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QIC profit jumps 32% to QR 511 mn in 2007. |
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Qatar Insurance Company (QIC) has reported 32% jump in its net profit to QR511mn in 2007 mainly due to growth in fire and general risk covers and recommended 100% dividend to its shareholders.
QIC president and chief executive Khalifa al-Subaey said the board was recommending 100% cash dividend and also planning to establish an asset management company and a medical services company.
Its net premium earnings were up 66% to QR616.83mn but net underwriting income grew slower at 39% to QR222.48mn in 2007. The 37% shrinkage in net insurance income from marine and aviation at QR20.37mn was made up by fire and general insurance, whose net underwriting income grew 59% to QR202.11mn in 2007.
Of the QR222.48mn net insurance income, the domestic operations contributed 56.82%, while the remaining 43.18% came from Qatar International, which is established in the Qatar Financial Centre (QFC).
Investment revenue rose 32% to QR377.28mn, rental income by 89% to QR27.65mn and other incomes more than doubled to QR1.86mn in the review period.
QIC, which reported 46% growth in total assets to QR5.86bn in 2007,
Al-Subaey said the consistent performance of investment portfolio for several years led it to establish a real estate investments entity and an asset management, expected to be registered in QFC.
“We are taking necessary steps to establish a medical centre to provide high end medical services as part of diversification activities and also as an extension to our clients who are involved in the medical insurance programme,” al-Subaey said.
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QIC plans to set up QR 100 mn medical services firm. |
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Qatar Insurance Company (QIC) plans to set up a private shareholding company specialising in medical services.
The proposed company will have a capital of QR100mn, the company said after a meeting of its board of directors.
QIC, Qatar's largest insurer, will have strategic partners in the medical services company project. QIC's board of directors which met yesterday reviewed the company's performance from January to November. It also approved the budget for 2008. The board of directors will meet again after finalising QIC's 2007 results. The company's AGM will be held on February 17.
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QIC contributes in the formation
of an islamic insurance company |
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Qatar Insurance Company (QIC) held a meeting today, Monday 26th of November 2007, attended by representatives from:
1. Qatar Insurance Company SAQ
2. Qatar Islamic Bank SAQ
3. Rayyan Bank SAQ
4. Barwa Real Estate SAQ
5. QInvest (L.L.C.) Registered in QFC
It is agreed to take the necessary steps to establish a Sharia Compliant closed shareholding Company to practice Islamic Insurance activities according to Qatari Laws. The above five parties will be the founders of the new proposed company and the only shareholders of its Capital of QR 100,000,000 (QR One Hundred Million). |
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QIC discloses financial statements for 3rd quarter of 2007 |
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Qatar Insurance Company disclosed it's financial statment for the period ended 30.09.2007 to reveal it's net profit of QR 336 million when compared to the same period of last year where it was QR 223 million.
The earnings per share reported for the same period of 2007 QR 7.9 where as last year EPS was 7.9. |
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QIC holds Board Of Directors meeting on Oct 7, 2007 to discuss 3rd quarter financial statment |
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Qatar Insurance announced it will hold a board meeting on Oct 07 2007 to discuss the financial statments for the period ending
Sep 30, 2007. Further more the comapny announced its intention to invite the board memebers starting Sep 20, 2007 in accordance with the article (173) of DSM bylaws. |
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QIC approves formation of QIC Asset Management |
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The board of directors of QIC with the memorandum dated 12 July 2007, has agreed the establishing of a new Limited Liability Company, under the name (QIC asset management) to be registered in Qatar Financial Centre, with a primary paid up capital of $500,000 (Five hundred thousand dollars) The new company will provide the advice and fund management to QIC, its subsidiaries, and to other parties.
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QIC discloses financial results for 1st half of 2007 and discusses the strategic planning for the company |
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Qatar Insurance Company (QIC) in its board meeting held on July 10, 2007, ? ? disclosed its financial results for the first half of the ? year 2007 to ? reveal its net ? profit of 246 million when ? compared to the same ? period last year ? where ? by ?? it was QR 164 million.
The Earnings per Share (EPS) for first half of 2007 QR 5.79 where as last ? years ?? EPS was QR 3.86. ?
Furthermore, the company announced will hold a press conference to answer any questions about the financial reports s on July 12, 2007.
During the said meeting, the Board also discussed the future strategic planning for the company (2008 – 2011) targeting complete restructuring of QIC Group by establishing a holding company that can run and control the activities of QIC and all its branches / subsidiaries and provide them with the administrative and financial support. It is agreed in principal, to prepare full legal and financial study for the plan, present the results to the Board for issuing the necessary recommendations to the Extraordinary General Assembly . More...
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DOHA: Qatar Insurance Company (QIC) has indicated that it will internally meet the funding requirement for its 40% stake in the new joint venture in Kuwait.
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QIC publishes half yealry results of 2006 |
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Qatar Insurance Company (QIC) publishes their financial results for the first half as at 30th June 2006
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QIC publishes quarterly results |
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Qatar Insurance Company (QIC) publishes their financial results for the first quarter as at 31st March 2006
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United Development Company (UDC) awarded contract for design and construction |
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Qatar Insurance Company (QIC) yesterday inked a deal with United Development Company (UDC), awarding the latter the management contract for the design and construction of the insurance firm's tower in the Porto Arabia district of The Pearl-Qatar. ......
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QATAR INSURANCE Co. UPGRADED TO 'A' |
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LONDON (Standard & Poor's) Feb. 16, 2006: Standard & Poor's
Ratings Services said today it raised its long-term counterparty ......
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QIC AUDIT REPORT 2005 |
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Deloitte & Touche appointed auditors of QIC has completed
and published the Audit Report of QIC for the year 2005 ......
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QIC RATED STRONG |
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The financial strength of an insurer
is often the most important part of the decision to buy the right insurance
product. That’s why it’s vital to check the insurer’s
Standard & Poor’s financial strength rating. Naturally, you also
should consider the scope and terms of coverage, the quality
More... |
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OBTAINS BS EN ISO 9001:2000
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As the new millennium dawned QIC wished to mark
the occasion by establishing that it had matured into a well-managed service
company and chose to undertake the ISO certification process.
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