Qatar Insurance Company (QIC), Qatar’s leading insurer, posted a net profit of QR329 million ($90.26 million) for the first quarter of this year, up by 7 per cent compared to QR306 in Q1, 2015.

QIC announced the Q1 results following a board meeting presided by Abdulla bin Khalifa Al-Attiya, deputy chairman.

Despite global and regional markets experiencing a turbulent start to 2016, the group posted an impressive gross written premium (GWP) of QR2.7 billion, marking a growth of 41 per cent compared to Q1 2015. The increased growth in GWP was attributed to the group’s effective and strong underwriting capabilities.

Net underwriting result in Q1 2016 was QR277 million, demonstrating an increase of 12 per cent on the previous year. Investment income and other revenues stood at QR201 million.

Khalifa Abdulla Turki Al Subaey, group president and CEO said: “Given the current global and regional economic and investment scenario, our outlook for 2016 remains cautiously optimistic.  We will continue to optimise operations and identify new revenue streams for delivering consistent growth and sustainable returns to our shareholders.” – TradeArabia News Service