Qatar: 5 listed insurers' combined profits down 37% to $385 mln
Source: Middle East Insurance Review | May 2017
Qatar’s listed insurers posted profits totalling around QAR1.40 billion (US$384.5 million), 37% lower than the QAR2.23 billion reported for 2015.
The five insurers listed on the Qatar Stock Exchange showed 4Q profits of QAR420.46 million, a plunge of 66.3% compared to the corresponding quarter in 2015, reported Mubasher.
Qatar Insurance enjoyed the lion’s share of the profits, with QAR1.03 billion for the whole year of 2016, down marginally from QAR1.04 billion in 2015. Its 2016 profits represented 74% of the total profits of the five insurers.
The other listed insurers in Qatar are Doha Insurance, Qatar General Insurance & Reinsurance, Al Khaleej Takaful and Islamic Insurance. They showed sharper profit declines than their biggest rival.
Qatar General Insurance & Reinsurance posted the second largest profits of QAR219.3 million for 2016 compared to net profit of QAR925.7 million for 2015.
Doha Insurance was third with annual profits of QAR72.25 million for 2016 compared to QAR111 million in 2015.
Islamic Insurance reported profits of QAR63.5 million for 2016, compared to QAR82 million for 2015.
Al Khaleej Takaful chalked up profits of QAR13.3 million, down from QAR43.4 million in 2015. M
QAR1 = US$0.27