Qatar: QIC Group posts 28% GWP growth in 1Q

Source: Middle East Insurance Review | Jun 2015

GWP for Qatar Insurance Company (QIC) Group grew 28% y-o-y to US$527 million in the first quarter, while its net income fell 12% y-o-y to $84 million, it said in a statement.

The Group reported investment income and other revenues of $59 million in the first quarter, compared to $75 million in the same period of the previous year. QIC’s net underwriting result amounted to $68 million, an increase of 11% over the same period of the previous year. Overall combined ratio stood at 89.3%, compared to 88.5% for the same period in 2014.

For the rest of 2015, QIC expects to further diversify its book of business across its core segments and grow its reinsurance book throughout all major geographical markets, with a focus on specialty lines. In commercial and direct insurance, QIC will further broaden its geographical footprint by accessing European insurance markets through its recently established EU-based Malta subsidiary, QIC Europe Limited.

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