The Qatar Insurance Company (QIC) posted strong growth in the first quarter of 2014 with gross written premiums rising 28 percent to $527 million, comparted to $412 million in Q1 2013. Net income for the period, however, declined by 12 percent to $84 million for $96 million, due to lower investment income
Khalifa Abdulla Turki Al Subaey, Group President and CEO, commented: “Against a backdrop of declining oil prices and an increasingly challenging market conditions, QIC has continued to generate steady profits due to its strategic underwriting, successful renewals and effective management of insurance cycles.”
The earnings bulletin noted that, “despite a challenging global and regional investment environment, the Group reported strong investment income and other revenues of $59 million in Q1 of 2015, compared to $75 million in the same period of the previous year.”
QIC also stressed that it “continued its disciplined underwriting approach against a backdrop of softening rates and broadening terms and conditions in most markets. The Group registered an overall combined ratio of 89.3 percent in Q1 of 2015, as compared to 88.5 percent for the same period in 2014.
“QIC’s net underwriting result amounted to $68 million, an increase of 11 percent over the same period of the previous year. General and administration expenses grew by 7 percent to $41 million, as compared to growth in gross premiums written of 28 percent.”
The bulletin said QIC’s outlook for the future would see “business growth driven by operational excellence. For the remainder of 2015 QIC expects to further diversify its book of business across its core segments.
“The Group’s reinsurance book is likely to grow throughout all major geographical markets, with a focus on specialty lines. In commercial and direct insurance QIC will further broaden its geographical footprint by accessing the European insurance markets through its recently established EU-based Malta subsidiary, QIC Europe Limited. In addition, the Group will continue to build a globally integrated operating platform in order to efficiently provide comprehensive offerings to its clients in insurance, reinsurance and asset management.”
Source: Qatar Insurance Company
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