QIC reports 11% fall in first-half net profit

The Qatar Insurance Company (QIC) on Wednesday announced that its net profit in the first half of 2012 declined 11 percent at QR 302. 8 million, compared to the net profit of QR341.9 million in the same period a year ago.

The company’s gross premium for the period was QR1.469 billion, slightly higher than the gross premium of QR1.452 billion achieved in the same period for 2011.

Net insurance income of the QIC for the first half was QR109.3 million compared with the insurance income of QR202.6 million in the same period a year ago. The company attributed the decrease to the exceptional provisions deducted from the insurance income to meet special claims related to Villagio Mall fire and other huge claims reported in 2012.

Investment and other income of the company for the period was QR299.8 million, a rise of 22 percent from the corresponding period in the previous year. The earning per share (EPS) of the company for the period stood at QR3.4. The EPS in the same period of the previous year was QR3.8. The Qatar Insurance Company was founded in 1964. The QIC is now the dominant insurer in Qatar with a market share exceeding 50 percent.

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The QIC holds the highest rating for an insurer in GCC with a rating of ‘A Stable’ from Standard & Poor’s and has substantial underwriting capacity with an asset base of over QR6 billion. The QIC represents true value and security through adherence to world standards in conduct of our operations with innovative and optimal risk management and flexible insurance products catering to all sectors of Qatar’s economy.

The QIC is ISO 9001:2008 certified, which is an internationally recognised quality management system standard. The QIC has the largest professionally qualified insurance team in GCC with a long track record in insurance industry backed by a stable and well-experienced management team. The current management team of the QIC is in place since 1986.

source: Qatar Tribune