Damaan Islamic Insurance Company "Beema" (Beema), based in Qatar, shows consistently strong underwriting and overall profitability, as reflected in a combined ratio of 87.9% and return on capital of 14.5% for 2025, says Moody's Ratings (Moody's).
The global credit rating agency has affirmed Beema’s ‘A3’ Insurance Financial Strength Rating (IFSR). The outlook remains stable.
Ratings rationale
Aside from the strong profitability, Moody’s said that the IFSR reflects:
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Beema’s strong domestic market position and brand, including its position as the largest player in Qatar's takaful market and one of the six largest insurers in the broader Qatari insurance market,
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strong asset quality, supported by investments that are largely held in cash, bank deposits and investment-grade Islamic sukuk, translating to low exposure to high-risk assets (HRA),
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Beema’s strong capital adequacy with consolidated equity equal to 48.5% of its total assets at the end of 2025 and strong regulatory capital solvency,
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consistently strong underwriting and overall profitability, as reflected in a combined ratio of 87.9% and return on capital of 14.5% for 2025, and
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good liquidity and financial flexibility as a listed insurer with no leverage.
Moody’s says that the strengths are offset by Beema's modest scale relative to higher-rated international insurers, as well as its geographic concentration in Qatar, where competition for market share remains elevated.
According to the agency, “Beema's expansion into inward reinsurance is supporting insurance revenue growth and improving geographic diversification. However, we continue to monitor the sustainability of this business because the inward reinsurance book may expose Beema to higher-severity risks and greater earnings volatility.”
Outlook
Moody’s says that the stable outlook reflects its expectation that Beema will maintain its strong capital adequacy and good profitability while growing its underwriting portfolio, including inward reinsurance, in a controlled and profitable manner, and maintaining its strong domestic market position.