|Consolidating its stronghold in direct insurance operations and expanding its global footprint through a reinsurance subsidiary, Qatar Insurance Company (QIC) posted a full year net profit of QR753mn in 2013 compared with QR610mn in 2012.|
Doha-based QIC, one of the largest underwriters in the Mena (Middle East and North Africa) region, earned gross premium of QR3.5bn last year compared with QR2.55bn in 2012, registering an increase of 38%.
The underwriter’s investment and other income stood at QR720mn in 2013, compared with QR555.3mn in 2012, which shows an increase of 30%.
The company results were announced in Doha yesterday by QIC group CEO Khalifa Abdullah Turki al-Subaie after a meeting of its board of directors presided over by chairman and managing director Sheikh Khalid bin Mohamed bin Ali al-Thani.
Al-Subaie said the board of directors has recommended a cash dividend of QR2.5 a share and a special 50th anniversary bonus share of 25%.
QIC has maintained its credit rating this year, currently rated “A/Stable” by Standard & Poor’s and also “A” (excellent) by AM Best, which is considered “one of the highest ratings” in the region.
Al-Subaie also mentioned that in 2013, QIC had not only grown its established strongholds in direct insurance operations within the region but also successfully executed its vision to widen the company’s global footprint by establishing a branch at Zurich through its reinsurance subsidiary Q-Re LLC.
“We are extremely pleased to say that during the year we have overcome the varied economic, cultural and regulatory challenges and have been able to successfully execute the creation of a structure that would provide us with a sustainable global base and ensure our growth over the years.
“The strong results of this year are concurrent with the celebration of our 50th anniversary,” al- Subaie said.
QIC is now the dominant insurer in Qatar with a significant share of the local market.