(MENAFN- The Peninsula) The Peninsula
Doha: Qatar Insurance Group, the largest insurance company in the Mena region, has been ranked among the top 30 most valuable companies by market capitalisation of over $4bn in Qatar by Forbes Middle East magazine, becoming the only insurance company to enter the ranking.
The recognition of QIC took place at the Forbes Digital Qatar Symposium and Awards Ceremony 2021 organised last week in Doha, where the Group was represented by QIC's Chief Operating Officer - Qatar operations Ahmed Al Jarboey.
Commenting on the recognition, QIC Group's CEO Salem Al Mannai said:“We are very pleased to be recognised among the top valuable companies in Qatar, and to be the only insurer to enter the ranking this year. This recognition reflects our excellence in reshaping the insurance industry in Qatar and beyond, while being a core contributor to the development and diversification of the national economy”.
Al Mannai added:“QIC Group will remain committed to innovation, and to offering the best insurance solutions for individuals and companies in Qatar, cementing our position as the leading insurer in Qatar and the region”.
QIC Group has recently posted its Q3 2021 financial results with a net profit of QR511m, witnessing a 491 percent rise compared to the same period in 2020. The Group's gross written premium for Q3 2021 increased by 4 percent to QR10bn from QR9.6bn for the same period in 2020.
In June 2021, QIC Group was listed among the 'Top 100 Companies in the Middle East' by Forbes Middle East Magazine's annual ranking of the top 100 listed companies in the region for 2021. The company was ranked top insurance company in the Middle East according to the same ranking.
On another note, QIC was also ranked the fifth most valuable brand locally for 2021 by the global agency Brand Finance in its list for the 10 strongest brands in the Qatari market with the value of its trademark amounting to $535m. The strict criteria of evaluation examined and measured the strength of assets, global reputation, market share, profitability with the volume of operations, and geographical spread, as these factors affect the strength of any financial institution and how each of its clients, shareholders, and dealers perceive it in the markets in which it operates. The evaluation mechanism examined QIC's financial data and revenues, and performance levels were evaluated according to financial results, a five-year forecast period and expected future growth.
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) from AM Best. In terms of profitability and market capitalisation, QIC is also the largest insurance company in the Mena region.
MENAFN13122021000063011010ID1103349627
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.