Qatar: QIC posts 19% rise in GWP, maintains profits in tough market
Source: Middle East Insurance Review | Mar 2017
Qatar Insurance Company (QIC) said its GWP jumped by 19% to QAR9.9 billion (US$2.7 billion) in 2016.
In a statement, the company also said that its 2016 net underwriting results decreased by 9% to QAR844 million compared to QAR926 million for 2015. Investment and other income increased by 3% to QAR925 million.
The company’s net profit attributable to the parent was QAR1,034 million in 2016 which is close to the 2015 net results of QAR1,043 million. Shareholders’ equity attributable to the parent was QAR8,236 million at 31 December 2016 compared to QAR5,812 million a year ago.
“These results were achieved when the global economy faced challenges due to growing political uncertainty, a depressed investment environment, reducing international trade and fluctuating commodity prices, including oil and gas,” said QIC.
QIC has been successful in implementing both geographical and product diversification, the statement added. Global business diversification of the group’s operations was achieved by its focus on reinsurance through Qatar Re, access to the Lloyd’s market through Antares, access to direct and structured business in Europe through QIC Europe and boosting regional business written in Gulf countries through Q Life & Medical and its regional units.
Outlook for 2017
QIC is cautiously positive about prospects for this year. Projected increases in energy and commodity prices, however minor, may provide economic impetus to energy-exporting economies, the company said.
“Against this background, we will stick to our proven strategy and continue to explore underwriting and investment opportunities for prudent and sustainable growth and attractive returns for our shareholders,” the statement said.
QAR1= US$0.27