QIC Group has experienced substantial growth in the first nine months of 2016, although its net profits only increased slightly which the group attributes to tough market conditions.
QIC reported gross written premiums of $2.1 billion for the first nine months of 2016, and increase of 44 percent from the same period of the previous year.
QIC attributes this growth to its international reinsurance operations, Qatar Re and Antares, as well as domestic and regional personal lines of business.
Its net profit for this 9-month period was $195 million, compared to $190 million for same period in 2015.
QIC said this reflects the softening global trading conditions as well as continued regional economic and investment headwinds.
Khalifa Al Subaey, group president and CEO of QIC Group, said: “Despite prevailing volatility, our domestic, regional and global insurance operations have continued to perform in line with expectations.
“In particular, we have witnessed increased buoyancy in our personal lines business in the MENA region. The outlook for personal lines including motor, medical and life insurance business is a regional strength and an area for further focused growth.
Going forward, in line with our strategy and expected development of the regional markets, we anticipate seeing benefits of the measures that have been implemented to boost both our efficiency and effectiveness.
“With greater cost rationalisation, general and administrative expenses year-on-year have remained stable, despite significant premium growth. On the back of our new product launches that are underway and our renewed focus on growth markets, we are confident that our book of business will continue to expand.”
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QIC Group, Qatar Re, Antares, Insurance, Reinsurance, Results, Khalifa Al Subaey, MENA