QIC, the leading insurer in Qatar and the Middle East North African (Mena) region, generates QR5bn from international operations
Qatar Insurance Company (QIC) posted a net profit of QR351mn in the first half (H1) of this year, witnessing a 277% rise compared to a loss of QR198mn for the same period in 2020.
The financial results were announced yesterday following a meeting of the board of directors, which was presided over by Khalifa Abdulla Turki al-Subaey, chairman & managing director of QIC Group.
Al-Subaey stressed that increasing the return per share (EPS) and effectively contributing to the growth of the national economy remains the Group’s first goal and that the company’s continuous growth at a steady pace is through successful implementation of the strategy set by the distinguished board of directors in line with the Qatar 2030 vision under the wise leadership of His Highness the Amir, Sheikh Tamim bin Hamad al-Thani.
On QIC’s financial performance for the first half of 2021, al-Subaey said, “We are pleased with these results, which were achieved through the successful implementation of the group’s strategic plan that aims to de-risk its international operations, expand its low-volatility activities, diversify its business portfolio and drive forward full fledge digitisation of the Group’s domestic and Mena operations. This achievement is a testament to the strength of our brand.”
QIC generates QR5bn from its international operations: Salem Khalaf al-Mannai, Group chief executive officer, said that the Group’s gross written premium for the six-month period remained stable at QR6.5bn.
International operations continued to achieve improved rate to exposure across our portfolio’s and the faster than projected re-opening of the global market was reflected by increasing ultimate claims ratios. In the first half of 2021, QIC's international operations – Qatar Re, Antares, QIC Europe Limited (QEL) and our Gibraltar-based carriers – generated premium volume of QR5bn accounting for approximately 77% of the Group's total gross written premiums (GWP).
QIC once again witnessed a strong performance from its primary insurance business in its domestic and Mena operations, which continued to grow to GWP of QR1.5bn, an increase of 10% from H1, 2020 on account of the increase across all major business lines arising from rate increases, new business opportunities and growth in existing accounts, al-Mannai added.
In H1 2021, QIC’s investment income amounted to QR567mn compared to QR98mn for the first half of 2020, demonstrating the Group’s exceptional asset management expertise.
“The Group also continued to benefit from its steady efforts to further strengthen its operational efficiency through automation and digitisation with a healthy administrative expense ratio of 7% for H1, 2021,” said al-Mannai.
Recently, QIC was ranked top insurance company in the Middle East in Forbes Middle East Magazine’s annual ranking of top 100 listed companies in the region for 2021. The prestigious ranking features the region’s biggest, most valuable and profitable companies.
QIC was also ranked the fifth most valuable brand locally for 2021 by the global agency Brand Finance in its list for the 10 strongest brands in the Qatari market with the value of its trademark amounting to $535mn.
The strict criteria of evaluation examined and measured the strength of assets, global reputation, market share, profitability with the volume of operations, and geographical spread, as these factors affect the strength of any financial institution and how each of its clients, shareholders, and dealers perceive it in the markets in which it operates. The evaluation mechanism examined QIC’s financial data and revenues and performance levels were evaluated according to financial results, a five-year forecast period and expected future growth.
The financial results were announced yesterday following a meeting of the board of directors, which was presided over by Khalifa Abdulla Turki al-Subaey, chairman & managing director of QIC Group.
Al-Subaey stressed that increasing the return per share (EPS) and effectively contributing to the growth of the national economy remains the Group’s first goal and that the company’s continuous growth at a steady pace is through successful implementation of the strategy set by the distinguished board of directors in line with the Qatar 2030 vision under the wise leadership of His Highness the Amir, Sheikh Tamim bin Hamad al-Thani.
On QIC’s financial performance for the first half of 2021, al-Subaey said, “We are pleased with these results, which were achieved through the successful implementation of the group’s strategic plan that aims to de-risk its international operations, expand its low-volatility activities, diversify its business portfolio and drive forward full fledge digitisation of the Group’s domestic and Mena operations. This achievement is a testament to the strength of our brand.”
QIC generates QR5bn from its international operations: Salem Khalaf al-Mannai, Group chief executive officer, said that the Group’s gross written premium for the six-month period remained stable at QR6.5bn.
International operations continued to achieve improved rate to exposure across our portfolio’s and the faster than projected re-opening of the global market was reflected by increasing ultimate claims ratios. In the first half of 2021, QIC's international operations – Qatar Re, Antares, QIC Europe Limited (QEL) and our Gibraltar-based carriers – generated premium volume of QR5bn accounting for approximately 77% of the Group's total gross written premiums (GWP).
QIC once again witnessed a strong performance from its primary insurance business in its domestic and Mena operations, which continued to grow to GWP of QR1.5bn, an increase of 10% from H1, 2020 on account of the increase across all major business lines arising from rate increases, new business opportunities and growth in existing accounts, al-Mannai added.
In H1 2021, QIC’s investment income amounted to QR567mn compared to QR98mn for the first half of 2020, demonstrating the Group’s exceptional asset management expertise.
“The Group also continued to benefit from its steady efforts to further strengthen its operational efficiency through automation and digitisation with a healthy administrative expense ratio of 7% for H1, 2021,” said al-Mannai.
Recently, QIC was ranked top insurance company in the Middle East in Forbes Middle East Magazine’s annual ranking of top 100 listed companies in the region for 2021. The prestigious ranking features the region’s biggest, most valuable and profitable companies.
QIC was also ranked the fifth most valuable brand locally for 2021 by the global agency Brand Finance in its list for the 10 strongest brands in the Qatari market with the value of its trademark amounting to $535mn.
The strict criteria of evaluation examined and measured the strength of assets, global reputation, market share, profitability with the volume of operations, and geographical spread, as these factors affect the strength of any financial institution and how each of its clients, shareholders, and dealers perceive it in the markets in which it operates. The evaluation mechanism examined QIC’s financial data and revenues and performance levels were evaluated according to financial results, a five-year forecast period and expected future growth.
