a hybrid model, whereby the shareholders’ fund charges the policyholders’ fund (PHF) a Wakala fee based on gross written contributions (GWC) and a Mudarabah fee based on investment income.

Beema’s balance sheet strength is underpinned by its risk-adjusted capitalisation at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). AM Best assesses the company’s risk-adjusted capitalisation on a combined basis, including its policyholders’ and shareholders’ funds, due to the requirement that the shareholders’ fund must support the PHF if it were to fall into deficit. Other positive balance sheet strength factors include Beema’s track record of internal capital generation through the retention of earnings and its ability to accumulate surplus within the PHF whilst regularly distributing it to policyholders. At year-end 2025, Beema reported capital and surplus of QAR 776.9 million (inclusive of QAR 157.7 million of accumulated policyholder surplus), an 11.1% increase as compared with year-end 2024.

AM Best views Beema’s operating performance as strong. The company has consistently reported robust technical performance, with a five-year (2020-2024) weighted average combined ratio of 73.3% (including credit life business). From the start of 2025, Beema adopted the new FAS 42 & 43 accounting standards (IFRS 17-equivalent for takaful operators). Under these new standards, Beema achieved a net/gross combined ratio (including credit life business) of 79.2% in 2024 and 84.7% in 2025. AM Best expects profitability to moderate over the medium term as the company expands, but to remain strong.

Beema holds a niche position within its domestic insurance market, as the second largest takaful player by GWC. However, in the context of the wider Qatari insurance market, Beema has a more modest profile, with a market share of approximately 5%. The company’s concentration of contributions from a single market are partially mitigated by a diversified portfolio by line of business, both on a gross and net written contributions basis. Further diversification is achieved through a small, albeit growing, portfolio of inward international facultative reinsurance.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2026 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.

Romeo Berti
Senior Financial Analyst
+44 20 7397 0267
romeo.berti@ambest.com

Ben Diaz-Clegg
Associate Director, Analytics
+44 20 7397 0293
ben.diaz-clegg@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com