Qatar Insurance Company, (QIC), Qatar’s and the Middle East North African region’s leading insurer today announced its financial results for the first nine months ended September 30, 2015, following a meeting of the Board of Directors which was held on October 25, 2015. Presided over by Mr. Abdulla bin Khalifa Al-Attiya, Deputy Chairman of the Board of Directors of QIC, the Board approved the financial results for the first nine month period.
QIC Group posted record Gross Written Premiums (GWP) of QAR 5.38 billion for the first nine months of 2015, demonstrating a strong growth of 20% compared to the same period of the previous year. Key drivers of growth include QIC’s international reinsurance operations (Qatar Re and Antares) and regional personal lines business such as motor, medical and life insurance.
The group’s consolidated net profit for the first nine months came in at QAR 715 million, compared to QAR 801 million during the same period last year. This result reflects softening global trading conditions as well as regional economic and investment headwinds due to lower oil prices. The group’s net investment result stood at QAR 587 million, down by 26% over the same period in 2014, reflecting adverse market dynamics both on the regional and global level. This was partially offset by a very strong net underwriting result of QAR 637 million for the first nine months of 2015, a significant increase of 25% on the previous year.
Mr. Khalifa Al Subaey, Group President & CEO of QIC Group stated, “The Group’s financial results reflect increasingly competitive global (re)insurance market conditions, compounded by increased financial market volatility and the impact of falling oil prices on the Middle Eastern economies. Despite prevailing volatility, our domestic, regional and global insurance operations have continued to perform in line with expectations. In particular, we have witnessed increased buoyancy in our personal lines business in the region. The outlook for personal lines including motor, medical and life insurance business seems to be positive and is an area for further focused growth. Going forward, in line with our strategy and expected development of the regional markets, we anticipate seeing benefits of the measures that has been implemented. With greater process efficiencies and cost rationalization, general and administrative expenses year-on-year have remained stable. On the back of our new product launches that are underway and our renewed focus on growth markets, we are confident that our book of business will continue to expand.”
Mr. Khalifa Al Subaey continued: “During the nine month period, we were successful in adding another milestone to our list of achievements – Qatar Re, our global multi-line reinsurance subsidiary was ranked amongst the global Top 50 reinsurers. In accordance with our business plans and our continued focus on niche and specialty opportunities, we will further grow and expand its global franchise through capital injections and efficient capital management. Our Lloyd’s platform Antares also demonstrated sustained premium growth whilst remaining committed to prudent underwriting and risk selection.”
Qatar Insurance Company (QIC) is a publicly listed composite insurer with a consistent performance history of 50 years and an underwriting footprint across the Middle East, Africa and Asia. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA regions. QIC is one of the highest rated insurers in the Gulf region with a rating of A/Stable from Standard & Poor’s and A (Excellent) from A.M. Best. In terms of profitability and market capitalization, QIC is also the largest insurance company in the MENA region. It is listed on the Qatar Exchange and has a market capitalization in excess of USD 4 billion.
For further information on QIC, please visit: www.qatarinsurance.com.
Contact: QIC: Mohamed Salem Vice President Corporate Communication & Public Relations P.O. Box 666, Doha, Qatar T: +974 44962 299 | M: +974 55742758 | F:+974 44831569 E: mohamed.salem@qicgroup.com.qa | W:www.qatarinsurance.com
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