QIC reports record net profit of QAR 1,001 million (USD 275 million

QIC reports record net profit of QAR 1,001 million (USD 275 million) and
an RoE of 18.5% in 2014
Gross written premiums and shareholders’ equity grow 59% and 10% to USD 1.54
billion and USD 1.63 billion, respectively
Doha, 27th January, 2015 - Qatar Insurance Company (QIC), the Doha-headquartered market
leader in Qatar and largest insurer in the Middle East in terms of profitability and market
capitalization, today announced its financial results for the year ended December, 31 2014
following a meeting of the Board of Directors held today.
Overview of key financial results
Figures in millions of USD
Net income after minority
Return on Equity
Earnings Per Share- EPS (in USD)
Total assets
Investment income
Yield on invested assets
Market capitalization
Shareholders’ equity
Gross premiums written
Net premiums written
Net underwriting result
Net technical reserves / net premiums written
Non-life combined ratio
Life & medical technical margin
2014
275
18.5%
1.71
4,422
282
9%
3,996
1,627
1,542
1,192
182
117%
98%
10.1%
2013
207
17.1%
1.29
3,196
197
8%
2,346
1,479
970
679
133
99%
93%
9.4%
QIC’s business performance in 2014
The audited financial statements for the year ended December 31, 2014 highlight that the Group
has grown its asset base to USD 4.4 billion from USD 3.2 billion in 2013, while maintaining robust
levels of profitability, liquidity and market capitalization.
Gross written premiums for 2014 reached USD 1.54 billion, reflecting a year-on-year increase of
59% percent over the same period in 2013. Net underwriting result for the year was USD 182
million, reflecting an increase of 37% on the previous year. Investment income and other revenues
were USD 282 million, providing an increase of 43% percent on the previous year.
Milestones in corporate development in 2014
The 2014 year was marked by the successful expansion of the Group’s international business which
currently accounts for approximately 60 percent of its overall gross written premiums. Through the
acquisition of Antares Holdings Limited, a specialist insurance and reinsurance group operating in
the Lloyd’s insurance market, and the establishment of a fully-owned Malta-based subsidiary, QIC
Europe Limited, the Group has further expanded its global footprint. QIC Europe Limited is wellpoised to become a strategic platform for the Group for the underwriting of risks situated
throughout the European Economic Area. In addition, QIC’s reinsurance subsidiary Qatar Re has
significantly contributed to the Group’s global expansion and premium growth in 2014 and
established a Bermuda branch in order to tap into the potential of Northern America, the world’s
largest insurance market.
Presided over by Sheikh Khalid bin Mohammed bin Ali Al-Thani, Chairman of the Board and
Managing Director of QIC, the Board reaffirmed its commitment to develop and enhance the Group’s
presence across the Gulf Cooperation Council and MENA regions and to further expand its wider
international operations in pursuit of its strategic objective to establish QIC as one of the top fifty
international insurance and reinsurance groups in support of the Qatar National Vision 2030.
Sheikh Khalid bin Mohammed bin Ali Al-Thani, Chairman and Managing Director of QIC Group,
commented: “I wish to thank the members of the Board, the Group’s management team and its
employees, all of whom have played an important role in ensuring the Group has achieved its strategic
objectives in 2014. I am confident that 2015 will bring continued success.”
“As always, we will continue to ensure that the Group’s growing operations – both domestic and
international - remain efficient and cost-effective to ensure that we maximize shareholder value and,
ultimately, the success of the Company”.
“At the culmination of 50 years of operational excellence of the company, we are pleased to
recommend a cash dividend of 25 % (QR 2.50 per share) and a bonus share of 15 % (3 shares for every
20 shares).”
Referring to the Group’s financial performance, Group President and CEO Mr. Khalifa Abdulla Turki
Al Subaey commented: “I am very pleased to report that the Group’s net profit after minority interest
in 2014 was USD 275 million, representing an increase of 33% on the previous year. This impressive
result reflects the Group’s continued growth and stability, arising from the ongoing diversification of
its underwriting operations, and the strong investment performance achieved in 2014.”
Mr. Khalifa Abdulla Turki Al Subaey added: “QIC’s financial results reflect our customers’ long-term
commitments to our products and services and the efficient execution of the Group’s strategy by our
established and leading management team. This is reflected in QIC’s acquisition of Antares Holdings
Limited and the establishment of QIC Europe Limited, both of which were key milestones in QIC’s
recent history. The Board and I are delighted with the outstanding performance of the Group and we
aim to capitalize on this excellent result and the momentum achieved in 2014 to further our goal of
becoming one of the world’s leading insurance groups.”
About Qatar Insurance Company
Qatar Insurance Company (QIC) is a publicly listed composite insurer with a consistent
performance history of 50 years and an underwriting footprint across the Middle East, Africa and
Asia. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today,
QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA region. QIC is one of
the highest rated insurers in the Gulf region with a rating of A/Stable from Standard & Poor’s and A
(Excellent) by A.M. Best. In terms of profitability and market capitalization, QIC is also the largest
insurance company in the MENA region. It is listed on the Qatar Exchange, with a market
capitalization of USD 4.0 billion as of December 31, 2014.
For further information on QIC, please visit www.qatarinsurance.com.
Contact:
QIC:
Mohamed Salem
Vice President
Corporate Communication & Public Relations
P.O. Box 666, Doha, Qatar
T: +974 44962 299 | M: +974 55742758 | F:+974 44831569
E: mohame[email protected] | W:www.qatarinsurance.com
Dr. Schanz, Alms & Company AG
Henner Alms
T: +41 44 256 1082 | M: ++41 79 248 4091|
E: [email protected] |
Kai-Uwe Schanz
T: +41 44 256 1081 | M: ++41 79 413 2848|
E: [email protected] |