QIC Group nine-month net profit jumps 491% to QR511m

(MENAFN- The Peninsula) The Peninsula

Doha: Qatar Insurance Company (QIC), the leading insurer in Qatar and the Middle East North African (MENA) region, has reported a net profit of QR511m for the first nine months of this year witnessing a 491 percent rise compared to the same period in 2020.

Following a meeting of the board of Directors on October 26, which was presided over by Khalifa Abdulla Turki Al Subaey, Chairman & Managing Director of QIC Group, the Board approved the financial results. 

Khalifa Abdualla Turki Al Subaey, stressed that increasing the return per share (EPS) and effectively contributing to the growth of national economy remains the Group's first goal and that the company's continuous growth and impressive performance is through successful implementation of the strategy set by the distinguished board of directors in line with Qatar's 2030 vision under the wise leadership of Amir H H Sheikh Tamim bin Hamad Al Thani.

“For the first nine months of 2021, QIC produced solid net results. Our Group quickly returned to an impressive performance, despite the challenges that the COVID-19 pandemic brought to our industry and economies. QIC's results demonstrate the soundness of our strategy, our focus on low severity products, high management efficiency and operational excellence that rivals the best in our industry,” said Khalifa Abdulla Turki Al Subaey, Chairman & Managing Director. 

“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 digitization of QIC's domestic and MENA operations. This achievement is a testament to the strength of our brand,” Al Subaey added. 

Additionally, Salem Khalaf Al Mannai, Group Chief Executive Officer, said that the Group's gross written premium for the nine-month period increased by 4 percent to QR10bn from QR9.6bn for the same period in 2020. International operations profited from hardening of rates and conditions in the international commercial insurance and reinsurance market. In the nine months of 2021, QIC's international operations – Qatar Re, Antares, QIC Europe Limited (QEL) and our Gibraltar- based carriers – generated premium volume of QR7.9bn, accounting for approximately 79 percent of the Group's total gross written premiums (GWP).

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 QR2.1bn, an increase of 6 percent from 9M 2020 on account of the increase across all major business lines arising from rate increases, new business opportunities and growth in existing accounts.

In 9M 2021, QIC's investment income amounted to QR775m compared to QR369m for the 9M 2020, demonstrating outstanding asset management capabilities.

Antares Syndicate 1274 of Lloyd's of London specialist re/insurer - Antares Managing Agency Ltd (Antares), wholly owned by QIC Group, was ranked first for 2020 investment performance according to Lloyd's Peer Analysis by JP Morgan Asset Management, which compares the investment performance of Lloyd's syndicates with average trust assets of more than £100m. Antares received a return on investment of 5.34 percent for 2020 year-end, compared to a market average of 2.91 percent and came in second for three-year average returns from 2018 to 2020.

In mid-September, Anoud Technologies (Anoud Tech), a leading provider of software solutions and a wholly-owned subsidiary of QIC Group, was selected by two leading insurers in Europe and the Caribbeans to modernize its IT systems.

Anoud Tech developed its fully integrated insurance solution branded Anoud+ in collaboration with Swiss Re. With Anoud+, insurers have access to a proven end-to-end solution that includes modules for customer relationship management, underwriting, technical accounting, finance, policy and claims management, workflow and document management, business intelligence and reporting, data analytics and reinsurance management.

The company was also named by ACORD and Alchemy Crew in the 2020 Top Ten Leaders with the most significant ability to change the industry through technology. 

QIC also continued to benefit from its steady efforts to further strengthen its operational efficiency through automation and digitization with a healthy administrative expense ratio of 6.2 percent.  

Overall, QIC the region's biggest, most valuable and profitable insurance company in the Middle East according to Forbes Middle East's annual ranking of top 100 listed companies in the region for 2021, achieved a strong consolidated net profit of QR511m for 9M 2021 an increase of 491 percent compared to  the same period in 2020.

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