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Jul 2021

Qatar: QIC turns to profit in 1Q2021

Source: Middle East Insurance Review | Jun 2021

Qatar Insurance Company (QIC) has posted a consolidated net profit of QAR204.79m ($56.3m) for the first quarter of 2021 as compared to a loss of QAR186.41m in the corresponding quarter of 2020.
 
Gross premium income fell by 5.9% to QAR3.17bn in 1Q2021, according to QIC’s latest financial statement.
 
The insurer posted an underwriting income of QAR156.93m for the first quarter of 2021, compared to an underwriting loss of QAR68.55m for 1Q2020.
 
The QIC group’s performance is a testimony of its successful execution of QIC’s strategic plan to de-risk its international operations, strengthen its more predictable business and drive forward the digitisation of domestic and MENA operations.
 
In 1Q2021, QIC’s international operations – Qatar Re, Antares, QIC Europe Limited (QEL) and the Gibraltar based carriers – which account for approximately 76% of the Group’s total GWP, reported a premium income of QAR2.4bn.
 
The international operations benefited from a hardening of rates and conditions in the international reinsurance market and a lower claims experience in the group’s UK motor business during the lockdown period. The international operations were also affected by the exceptionally severe cold spell in the US. M 
 
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