DOHA: The Qatar Insurance Company (QIC) recorded QR780m net profit, after excluding minority shares, for nine months ended September 2014 reflecting an increase of 56 percent over QR535m achieved a year ago.
The results were announced after the Group’s board meeting chaired by Sheikh Khalid bin Mohammed bin Ali Al Thani, Chairman of the Board and Managing Director of QIC.
QIC’s subscribed premiums for the period reached QR4.4bn — a year-on-year increase of 55 percent. These premiums include QR2.6bn of cumulative reinsurance premiums accepted through the Group’s reinsurance units “Antares” and “Qatar Re”.
Returns on investment and other revenue were QR806m, up 50 percent over QR535m achieved over the same period in 2013.
Referring to the Group companies’ performance over the first nine months of 2014, he said: “Qatar Insurance Group reports strong performance in line with its goals to be ranked among the top global insurers.”
He further stated that achievements made over the first three quarters of 2014 were a strong indicator that the Group is well on its way towards achieving its goals. One of the most important additions the QIC Group had this year was the acquisition of Antares, which added a further dimension to the Group’s global footprint in the reinsurance arena. The board meeting also approved the listing of QIC International (QICI), a subsidiary of QIC, in Qatar Exchange (QE). QICI is incorporated under Qatar Financial Centre since 2007 with an initial share capital of QR200m that has gradually increased to its current level of QR382m.
QICI’s holdings include QIC’s branches in Dubai and Abu Dhabi, as well as an 82 percent share of Kuwait Qatar Insurance Company (KQIC), a 70 percent share in Oman Qatar Insurance Company (OQIC), a 40 percent share in Qatar Re, QIC’s reinsurance subsidiary in addition to a representative office in Malta. QICI has management control over all these units. Total written premiums for QICI as in June 2014 were around QR1.74bn, in comparison to QR1.3bn during the same period in 2013. QICI has been rated by leading credit rating agencies with “A” (Stable) Standard and Poor’s and an “A” (Excellent) by A M Best.
The listing application will be submitted once the approvals of QICI’s Board of Directors and its General Assembly as well as other relevant authorities are obtained.
The Board meeting also discussed the issuance of convertible bonds, which was previously approved by the Board — pursuant to the receipt of necessary approvals from the relevant authorities.
The Peninsula
