DOHA: The Qatar Insurance Company’s (QIC) net profit for the third quarter of 2016 (Q3, 16) rose to QR710m as compared to QR693m from a year ago. QIC’s gross written premium increased 44 percent year-on-year to QR7.73m.
Announcing the results, the Group president and CEO Khalifa Abdulla Turki Al Subaey (pictured) said the insurance company’s net underwriting results decreased by 14 percent to QR QR549m from QR637m posted during the same period last year, due to increase in claims. Investment and other income amounted to QR689m, up 17 percent as compared to same period last year.
QIC’s earnings per share for the nine month period in 2016 is QR3.13 compared to QR3.22 for the same period last year.
The QIC Board meeting also gave its approval in principle to the recommendation of the business strategy committee regarding the issuance of Tier 2 Capital by Qatar Reinsurance Company Limited (Qatar Re), subject to obtaining the necessary approvals from the regulatory authorities and completion of all the required documents.
Qatar Re is one of QIC’s international units and a subsidiary of QIC Capital which is the parent company for all international units of QICC.
