QIC Group to increase capital to QR3.2bn

26/02/2018 06:06 AST

Qatar Insurance Group shareholders approved the board's recommendation to increase the group's capital from QR2.7bn to QR3.2bn during the company's annual general meeting held at the Four Seasons Hotel on Sunday.

The meeting, chaired by deputy chairman Abdulla bin Khalifa al-Attiyah, also approved the distribution of 15% cash dividend and an issue of bonus shares of three for every 20 held.

Al-Attiyah said the group's consistent approach of applying global standards and best practices in its assessment of the current and future solvency and capital adequacy requirements ensured that it remained well-positioned and capitalised amidst the pressures of global market conditions.

Despite challenges in 2017, al-Attiyah said, the group recorded strong operational performance, coupled with robust premium growth, taking gross written premium (GWP) to QR11.7bn, up by 18% vis-à-vis the same period in 2016.

The underwriting results for the group in 2017 amounted to QR115mn, while consolidated net profit stood at QR418mn. As of December 31, 2017, QIC Group's shareholders' equity stood at QR8.02bn, he said.

Al-Attiyah said key contributors to this growth were the group's dedicated global reinsurance and speciality insurance subsidiaries, as well as the life and medical segments of the business emanating from the Middle East. The international subsidiaries namely Qatar Re, Antares and QIC Europe Limited (QEL) now account for approximately 75% of the group's total GWP.

QIC Group's net investment income came in at QR903mn, which can be attributed to the group's prudent principle of managing the investment portfolio and pursuing an effective cost discipline.

Group president and CEO Khalifa Abdulla Turki al-Subaey said, "Despite global repercussion, which has massively influenced major sectors in the region, QIC Group has witnessed strong business momentum and has performed in line with our expectations."

He added, "The overall performance in 2017 highlights the group's well-thought-out strategy and its successful execution. For 2018, our outlook remains cautiously positive. We shall focus on consolidation and enhance our operational efficiency.

"With a renewed focus on achieving bottom line driven growth, we will continue to maximise value for shareholders, our trusted business partners and customers, while supporting development of the sector and the economy."

Gulf Times