IslamicFinance.de

Standard & Poor's Ratings Services has revised its outlook on Qatari insurer Al Khaleej Takaful Group (KTG) to positive from stable. At the same time, the ratings agency affirmed its 'BBB' long-term insurer financial strength and counterparty credit ratings on KTG. The outlook revision follows a significant improvement of KTG's operating performance in 2015, which has strengthened the company's competitive position, said S&P. Last year, KTG reported a stronger combined (loss and expense) ratio of 86 per cent compared with 97 per cent in 2014. This was mainly thanks to organizational changes during 2014 and 2015 that helped optimize the use of resources and enhanced claims management.

Al Khaleej Takaful published the first results since the company took the decision to adopt the same accounting framework of Qatar Takaful Company, a subsidiary, which are the Financial Accounting Standards issued by the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
It seems that earnings per share fell to QAR 4.01 from QAR 4.51.