Dubai - MENA Herald: Qatar Insurance Company (QIC), the leading insurer in the MENA has officially released its consolidated financial report for the year 2016.
Key financial highlights from the 2016 report show:
Gross written premium increased at a rate of 19% as compared to last year 2015, to QR 9,901 million
Net underwriting results decreased by 9%, amounting to QR 844 million compared to QR 926million for last year, 2015
Investment and other income increased by 3% as compared to last year 2015 to be QR 925million
Company’s net profit attributable to parent is QR 1,034 million which is close to 2015 results which amounted to QR1,043 million
Earning per share for 2016 is QR 4.48 compared to QR 4.84 for last year 2015
Shareholders equity attributable to parent as of 31 December 2016 is QR 8,236 million compared to QR 5,812 million on 31 December 2015
These results were achieved despite challenges in the global economy due to growing political uncertainty, a depressed investment environment, reducing international trade and fluctuating commodity prices, including oil and gas.
QIC has been successful in implementing both geographical and product diversification. Global business diversification of the Group’s operations was achieved by their 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 its regional business written in the Gulf countries through Q Life & Medical (QLM) and its regional branches and companies.
The Group witnessed strong improvement in its operational performance. Investment management has always been the bedrock of stability and an important performance engine for the Group. This has enabled QIC and its subsidiaries to consistently maintain its rating of A/Stable from Standard & Poor’s and A (Excellent) from A.M. Best.
The group’s outlook for 2017 is cautiously positive. Projected increase in energy and commodity prices, even if minor, may provide an economic impetus to the energy commodity exporting economies. Against this background, QIC will stick to their proven strategy and continue to explore underwriting and investment opportunities for prudent and sustainable growth and attractive returns for their shareholders.
The Board of Directors’ have proposed a 15% of shares par value as a cash dividend equivalent to QR 1.50 per share in addition to a bonus share of 15%, in the ratio of 3 shares for every twenty shares.
The proposition shall be reviewed for approval at the Annual General Meeting which will be held at 4pm on 19 February 2017 at the Four Seasons Hotel in Doha, Qatar.