Qatar: QIC's premiums grow 20% to $1.2 bln in 9M
Source: Middle East Insurance Review | Dec 2015
Qatar Insurance Company (QIC) said its gross premiums grew by 20.3% y-o-y to US$1.48 billion in the first nine months of 2015, boosted by international reinsurance operations (Qatar Re and Antares) and regional personal lines business such as motor, medical and life insurance.
Net profit for the first nine months amounted to $196 million, compared to $220 million posted in the same period last year, reflecting 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 $161 million, down by 26.1% y-o-y, partially offset by a strong net underwriting result of $175 million for the first nine months of 2015, up 25% y-o-y.
Return on equity for the reporting period came in at 16.2%, compared to 18.9% in the previous year.
Mr Khalifa Al Subaey, Group President & CEO of QIC Group, said 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. He said: “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 have been implemented. With greater process efficiencies and cost rationalisation, 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.”