Qatar: Islamic insurer posts flat revenue growth in 2017
Source: Middle East Insurance Review | Mar 2018
Qatar Islamic Insurance Company (QIIC) has posted gross written contributions of QAR316.6 million (US$87 million) for 2017, which represented flat sales from the QAR313 million posted in 2016.
Shareholders’ profit stood at QAR61.9 million compared to QAR63.5 million recorded a year ago. In contrast, policyholders’ surplus registered more than 100% growth, increasing to QAR16.2 million in 2017 compared to QAR7.9 million in 2016.
Chairman Sheikh Abdullah bin Thani Al Thani said that these results were achieved in spite of a very challenging environment in 2017 due to the negative impact of low oil prices on the Qatari economy.
The Board recommended a 35% cash dividend on the nominal share value, working out to QAR3.5 per share, he said.
He also announced that the company will distribute, for the eighth consecutive year, a 20% surplus to all the eligible policyholders for 2017, again showing the attraction of Shariah-compliant insurance that rewards both shareholders and policyholders.
Mr Ali Ibrahim Al Abdulghani, CEO of QIIC, commented that the management’s prudent underwriting and risk management policies generated good technical results that supported overall results in 2017 when investment returns fell. M
QAR1 = US$0.27