Business Reporter
DOHA: Qatar Insurance Company (QIC) yesterday said it has received the nod from the Qatar Financial Centre (QFC) to establish a firm in the QFC as part of its expansion strategy across globe, notably the GCC region.
Having netted a profit of over QR338mn, QIC, which crossed QR1bn mark in gross insurance premium, also declared 100% cash dividend for its shareholders for the year ended 2006.
“QIC received approval to establish an insurance company in the QFC, which is intended to spearhead its growth into overseas market, particularly in the GCC region,” the QIC directors said releasing 42nd Annual Report and Financial Statements to shareholders at the annual general assembly meeting held yesterday.
The new company would be fully operational from the first quarter of this year.
With the influx of several new insurance companies in the GCC, QIC said it expects increased regional competition in 2007 and “to maintain and enhance market share in Qatar as well as the region by leveraging the balance sheet strength.”
QIC’s personal insurance portfolio is expected to see growth in line with the increasing population, personal income and demand for new products, the board said.
To manage the growth and increase client service, the insurer plans to undertake a major upgrade of its information technology platform in the coming year.
The shareholders also noted that QIC’s net profit jumped 36% to over QR388 in 2006 as it almost doubled its premium income from fire and general risk cover.
Net insurance premium grew by 78% to QR159.9mn, while investment income increased by 16% to QR293.8mn despite downturn in regional stock markets.
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