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S&P reassigns ‘A-’ rating on QLM with stable outlook

S&P reassigns ‘A-’ rating on QLM with stable outlook

Tribune News Network
Doha
S&P Global Ratings has reassigned its ‘A-’ issuer credit and financial strength ratings on QLM Life and Medical Insurance Company (QLM) with stable outlook.
Subsequent to listing of QLM’s stocks at the Qatar Stock Exchange (QSE) followed by withdrawal of parental guarantee by QIC, the current rating is based on stand-alone strength of QLM’s own strong market position as a leading life and health insurance company and its good performance track record coupled with excellent capital adequacy.
QLM Chief Executive Officer Fahad Mohamed Al Suwaidi said, “We are encouraged by S&P’s assertion of our strong financial strength and dominant market position which has been well reflected in the rating ‘A- with stable outlook’ as assigned to QLM.
“The rating shall open more opportunities both locally and internationally to capture large strategic accounts and to expand its regional footprint across GCC through the reinsurance route. With the listing of the company at Qatar Stock Exchange, the company has entered a new era and a strong credit rating shall help to further cement its leading position in the insurance market.”
The shares of QLM Life & Medical Insurance (QLM), which were listed on Qatar Stock Exchange (QSE) on Wednesday, jumped 24 percent on the first day of trading.
The share price increase of almost 24 percent compared to the IPO price of QR3.15 represented a remarkable first-day trading performance.
QLM, which counts the government pension fund as an anchor investor, gets close to 80 percent of its revenue from Qatar and the rest from Oman, Kuwait and the United Arab Emirates.
The listing was the first in Qatar since Baladna’s listing at the end of 2019, and was the country’s first IPO conducted completely online.

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