Qatar Insurance Company (QIC), Qatar’s leading insurer announced its financial results for H1 of 2015, following a meeting of the Board of Directors which was held on 12th July, 2015. Presided over by Sheikh Khalid bin Mohammed bin Ali Al‐Thani, Chairman of the Board and Managing Director of QIC, the Board approved the audited financial results and the Independent Auditor’s report for H1 of 2015.
The Board of Directors also approved the proposal of restructuring the Group and re-organizing its international operations in order to achieve its future strategic goals. Moreover, the Group intends to incorporate a new holding company to manage its international operations and the companies which are registered under the Qatar Financial Centre (QFC).
Registering resilient growth, QIC Group posted an impressive GWP of QAR 3.81 billion, recording double digit growth of 19% compared to Q2 of 2014.
The net underwriting result for Q2 was QAR 425 million, reflecting a significant increase of 8% on the previous year. Despite headwinds and a challenging regional investment environment, the Group’s net profit for Q2 2015 stood at QAR 594 million, down by 10% compared to Q2 2014. Investment income and other revenues amounted to QAR 498 million.
Commenting on its resilient performance for Q2 2015, Group President and CEO of QIC Group, Mr. 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 further added, “Our performance in the second quarter of 2015 is a reflection of our focussed 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.”
Qatar Insurance Company (QIC) is a publicly listed composite insurer with a consistent performance history of 50 years and an underwriting footprint across the Middle East, Africa and Asia. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA regions.
QIC is one of the highest rated insurers in the Gulf region with a rating of A/Stable from Standard & Poor’s and A(Excellent) from A.M. Best. In terms of profitability and market capitalization, QIC is also the largest insurance company in the MENA region. It is listed on the Qatar Exchange and has a market capitalization in excess of USD 4 billion.
For further information on QIC, please visit: www.qatarinsurance.com.