Qatar Insurance Company (QIC) has reported a net profit of $75m for the first quarter of 2019 compared to $65m in the same period in 2018, according to a press statement. This 15% increase is attributed to improving underwriting results and resilient investment income.
The company’s international operations grew in select low-volatility segments and now account for about 76% of its total portfolio. The Group’s GWP remained stable at $969m in the first quarter of 2019 compared to $976m for the corresponding period of 2018. Its underwriting result improved by 45% to $46m compared to $32m for the same period last year. The combined ratio improved by 1.4 percentage points to 100.2%.
Commenting on the financial performance, the company’s group president & CEO Khalifa Abdullah Turki Al Subaey said, “For QIC, the first quarter was a period of stability and consolidation. As part of our de-risking effort, we have adopted a more selective approach to writing new business, rewarded by an improving technical performance. QIC remains firmly committed to shifting to lines of business with lower volatility where we see a more attractive risk-return potential.”
He added, “In addition to underwriting, QIC’s investment prowess and commitment to operating efficiency continue to bear fruit and are essential to sustaining the Group’s overall profitability. Based on the strength and diversity of our performance engines, I remain confident in QIC’s future growth and profitability prospects, which should further benefit from what appears to be a slightly firming global (re)insurance trading environment.”
QIC is ranked first among listed insurers in the GCC based on its 2018 financial performance. The insurer generated $3,463.1m in GWP (+8.1%), $182.5m in profits (+56.8%) and its market capitalisation stood at $3,145.3m.