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AM Best has affirmed Damaan Islamic Insurance Company (Beema)’s “A-” (Excellent) financial strength rating and “a-” (Excellent) long-term credit rating. The outlook remains stable.
The ratings reflect the Qatari insurer’s strong balance sheet, solid operating performance, limited business profile, and appropriate enterprise risk management.
The company’s technical result is solid, with an average combined ratio of 73.3% over the 2020-2024 period . In early 2025, Beema adopted the new accounting standards FAS 42 and 43, which are equivalent to IFRS 17 for takaful operators. Under these new standards, the company’s combined ratio stood at 79.2% in 2024 and 84.7% in 2025.
