QIC enjoys rapid growth driven by global expansion
Qatar Insurance Company (QIC) has reported a small increase in its profits last year but a big hike in its gross written premiums driven by its continued geographical expansion.
The company made a net profit of $292 million in 2015 compared with of $282 million in 2014. QIC said that the increase came from the successful diversification of the firm into new markets and lines of business.
QIC’s gross written premiums (GWP) hiked to $2.29 billion in 2015, compared with $1.54 billion in 2014 and its non-life combined ratio improved to 96 percent last year, compared with 98 percent in 2014.
2015 was marked by a sustained pace of the group’s international expansion, with 67 percent of its overall gross written premiums now sourced through its international operations in Zurich, Bermuda, London and Malta.
The group’s reinsurance subsidiary, Qatar Re, ranked amongst the global Top 50 reinsurers, continued to expand its global operating platform by opening a branch in the Dubai International Financial Centre and a representative office in Singapore.
In addition, the company re-domiciled to Bermuda and is now licensed as a class 4 reinsurer, benefiting from the jurisdiction’s Solvency II equivalency, a closer proximity to the US, the world’s largest insurance market, and improved capital efficiency.
Antares, the specialist Lloyd’s insurance and reinsurance group which QIC acquired in 2014, continued to broaden its global footprint by establishing a dedicated platform at Lloyd’s Asia in Singapore. In addition, Antares Lloyd’s Syndicate 1274 launched its new property direct and facultative division.
QIC Europe (QEL), the group’s fully-owned Malta-based subsidiary dedicated to underwriting risks across the European Economic Area has seen numerous new business opportunities throughout 2015 and has developed partnerships with chosen managing general agents (MGA)s and coverholders to support carefully selected portfolios.
Another milestone in 2015 was the establishment of a retail insurance operation in the UAE and in the State of Kuwait drawing on years of experience with corporate clients in the respective countries.
QIC has started making personal insurance products directly available to individual customers under the theme ‘Global Insurance – Local Assurance’. The offering includes a unique online platform, whereby customers can buy or manage their personal insurances (car, home, travel) from anywhere, at any time.
Khalifa Al Subaey, group president and chief executive officer of QIC Group, said: “2015 was a challenging year for Middle Eastern and a number of global investment markets. On the back of our excellent geographical product diversification with sustained profitability of our insurance and reinsurance book, we have proven our resilience, successfully navigating the turbulent waters in 2015.
“Buoyant personal lines markets in the Middle East and a rapid expansion into global specialty re/insurance markets in particular have offset the impact of the increased volatility in equity and fixed-income markets.”
