Qatar’s leading insurer QIC’s Gross Written Premium (GWP) increased at a rate of 19 percent on year-on-year in 2016. Net underwriting results decreased by 9 percent to QR844m compared to QR926m recorded in 2015.
Investment & other income increased by 3 percent as compared to the previous year. QIC’s net profit stood at QR1.03bn. Earnings Per Share (EPS) for the year 2016 is QR4.48 compared to the previous year’s QR4.84.
Shareholders’ equity as on December 31, 2016 stoodf at QR8.23bn compared to QR5.8bn a year ago.
QIC delivered the solid results braving a series of market challenges, including the global financial slowdown, a depressed investment environment, reduced international trade and a fluctuating commodity prices, Khalifa Abdulla Turki Al Subaey (pictured), Group President & CEO QIC Group said.
QIC has been successful in implementing both geographical and product diversification. Global business diversification of the Group’s operations was achieved by its focus on reinsurance through Qatar Re, access to the Lloyd’s market through Antares, access to direct and structured business in Europe through QIC Europe Limited(QEL) and by boosting regional business written in Gulf countries through Q Life & Medical (QLM) and its regional branches and companies.
The Group witnessed strong improve in operational performance, in which the Investment management has always been the bedrock of stability and an important performance engine for the Group. This has enabled QIC and its primary subsidiaries to consistently maintain its rating of A/Stable from Standard & Poor’s and A (Excellent) from A.M. Best.
“Our outlook for 2017 is cautiously positive driven by projected increase in energy and commodity prices, even if minor, may provide an economic impetus to the energy commodity exporting economies", the Group CEO said.
Based on the solid results, the board of directors has proposed a 15 percent of share’s par value as a cash dividend equivalent to QR1.50 per share in addition to a bonus share of 15 percent, in the ratio of 3 share for every twenty shares.
