atar Insurance Company has reported a 19% jump year-on-year in gross written premium to QR3.81bn in the first six months of this year.
Despite headwinds and a challenging regional investment environment, the group’s net profit fell 9% to QR577.5mn, according to its financial statement.
“While the region’s economic landscape is undergoing transformative changes which are reshaping our sector, we have seen this dynamic environment positively challenge our drive and determination to grow and expand our presence further in the region and beyond,” QIC president and chief executive Khalifa al-Subaey said.
Stressing that the group has put in extra efforts to ensure that the expansion would not be at the expense of profitability; he said, “As we continue to focus on our expansion plans, our priority remains on maintaining a healthy growth trajectory with long-term, robust prospects.”
A 15% decrease in premium ceded to reinsurers helped QIC report 29% jump in net premium to QR3.15bn. Despite an 18% higher ‘movement in unexpired risk reserve’, the insurer registered 34% expansion in net earned premium to QR2.2bn.
Net underwriting results grew more than 8% to QR425mn with gross claims treading almost a flat path at QR1.37bn.
Reinsurance recoveries fell 18% to QR471.48mn; while movement in outstanding claims and net commissions more than doubled to QR435.65mn and QR446.65mn respectively.
Investment income shrank 21% to QR406.66mn, whereas advisory fees rose 15% to QR58.48mn and rental income was almost flat at QR21.85mn.
Operating and administrative expenses were down about 1% to QR314.01mn.
Total assets were valued at QR19.1bn comprising investments of QR6.33bn, insurance and other receivables of QR4.19bn, cash and cash equivalents of QR3.84bn and reinsurance contract assets worth QR3.83bn.
Total equity stood at QR5.98bn on a capital base of QR1.85bn and earnings-per-share was QR3.13 at the end of June 30, 2015.
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