QIC posts top and bottom line growth in Q1

Qatar Insurance Company (QIC) reported strong results for the first quarter of 2016 as its profits and gross written premiums (GWP) hiked.

The group’s gross written premiums soared 41 percent to $741 million in the first quarter of 2016, compared with $527 million in the first quarter of 2015.

Its profits also jumped to $90 million in the quarter, an increase of 7 percent compared with $84 million in the first quarter of 2015.

The group’s domestic business, which includes its life and medical operations, recorded stellar growth in premium income in the quarter according to QIC.

Its reinsurance premiums, generated by its reinsurance subsidiary Qatar Re, reached $307 million and accounted for more than 41 percent of the group’s total premium income.

However, its combined ratio deteriorated slightly to 91.9 percent in the first quarter of 2016, compared with 89.3 percent in the same period of the prior year.

Khalifa Al Subaey, group president and chief executive officer, said: “In the first quarter of 2016 we made further progress towards building a globally diversified book of business.

“The strategic rationale was impressively demonstrated during the reporting period which saw further economic and financial market turbulence in some global markets and in the MENA region in particular.

“Most importantly, our continued drive towards growth and diversification is based on technical excellence, as demonstrated by our strong underwriting results. Overall, we believe that our financial performance for the first quarter of 2016 testifies to our growing resilience against the regional and global volatility in economic and insurance and reinsurance market conditions.

“Going forward we will continue to expand our global presence and grow our portfolio exploring further opportunities across personal and commercial lines of insurance as well as in reinsurance.”