Qatar Insurance profits hike 53%
Qatar Insurance Company (QIC) has reported strong results for the first six months of 2014, as it declares its intention to establish a subsidiary insurance company in Malta.
The insurer made a net profit of QR635 million ($174 million) for the first half of the year, an increase of 53 percent compared with QR415 million for the same period of 2013.
Net premiums also increased to QR2.44 billion, compared with QR1.47 in the first six months of 2013.
The company reported gross premiums of QR3.21 billion for the six months following the acquisition of the specialist re/insurer Antares, compared with QR2.05 billion for the same period in the year previous.
QIC also approved the issuance of a five year convertible bond into shares of QIC with a total value of $250 million. The insurer said this was In order to meet future capital requirements, to match the growth rates expected for the insurance activities during the next few years.
