Qatar Insurance Company (QIC) has reported a net profit of QAR351 million (SG$130.85 million) for the first half of 2021 – a 277% year-on-year increase.
The company, which is headquartered in Doha and is present in multiple markets across the Middle East and North Africa (MENA) region, has been able to turn its results around from a loss of QAR198 million in the first half of 2020, The Peninsula reported.
“We are pleased with these results, which were achieved through the successful implementation of the group’s strategic plan that aims to de-risk its international operations, expand its low-volatility activities, diversify its business portfolio and drive forward full fledge digitisation of the group’s domestic and MENA operations,” said Khalifa Abdulla Turki Al Subaey (pictured above), QIC chairman and managing director. “This achievement is a testament to the strength of our brand.”
QIC’s gross written premium for the half was QAR6.5 billion, remaining mostly stable from last year. Its international businesses have seen improved rate to exposure and increased ultimate claims ratios, due to the rapid reopening of global economies. The international businesses – Antares, Qatar Re, QIC Europe Limited (QEL) and its Gibraltar-based carriers – contributed a combined premium volume of QAR5 billion, making up around 77% of the group’s total.
The group’s investment income was QAR567 million, up from QAR98 million the prior year.
“QIC once again witnessed a strong performance from its primary insurance business in its domestic and MENA operations, which continued to grow to GWP of QAR1.5 billion, an increase of 10% from H1 2020, on account of the increase across all major business lines arising from rate increases, new business opportunities and growth in existing accounts,” said Salem Khalaf Al Mannai, chief executive officer of QIC.
