QIC Group Net Profit Increases to QR 272 Million in Q1 2019

Doha, April 28 (QNA) - Qatar Insurance Company (QIC), the leading insurer in Qatar and the Middle East North African (MENA) region reports a net profit of QR 272 million for the first quarter of 2019. Overall, the Groups net profit for Q1 2019 increased year-on-year by 15 percent to QR 272 million, driven by both improving underwriting results and resilient investment income. The Group recorded stable investment income of QR 275 million for the period. QICs total investment return, including capital gains and losses, amounted to an annualized 6.2 percent. Commenting on the financial performance for Q1 2019, Group President and CEO of QIC Group Khalifa Abdulla Turki Al Subaey stated, "For QIC, the first quarter was a period of stability and consolidation. As part of our de-risking effort, we have adopted a more selective approach to writing new business, rewarded by an improving technical performance. QIC remains firmly committed to shifting to lines of business with lower volatility where we see a more attractive risk-return potential." He continued, "In addition to underwriting, QICs investment prowess and commitment to operating efficiency continue to bear fruit and are essential to sustaining the Groups overall profitability. Based on the strength and diversity of our performance engines, I remain confident in QICs future growth and profitability prospects, which should further benefit from what appears to be a slightly firming global re/insurance trading environment." Qatar Insurance Company (QIC) is a publicly listed composite insurer with a consistent performance history of over 55 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA regions. In terms of premium income, profitability and market capitalization, QIC is also the largest insurance company in the MENA region. It is listed on the Qatar Exchange and has a market capitalization in excess of QR 12 billion. (QNA)