QIC nets QR753m profit last year

January 19, 2014 - 7:42:08 am

The meeting of the company’s Board of Directors in progress.

DOHA: Qatar Insurance Company (QIC) has recorded a net profit of QR753m for the full-year 2013. This is against QR610m recorded during the same period in 2012. QIC’s gross premium for 2013 was up by 38 percent to reach QR3.5bn.

The Board of Directors have recommended a cash dividend of QR2.5 per share and special 50th anniversary bonus share of 25 percent. The Board of Directors’ meeting was chaired by Sheikh Khalid bin Mohammed bin Ali Al Thani, Chairman and Managing Director of QIC.

The CEO  of QIC, Khalifa Abdullah Turki Al Subaie, said the company has maintained its credit rating this year, currently rated “A/Stable” by Standard & Poor’s and also “A” (Excellent) by A M Best which is considered as one of the highest ratings in the region.

He also added that in 2013, the QIC has not only grown its established strongholds in direct insurance operations within the region but have also successfully executed its vision to widen the company’s global footprint by establishing a branch at Zurich through its reinsurance subsidiary Q-Re LLC. 

“We are extremely pleased to say that during the year we have overcome the varied economic, cultural and regulatory challenges and have been able to successfully execute the creation of a structure that would provide us with a sustainable global base and ensure our growth over the years. The strong results of this year are concurrent with the celebration of our fiftieth anniversary since establishment,” he said. 

The Peninsula

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