Qatar Insurance Company (QIC) has seen a 19% jump in its gross written premium to QR9.9bn in 2016, the insurance major said yesterday.
The company said its 2016 net profit attributable to parent is QR1.03bn, which is close to the 2015 results that amounted to QR1.04bn.
QIC said its net underwriting results decreased by 9% and amounted to QR844mn last year compared to QR926mn in 2015.
Investment and other income increased to QR925mn, up 3% on 2015. Earnings per share for 2016 were QR4.48 compared to QR4.84 in 2015, QIC said.
Shareholders equity (attributable to parent) as of December 31, 2016 was QR8.23bn compared to QR5.81bn in 2015.
“These results were achieved whilst the global economy faced challenges due to growing political uncertainty, a depressed investment environment, reducing international trade and fluctuating commodity prices including oil and gas,” QIC said.
QIC said it has been successful in implementing both geographical and product diversification. Global business diversification of the group’s operations was achieved by its focus on reinsurance through Qatar Re, access to the Lloyd’s market through Antares, access to direct and structured business in Europe through QIC Europe Limited (QEL) and by boosting regional business written in the Gulf countries through Q Life & Medical (QLM) and its regional branches and companies.
The group witnessed strong improvement in operational performance, in which “investment management has always been the bedrock of its stability and an important performance engine”.
This has enabled QIC and its primary subsidiaries to consistently maintain its rating of A/Stable from Standard & Poor’s and A (Excellent) from A.M. Best.
“Our outlook for 2017 is cautiously positive and projected increase in energy and commodity prices, even if minor, may provide an economic impetus to the energy commodity exporting economies. Against this background, we will stick to our proven strategy and continue to explore underwriting and investment opportunities for prudent and sustainable growth and attractive returns for our shareholders,” QIC said.
Based on the “above good results”, QIC’s board of directors has proposed a 15% of share’s par value as a cash dividend equivalent to QR1.50 per share in addition to a bonus share of 15%, in the ratio of three shares for every twenty shares.
The proposal will be placed for approval at the annual general meeting on February 19 at the Four Seasons in Doha.
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