QIC profits soar on back of substantial growth

Qatar Insurance Company’s (QIC) net profits jumped in 2014 following a year of expansion in which its gross written premiums also grew substantially.

The company’s net profit grew to $275 million for the year, compared with $207 million in 2013. Its gross written premiums increased by 59 percent to $1.54 billion in 2014 compared with $970 million in 2013.

However, QIC’s combined ratio deteriorated to 98 percent, compared with 93 percent in the prior year.

Its net underwriting result for the year was $182 million, reflecting an increase of 37 percent on the previous year.

Sheikh Khalid bin Mohammed bin Ali Al-Thani, chairman and managing director of QIC Group, said: “I wish to thank the members of the board, the group’s management team and its employees, all of whom have played an important role in ensuring the group achieved its strategic objectives in 2014. I am confident that 2015 will bring continued success.

“As always, we will continue to ensure that the group’s growing operations – both domestic and international - remain efficient and cost-effective to ensure that we maximise shareholder value and, ultimately, the success of the company.”