Net profit of QAR 230 million in Q1 2018 – Regional
QIC reports 55% of the full year 2017 profits in the first three months of 2018
Qatar Insurance Company (QIC), Qatar’s leading insurer, announced the results of its first quarter in 2018 after the meeting of the Board of Directors was held on 24 April 2018. Presided by Sheikh Khalid bin Mohammed bin Ali Al-Thani, Chairman & Managing Director, the Board of Directors approved the financial results for the first quarter of 2018.
The Group posted Gross Written Premium (GWP) at 15% of QAR 3.5 billion during the first three months ended 31 March, 2018. Despite the difficulties encountered by the insurance industry locally, regionally and globally as well as the dominating decrease in insurance rates, Qatar Insurance Group reported net profit of QAR 230 million during the first three months of 2018, representing 55% of the full year 2017 profits. After the catastrophic events in 2017, and in order to follow up the vision of QIC to become a leading player in the international insurance industry, the Group has taken a number of significant strategic decisions in order to put the company on the right track and find the best solutions for improving the profitability and enhancing the operational efficiency.
Commenting on the Group’s first quarter results for 2018, Mr. Khalifa Abdulla Turki Al Subaey, Group President & CEO remarked, “The first quarter results for 2018, representing 55% of the full year 2017 profits, demonstrates the capacity of the Group to adapt to the variables of the economic environment.” He expressed the intention of the Group to continue its efforts in order to realize the highest levels of efficiency in managing its operations, which will contribute to the increase of profitability and development of risk management process in order to be more effective.
Al Subaey asserted: “Given the current changes in the economic and political situation in the region, which reshaped the activities of insurance sector, and since we are in a dynamic working environment, we derived a positive motivation from these changes in order to continue our endeavours to reinforce our presence in and out the region despite the challenges encountered by the insurance sector and the competitive regional investment environment. Our financial results reflect the successful strategies we followed.”
Qatar Insurance Group has confirmed that caring for national cadres and developing their skills in order to assume leadership jobs in all company’s sectors are top priority based on the directions of the Board of Directors and Senior Management, and that human resources development is deemed the most valuable investment in the company’s assets.
The Group advised training and development operations for the company’s cadres, especially the Qatari nationals. In this regard, the Group noted that it cooperates through Human Resources Management with the Ministry of Administrative Development Labour and Social Affairs, specialized training centers, QFC training center, Qatar Finance and Business Academy, international training centers in addition to many global institutions and companies recognized in Japan and Britain, such as Sompo Japan, CII, etc. The company has innovated an integrated training program for the purpose of developing the Qatari cadres in the company. This program is extended to all specialities, either in the insurance field or concerning personal skills.
The Group also provides training opportunities for the Qatari youth comprising students of secondary schools and different universities during the summer holiday, as a part of its CSR for developing their skills and providing them with experiences qualifying to engage in insurance sector. These opportunities includes several objectives such as: Obtaining the most important concepts and skills for providing best levels of customer service as well as acquiring a set of knowledge and skills which lead to promoting self-confidence and improving the professional performance in order to provide the best solutions and insurance covers.
The company reassured its commitment to achieve the Qatar National Vision 2030 by providing opportunities for the Qatari people through local and broad scholarships in order to complete their university studies in the best international universities. This leads to qualify well-built national cadres contributing to the development of insurance sector in the State as a major pivot in serving the national economy and development projects in the country. Relatively, the company declared that national cadres are recently prepared in coordination with QFBA after intensive and varied three-month training courses, which helps them to extend their experiences, develop their skills and be qualified to assume different leadership jobs in all administrative and technical sectors as well as all companies affiliated to Qatar Insurance Group.
The company advised the monthly meeting of Mr. Khalifa Abdulla Turki Al Subaey, Group President & CEO with the national cadres in the company in order to listen to their views concerning the work and demolish any obstacles for the purpose of fulfilment of their career in such manner in line with and satisfactory to their ambitions and enhancing the performance of the Group and its affiliates and to the extent that positively attributes to the performance and the financial results obtained. This initiative is launched in line with the strategy of the company to focus on the type and quality of the services to its customers and the future vision of the company on the professional engagement in the field of community and individual development in the insurance sector, as well as the endeavours to prepare outstanding national cadres in the insurance sector in order to undertake their tasks with sufficient productivity and prepare them in the due manner required to maximize the upgrade of services provided; which will have a positive effects on building their professional future in the company. Accordingly, this will be an effective attraction factor for the Qatari people to join the company team.
Al Subaey noted that Human Resources Management has been instructed to work on developing a full concept for supporting Qatar Insurance Group efforts to employ the Qatari people in accordance with the Qatar National Vision 2030, along with emphasizing that national cadres hold most of the leadership jobs in the company.”
He stated: “Qatari cadres have demonstrated competence, since they played a pivotal rule in supporting QIC progress, expressing optimistic view that qualified national cadres are capable of leading the company and utilize the wide experiences either in the administrative or technical aspect.” Mr. Khalifa Abdulla Turki Al Subaey highlighted that there is full coordination between Qatar Insurance Group and the Ministry of Administrative Development that all obstacles against Qatarization rate in the company, and expressed confidence that QIC will continue supporting the national economy cycle through national cadres.
Al Subaey further noted that QIC had set an effective plan for the next three years in order to attract Qatari cadres, either holders of university degree or secondary school certificate, along with an intensive development and training program. The company has started to prepare this plan in connection with Qatarization, training and scholarship opportunities, since the company has a number of students on scholarship to USA and Britain and some of them had graduated and joined the company team in leadership jobs. One of the most important objectives of this plan is to develop and improve the work and scientific skills of the employees and to qualify them to reach the highest level of professional efficiency by providing them all the aspects required for this objective in such manner ensuring their engagement in insurance sector.
Hoping that national cadres have the major contribution to supporting the company progress in the next year, he advised that QIC opens its doors to all Qatari cadres, indicating that the Group has managed to attract large numbers of Qatari people to join it. Al Subaey said: “Qatar Insurance Group provides unique opportunities to the Qatari people for scholarships in the major specialized international universities, and that the activities of the company are not limited to insurance only, but also include re-insurance, economic insurance and investment, which creates various opportunities for the Qatari youth in several sectors.”