Qatar Insurance Group (QIC Group), a leading insurer in Mena, recorded gross written premiums (GWP) of QR11.7 billion ($3.2 billion) in 2017, an increase of 18 per cent compared with 2016.

QIC Group generated a net underwriting result of QR115 million in 2017, down by 86 per cent compared with the previous year.

The Group’s key growth engines were Qatar Re, Antares and QIC Europe Limited (QEL) which now account for approximately 75 per cent of the Group’s total GWP.

Domestically, Q Life and Medical Insurance Company (QLM), the dominant life and medical insurance company in Qatar added buoyancy to the Group’s overall performance.

QIC Group’s consolidated net profit for the full year 2017 came in at QR418 million, compared to QR1,034 million for the same period of the previous year.

QIC Group’s investment income and other income amounted to QR986 million in 2017 compared to QR925 million in 2016.

QIC Group’s reinsurance arm Qatar Re continued to benefit from its Bermuda domicile’s Solvency II equivalency and proximity to the world’s largest insurance market, the US, combined with a strong local presence in the major reinsurance hubs of Zurich, London, Singapore and Dubai.

Khalifa Abdulla Turki Al Subaey, Group President & CEO of QIC Group said: “In the face of almost unprecedented market adversity, QIC has proven its resilience and maintained its leading position across the Mena region. At the same time, we have continued to expand our global footprint, positioning us well for any market hardening going forward.”

“QIC reaffirms its vision to develop into a global top 50 insurance group. In this endeavour, our focus on sustainable and profitable growth, based on underwriting and investment management excellence, in combination with superior cost-efficiency, will remain unchanged,” he added. – TradeArabia News Service