QIC Group reports QAR 780 million net profit in its Board of Directors Meeting and to list its subsidiary QICI in Qatar Stock Exchange:
Under the Chairmanship of His Excellency Sheikh Khalid bin Mohammed bin Ali Al-Thani – Chairman of the Board and Managing Director of Qatar Insurance Company (QIC) – the Company’s Board of Directors convened at the Board Meeting to discuss the Group’s performance for the period starting from 01/01/2014 to 30/09/2014 and approved the financial statements for this period.
The Group’s President and CEO, Mr. Khalifa Abdulla Turki Al Subaey stated that several key issues were discussed and decided upon during the Board meeting.
Referring to the Group companies’ performance over the first nine months of 2014, Mr. Khalifa stated, “Qatar Insurance Group reports strong performance in line with its goals to be ranked among the top global insurers.”
He further stated that achievements made over the first three quarters of 2014 were a strong indicator that the Group is well on its way towards achieving its goals. One of the most important additions the QIC Group had this year was the acquisition of Antares, which added a further dimension to the Group’s global footprint in the reinsurance arena.
Subscribed premiums for the period from 01/01/2014 to 30/09/2014 reached QAR 4465 million – a year-on-year increase of 55%. These premiums include QAR 2650 million of cumulative reinsurance premiums accepted through the Group’s reinsurance units “Antares” and “Qatar Re”.
Returns on investment and other revenue were QAR 806 million, a year-on-year increase of 50% over QAR 535 million achieved over the same period in 2013.
The Group’s net profit – after excluding minority shares – was QAR 780 million – an increase of 46% over QAR 535 million achieved during the same period in 2013.The Board signed off the consolidated financial statements as on 30/09/2014.
During the same meeting, the Board also approved the listing of QIC International in Qatar Stock Exchange. (QICI) is subsidiary of QIC incorporated under Qatar Financial Centre since 2007 with an initial share capital of QAR 200 million that has gradually increased to its current level of QAR 382 million.
QICI’s holdings include QIC’s branches in Dubai and Abu Dhabi, as well as an 82% share of Kuwait Qatar Insurance Company (KQIC), a 70% share in Oman Qatar Insurance Company (OQIC), a 40% share in Qatar Re, QIC’s reinsurance subsidiary in addition to a representative office in Malta. QICI has management control over all these units.
Total written premiums for QICI as on 30/06/2014 were around QAR 1745 million, in comparison to QAR 1312 million during the same period in 2013. QIC’s net profit for the first half of 2014 was QAR 119 million in comparison to QAR 105 million achieved during the first half of 2013.
QICI has been rated by leading credit rating agencies with “A” (Stable) Standard and Poor’s and an “A” (Excellent) by A. M. Best.
The listing application will be submitted once the approvals of QICI’s Board of Directors and its General Assembly as well as other relevant authorities are obtained.
Another point discussed during the Board meeting was the issuance of convertible bonds, which was previously approved by the Board – pursuant to the receipt of necessary approvals from the relevant authorities. These bonds were to be offered in global markets to attract foreign capital into the Qatari market. However, QIC received an offer from the General Retirement and Social Insurance Authority to fully acquire the issuance of the convertible bonds. Therefore, the Board accepted the offer as per the terms and conditions to be agreed. The Board also authorized the Executive Management to obtain necessary permissions from concerned authorities to convene a General Assembly meeting in order to approve the issuance of the above bonds.
The next General Assembly of the Company is to be convened on Sunday, 23/11/2014, at 4:00 pm in Al Mirqab Hall at the Four Seasons Hotel. The Board approved a recommendation to the General Assembly to amend two of the Company’s Articles of Association to comply with the Law; one related to shareholdings of Non-Qatari investors, and the other related to the legal reserve.
QIC was successful in making a strong start in the 51st year of its operations by expanding its reinsurance business, which currently accounts for approximately 60% of its overall written premiums. QIC is also at the top of the list of insurance companies in the Middle East and North Africa and has a regional and international footprint that garners recognition from global insurance and reinsurance markets.
QIC will continue to achieve current and future goals while contributing significantly to the national economy of Qatar, as a part of the Nation’s march towards development and progress under the wise patronage of H.H. Sheikh Tamim bin Hamad Al Thani, the Ruler of Qatar.