Qatar: QIC Group to set up new holding company
Source: Middle East Insurance Review | Sep 2015
Qatar Insurance Company (QIC) Group will be restructuring by incorporating a new holding company to manage all its international operations and the companies registered under the Qatar Financial Centre, the company said in a statement.
The board of directors approved the proposal to restructure the Group at a meeting on 12 July.
QIC acquired Lloyd’s insurer and reinsurer Antares Holdings last year. Antares and the Group’s reinsurance arm, Qatar Re, constitute the key pillars of the Group’s international operations, representing approximately 60% of the overall gross premiums at the Group level.
The Group posted gross premiums of QAR3.8 billion (US$1.04 billion) in the first half, up 19% y-o-y. It also registered a strong net underwriting result of QAR425 million, an increase of 8% y-o-y. The combined ratio remained consistent at 94%.
Net profit for the first half fell by 10% to QAR594 million, as improvements in underwriting performance and cost efficiency were offset by a decline in investment returns.
QAR1 = US$0.27