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QIC Group posts strong net income of USD 84 million in the first quarter of
2015
Doha, 22ndApril, 2015 - Qatar Insurance Company (QIC), the leading insurer in the Middle East
today announced its financial results for the quarter ended 31st March, 2015.
Overview of key financial results
Figures, in USD million
Gross premiums written
Net premiums written
Net underwriting result
Investment income
Net income
Non-life combined ratio
Market capitalization
Q1 2015
527
434
68
49
84
89.3%
4,027
Q1 2014
412
326
61
63
96
88.5%
2,862
Figures, in USD million
Total assets
Shareholders’ equity
Q1 2015
4,895
1,561
Q4 2014
4,422
1,627
In Q1 of 2015, global and regional market conditions continued to be challenging. Despite these
headwinds, QIC Group’s gross premiums written grew by 28% year-over-year to USD 527
million. The Group reported robust net income of USD 84 million, down by 12% year-over-year.
Referring to the Group’s financial results, Mr. Khalifa Abdulla Turki Al Subaey, Group
President and CEO, commented, “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.”
Resilient investment performance
Despite a challenging global and regional investment environment, the Group reported strong
investment income and other revenues of USD 59 million in Q1 of 2015, compared to USD 75
million in the same period of the previous year.
Strong underwriting performance despite global headwinds
QIC continued its disciplined underwriting approach against a backdrop of softening rates and
broadening terms and conditions in most markets. The Group registered an overall combined
ratio of 89.3% in Q1 of 2015, as compared to 88.5% for the same period in 2014. QIC’s net
underwriting result amounted to USD 68 million, an increase of 11% over the same period of the
previous year. General and administration expenses grew by 7% to USD 41 million, as compared
to growth in gross premiums written of 28%.
Outlook: Further business growth driven by operational excellence
For the remainder of 2015 QIC expects to further diversify its book of business across its core
segments. The Group’s reinsurance book is likely to grow throughout all major geographical
markets, with a focus on specialty lines. In commercial and direct insurance QIC will further
broaden its geographical footprint by accessing the European insurance markets through its
recently established EU-based Malta subsidiary, QIC Europe Limited. In addition, the Group
will continue to build a globally integrated operating platform in order to efficiently provide
comprehensive offerings to its clients in insurance, reinsurance and asset management.
About Qatar Insurance Company
Qatar Insurance Company (QIC) is a publicly listed composite insurer with a consistent
performance history of 50 years and an underwriting footprint across the Middle East, Africa and
Asia. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar.
Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA region.
QIC is one of the highest rated insurers in the Gulf region with a rating of A/Stable from
Standard & Poor’s and A (Excellent) by A.M. Best. In terms of profitability and market
capitalization, QIC is also the largest insurance company in the MENA region. It is listed on the
Qatar Exchange and has a market capitalization of USD 4 billion.
For further information on QIC, please visit www.qatarinsurance.com.
Contact:
QIC:
Mohamed Salem
Vice President
Corporate Communication & Public Relations
P.O. Box 666, Doha, Qatar
T: +974 44962 299 | M: +974 55742758 | F:+974 44831569
E: [email protected] | W:www.qatarinsurance.com