DOHA: Qatar Insurance Company (QIC) yesterday announced its financials for the first quarter (Q1) ended March 31, 2016 and reported a double-digit growth (year-on-year) in its Gross Written Premium (GWP).
Despite global and regional markets experiencing a turbulent start to 2016, the Group posted an impressive gross written premium of QR2.7bn, witnessing a growth of 41 percent compared to Q1 2015. The increased growth in GWP was attributed to the Group’s effective and strong underwriting capabilities.
Abdulla bin Khalifa Al Attiya (pictured), Deputy Chairman of the Board of Directors approved the financial results of QIC in a Board meeting held yesterday.
Net underwriting result in Q1 2016 was QR277m, demonstrating an increase of 12 percent on the previous year. Amidst challenging global economic conditions and regional market volatility, the Group’s net profit reflected an increase amounting to QR329m, up by 7 percent vis a vis QR306m in Q1 2015. Investment income and other revenues stood at QR201m.
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.
Khalifa Abdulla Turki Al Subaey, Group President and CEO, said: “Given the current global and regional economic and investment scenario, our outlook for 2016 remains cautiously optimistic. We will continue to optimise operations and identify new revenue streams for delivering consistent growth and sustainable returns to our shareholders.”
He added: “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 minimise risk but also to pursue growth opportunities as and when they arise.”
The Peninsula
