Qatar: Qatar Insurance Group in the black for 1H2021
Source: Middle East Insurance Review | Sep 2021
Qatar Insurance Group reported a net profit attributable to equity holders of QAR342.2m ($94m) for the first half of this year, turning around from a loss of QAR207.8m for the corresponding half of 2020, according to interim financial statements lodged with the Qatar bourse.
The improved performance was despite a decline in gross premiums to QAR6.50bn in 1H2021 from QAR6.79bn in 1H2020. Net earned premiums stood at QAR4.06bn in 1H2021, lower than the QAR4.79bn chalked up in the corresponding period in 2020.
One reason for the turnaround is a lower volume of claims paid. Gross claims paid amounted to QAR3.69bn in 1H2021, compared to QAR3.94bn in the first six months of 2020.
The company posted a net underwriting gain of QAR116.7m in 1H2021 compared to a loss of QAR64.4m in 1H2020. Net investment income jumped more than five-fold to QAR567.6m from QAR97.9m.
For the whole of 2020, because of the pandemic, Qatar Insurance Group posted net profit attributable to equity holders of QAR101m, down from QAR651m in 2019. M