QIC posts strong growth despite profit fall in Q1

Qatar Insurance Company (QIC), which earlier last year secured access to Lloyd’s through the acquisition of Antares, posted a solid set of results in the first quarter of 2015 despite a fall in profits.

QIC posted a 28 percent growth in its gross written premiums to $527 million for the first quarter of 2015, compared with $412 million in the first quarter of 2014.

However, its profits fell by 12 percent to $84 million for the quarter, compared with $96 million in the same period of the prior year.

QIC’s ratio deteriorated to 89.3 percent in the first quarter of 2015, compared with 88.5 percent in the first quarter of 2014. Its underwriting result amounted to $68 million, an increase of 11 percent over the same period of the previous year.

Khalifa Abdulla Turki Al Subaey, group president and chief executive officer, said: “Against a backdrop of declining oil prices and an increasingly challenging market conditions, QIC has continued to generate steady profits due to its strategic underwriting, successful renewals and effective management of insurance cycles.”