DOHA: Qatar’s leading insurer Qatar Insurance Company (QIC) has posted an impressive gross written premium (GWP) of QR3.81bn in the second quarter of 2015 (Q2, 15), a double digit growth of 19 percent compared to Q2, 2014.
The net underwriting result for Q2 was QR425m, reflecting a significant increase of 8 percent on the previous year. Despite headwinds and a challenging regional investment environment, the Group’s net profit for Q2 stood at QR594m, down by 10 percent compared to Q2, 2014. Investment income and other revenues amounted to QR498m.
The results were announced after the board of directors meeting chaired by Sheikh Khalid bin Mohammed bin Ali Al Thani, Chairman of the Board and Managing Director of QIC.
The Board of Directors approved the proposal for restructuring the Group and re-organising its international operations in order to achieve its future strategic goals. The Group also intends to incorporate a new holding company to manage its international operations and the companies which are registered under the Qatar Financial Centre (QFC).
Commenting on the resilient performance for Q2, Group President and CEO of QIC Group, Khalifa Al Subaey, said, “While the region’s economic landscape is undergoing transformative changes which are reshaping our sector, we have seen this dynamic environment positively challenge our drive and determination to grow and expand our presence further in the region and beyond.”
He added, “Our performance in the second quarter of 2015 is a reflection of our focused growth strategy as we were able to close some very important deals. Our Q2 results demonstrate our commitment to long-term, carefully researched and cautiously progressive growth to both our group and our key stakeholders.”
“We have put in extra efforts into ensuring that our expansion would not be at the expense of our profitability. As we continue to focus on our expansion plans, our priority remains on maintaining a healthy growth trajectory with long-term, robust prospects”, he added.
