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QIC Group Net Profit for the Year 2021 Jumps 400% to QAR 630 Million
Doha - 27, February 2022 - Qatar Insurance Company (QIC), the leading insurer in Qatar and the Middle East North African (MENA) region, announced its financial results for the year 2021. Following a meeting of the board of Directors on Sunday 27th of February 2022, which was presided over by Mr. Khalifa Abdulla Turki Al Subaey, Chairman & Managing Director of QIC Group, the Board approved the financial results. QIC reported a net profit of QAR 630 million for year 2021 witnessing a 400% rise compared to financial year 2020. The Earnings per share (EPS) amounted to QR 0.143 as of 31st December 2021 versus Earnings per share (EPS) QR (0.004) for the same period in 2020. The Board of Directors proposed a cash dividend distribution of 10% for the year ended 2021.
 
QIC expands its leadership in a challenging environment 
 
The COVID-19 pandemic has confronted the global insurance industry with enormous challenges that resulted in a global economic slowdown, shortages in supply and price volatility as well as a continued low negative interest rate environment, while inflation has been creeping up. Besides the organisational challenges caused by lockdown measures and movement restrictions, insurers have seen increased pricing and reduced capacity in many lines. 
 
Mr. Khalifa Abdulla Turki Al Subaey, Chairman & Managing Director of QIC Group stated “Within this challenging environment, QIC Group further progressed on its path of cementing its leadership in its domestic markets in Qatar and the MENA region, while reducing its exposure to volatile severity risks. This strategy continued to bear fruit and enhanced our profitability. “We are pleased with these results, which were achieved through the successful implementation of the group’s strategic plan that aims to de-risk its international operations, expand its low-volatility activities, diversify its business portfolio and drive forward full fledge digitization of QIC’s domestic and MENA operations. This achievement is a testament to the strength of our brand.” Al Subaey added. QIC as one of the oldest and well-recognised direct insurance brand in the MENA region, in a post Covid era of consolidations and efficiency, will have a renewed focus to further develop and grow the direct insurance vertical in the region by leveraging its position as a leader in digitalization of personal lines and other select line of business”. 
 
Produced solid results and returned to impressive performance 
 
Additionally, Mr. Salem Khalaf Al Mannai, Group Chief Executive Officer, said that the Group’s gross written premiums remained stable at QAR 12.6 billion, compared to QAR 12.20 billion in 2020. By now, over half of the Group’s gross written premiums emanate from personal lines insurance written in the Middle East, U.K. and Continental Europe. In 2021, QIC's international operations – Qatar Re, Antares, QIC Europe Limited (QEL) and our Gibraltar- based carriers – accounted for approximately 81% of the Group’s total gross written premiums.
 
QIC once again witnessed a strong performance from its primary insurance business in its domestic and MENA operations, which continued to grow to GWP of QAR 2.4 billion, an increase of 5% from 2020. The domestic business remains highly attractive, providing strong top- and bottom-line results to the Group’s performance. QIC’s positioning as the region’s most advanced digital insurers once again proved its merits, as the domestic companies continued to attract new business during the pandemic – overcoming the hurdles posed by physical movement restrictions. The domestic business remains highly attractive, providing strong top- and bottom-line results to the Group’s performance.
 
Investment Management - an externally recognised strength of the QIC Group
 
In 2021, QIC's investment team once again proved its mettle as the MENA region’s leading investment house, focusing on both sector balance and security of investments. The Group’s net investment and other income amounted to QAR 1,125 million for 2021, as compared to QAR 748 million, excluding any one-off gains in 2020. On a year-to-year basis, the investment yield, excluding any one-off gains, came at a healthy 5.1%, as compared to 3.5% for the previous year. 
 
 
Anoud Technologies, a preferred partner to leading insurance companies
 
In 2021, Anoud Technologies (Anoud Tech), a subsidiary of QIC Group and a leading international insurance software solutions provider became the first Qatari company to export internally developed IT solutions to insurance companies across the world. QIC Group entered into a strategic alliance with Swiss Re, one of the world’s leading global reinsurance companies and are jointly marketing (Anoud+) to third-party insurers in both developed and emerging markets. 
 
Continued efforts towards process efficiency and automation
 
QIC is committed to operate as efficiently as possible for the benefit of both its policy- and shareholders. Throughout the past years we managed to further trim our expense ratio, making QIC one of the most competitive insurers in the market. 2021 was no exception to this rule as we continued our endeavour towards process efficiency and automation, resulting in exceptionally low administrative expense ratio for our core operations of 5.9% in 2021. 
 
Significant increase in QIC net profit
 
Overall, QIC the region’s biggest, most valuable and profitable insurance company in the Middle East according to Forbes Middle East’s annual ranking of top 100 listed companies in the region for 2021, achieved a strong consolidated net profit of QAR 630 million an increase of 400% compared to financial year 2020. 
 
 
 
S&P and AM Best rating confirmed 
 
Both global credit rating agencies, Standard & Poor's and AM Best, reaffirmed the Group's 'A' rating with a negative outlook during the year. In December 2021, AM Best affirmed the A (Excellent) financial strength rating and 'a' (Excellent) long-term issuer rating of QIC and its subsidiary. The ratings reflect QIC's balance sheet strength, which AM Best considers very strong, and its strong operational performance, neutral business profile and adequate enterprise risk management (ERM).


Posted by : Qatar and Doha City PR Network Editorial Team
Viewed 2515 times
PR Category : Business and Economy
Posted on : Saturday, August 27, 2022  12:00:00 AM UAE local time (GMT+4)
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