Qatar Insurance Company (QIC), Qatar’s leading insurer yesterday announced the results of its first quarter ended 31st March, 2016. Presided by Mr. Abdulla bin Khalifa Al-Attiya, Deputy Chairman of the Board of Directors, the Board approved the financial results at its meeting held on 19 April 2016.
Despite global and regional markets experiencing a turbulent start to 2016, the Group posted an impressive Gross Written Premium (GWP) of QAR 2.7 billion, marking double digit growth of 41% compared to Q1 2015. The increased growth in GWP was attributed to the Group’s effective and strong underwriting capabilities.
Net underwriting result in Q1 2016 was QAR 277 million, demonstrating an increase of 12% on the previous year. Amidst challenging global economic conditions and regional market volatility, the Group’s net profit reflected an increase amounting to QAR 329 million, up by 7 % vis a vis QAR 306 in Q1 2015. Investment income and other revenues stood at QAR 201 million.
Keeping pace with the Group’s continued pursuit to deliver high value propositions and in response to the projected growth, the Board of Directors approved an increase in capital during the Annual General Meeting, which was held in February 2016. Not only would the increase in capital strengthen the Group’s capital adequacy ratio, but would also provide long term sustainable funding for growth.
Commenting on the Group’s first quarter results for 2016, Mr. Khalifa Abdulla Turki Al Subaey, Group President & CEO remarked, “Given the current global and regional economic and investment scenario, our outlook for 2016 remains cautiously optimistic. We will continue to optimize operations and identify new revenue streams for delivering consistent growth and sustainable returns to our shareholders.”
He further commented, “Beyond reporting notable underwriting results in challenging market conditions, QIC’s financial results demonstrate clearly the resilience of our business model – diversified not just to minimize risk but also to pursue growth opportunities as and when they arise.”