Qatar Insurance Company (QIC) has posted QR230mn net profit in the first quarter of 2018. According to QIC Group, the company’s Q1 2018 financial results represent “55% of the full-year 2017 profits.”
The group posted gross written premium (GWP) at 15% of QR3.5bn in Q1 2018. This was achieved, despite difficulties encountered by the insurance industry locally, regionally, and globally, as well as the dominating decrease in insurance rates, QIC said in a statement.
After the catastrophic events in 2017, and in order to follow up the vision of QIC to become a leading player in the international insurance industry, the group has taken a number of significant strategic decisions to put the company on the right track and find the best solutions for improving the profitability and enhancing the operational efficiency, according to the statement.
Group president & CEO Khalifa Abdulla Turki al-Subaey said: “The first-quarter results for 2018, representing 55% of the full-year 2017 profits, demonstrate the capacity of the group to adapt to the variables of the economic environment.”
He said the group intends to continue its efforts to realise the highest levels of efficiency in managing its operations, which will contribute to the increase of profitability and development of risk management process to be more effective.
Al-Subaey said, “Given the current changes in the economic and political situation in the region, which reshaped the activities of insurance sector, and since we are in a dynamic working environment, we derived a positive motivation from these changes in order to continue our endeavours to reinforce our presence in and out the region despite the challenges encountered by the insurance sector and the competitive regional investment environment. Our financial results reflect the successful strategies we followed.”
The QIC Group has confirmed that caring for national cadres and developing their skills to assume leadership roles in the company are the top priority based on the directions of the board of directors and senior management, and that human resources development is deemed the most valuable investment in the company’s assets.
The group has provided for training and development operations for the company’s cadres, especially the Qatari nationals. In this regard, the group noted that it co-operates through the Human Resources Management division at the Ministry of Administrative Development, Labour and Social Affairs, specialised training centres, Qatar Financial Centre training centre, Qatar Finance and Business Academy, and international training centres, in addition to many global institutions and companies recognised in Japan and Britain, among others.
The company has innovated an integrated training programme to develop the Qatari cadres in the company. This programme is extended to all specialties either in the insurance field or concerning personal skills.
The group also provides training opportunities for the Qatari youth, comprising students of secondary schools and different universities during the summer holiday, as a part of its CSR for developing their skills and providing them with experiences qualifying to engage in insurance sector.
These opportunities include several objectives like obtaining the most important concepts and skills for providing best levels of customer service, as well as acquiring a set of knowledge and skills, which lead to promoting self-confidence and improving the professional performance to provide the best solutions and insurance covers.
The company has reassured its commitment to achieve the objectives of the Qatar National Vision 2030 by providing opportunities for the Qatari people through local and broad scholarships to complete their university studies in the best international universities.
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