DOHA: Qatar Insurance Company (QIC), Qatar’s and the Mena region’s leading insurer, posted record Gross Written Premiums (GWP) of QR5.38bn for the first nine months of 2015, demonstrating a strong growth of 20 percent compared to the same period of the previous year. Key drivers of growth include QIC’s international reinsurance operations (Qatar Re and Antares) and regional personal lines business such as medical and life insurance.
The group announced its financial results for the first nine months ended September 30, 2015, following a meeting of the Board of Directors. Presided over by Abdulla bin Khalifa Al Attiya, Deputy Chairman of the Board of Directors of QIC, the Board approved the financial results for the first nine month period.
The group’s consolidated net profit for the first nine months came in at QR715m, compared to QR801m during the same period last year. This result reflects softening global trading conditions as well as regional economic and investment headwinds due to lower oil prices.
The group’s net investment result, including net investment income as well as realised capital gains and losses stood at QR587m, down by 26 percent over the same period in 2014, reflecting adverse market dynamics both on the regional and global level.
This was partially offset by a very strong net underwriting result of QR637m for the first nine months of 2015, a significant increase of 25 percent on the previous year.
Khalifa Al Subaey, Group President &CEO of QIC Group said, “The Group’s financial results reflect increasingly competitive global (re)insurance market conditions, compounded by increased financial market volatility and the impact of falling oil prices on the Middle Eastern economies. Despite prevailing volatility, our domestic, regional and global operations have continued to perform in line with expectations. In particular, we have witnessed increased buoyancy in our personal lines business in the region.
“The outlook for both medical and life insurance business seems to be positive and is an area for further focused growth. Going forward, in line with our strategy and expected development of the regional markets, we anticipate seeing benefits of the measures we are in the process of implementing,” he said.
