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QIC Group Reports Robust Net Profit of QAR 230 Million in Q1 2022
 
Doha, Wednesday 27 April 2022: Qatar Insurance Company (QIC), the leading insurer in Qatar and the Middle East North African (MENA) region, announced its financial results for the first quarter of 2022. Following a meeting of the board of Directors on Tuesday 26th of April 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 registered a robust net profit of QAR 230 million for the first quarter of 2022. The Group’s results was driven by the solid performance of its domestic and MENA operations, strong technical results across QIC’s franchise and the cost-leadership of its operations. Amid continued economical and political headwinds, the Group’s gross premium volume remained stable at QAR 3.2 billion in the 1st quarter of 2022 on a like-for-like basis building on QIC’s strengths in personal lines and advanced online services.
 
QIC Expands its Leadership in a Challenging Environment 
While the econonomic impact from the COVID-19 pandemic was fading in Q1 2022, global markets saw themselves confronted with rising interest rates as central banks sought to tame in an accelerating inflation. In addition, markets had to fight the impact from supply chain disruptions and, most importantly, had to digest the shock of the Russian-Ukraine war. 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.
Mr. Khalifa Abdulla Turki Al Subaey, Chairman & Managing Director of QIC Group stated “QIC Group continues to forge ahead, delivering solid and dependable results in an environment of unprecedented uncertainty. The performance of our Group fills us with pride as we see how well our strategic priorities pay off. This achievement is a testament to the strength of our brand. Based on our cutting-edge technological capability and our focus on lean and agil operations, QIC provides valued services and security to customers in the Middle East, Europe and across the international insurance markets.” 
 
Produced Solid and Dependable Results Amid Unprecedented Uncertainity
Mr. Salem Khalaf Al Mannai, Group Chief Executive Officer, said “In Q1 2022, QIC’s international operations – Qatar Re, Antares, QIC Europe Limited (QEL) and the Gibraltar based carriers – which account for approximately 73% of the Group’s total GWP, achieved a premium volume of QAR 2.3 billion. The performance of the Group’s international operations profited from rate hardening and tighter conditions due to prior year loss experience, a rising interest rate environment and growing uncertainties amid accelerating inflation. However, reinsurance capacity remained sufficient although global retro and alternative capital markets hardened”.
 
He further added, “While we continue to focus on our set strategy of expanding the footprint in profitable direct-line insurance markets within GCC ,our domestic and MENA operations, which are dominated by our advanced personal lines business, turned in yet another increase in GWP to QAR 854 million, up by 11% from QAR 772 million in Q1 2021. As volume continued to expand, our operations in the Middle East continued to impress with strong underwriting profitability benefiting from our highly efficient and automated digital sales channels. QIC 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”.
QIC’s technical profit rose to QAR 171 million for the 1st quarter of 2022, from QAR 157 million for the prior year’s period. During this quarter QIC achieved a combined ratio of 98.7. The Group’s strengthened technical performance is a reflection of the successful execution of our strategy to focus our efforts on our highly attractive personal lines business while de-risking our more volatile international commercial lines business. Its performance has thus become more predictable despite continued uncertainties in the global insurance markets and the world’s economies. 
 
QIC launches Digital Venture Partners 
As part of its fast evolving digital strategy, QIC Group recently established -Digital Venture Partners (QIC DVP) - a business unit bound to become the ecosystem orchestrator for insurance and insurtech in the MENA region. 
 
QIC DVP aims to reshape the digital insurance landscape by building new digital ventures, leveraging existing assets, partnering with Big Tech and corporates, and strategically investing in high potential early-stage startups. 
“The launch of QIC Digital Venture Partners is a significant milestone for our digital future. Grounded by our strong regional and international performance, QIC DVP will reshape the digital insurance ecosystem and become the go-to digital insurance partner in the MENA region.”  said Mr. Salem Al Mannai, Group CEO of QIC Group. 
 
“We are providing insurance companies, tech players and government entities both, regionally and globally, the platform and the opportunity to expand their digital businesses into new markets.” Al Mannai added. 
QIC DVP will act as a hub to connect regional and international ventures with strategic growth opportunities through the Group’s regional footprint and global reach. QIC DVP will form partnerships and collaborate with Big Tech players and corporates to co-create new digital ventures. Additionally, QIC DVP will be setting up a corporate venture capital function to invest into early-stage and growth-stage startups that have strategic alignment with QIC DVP’s focus areas.
 
QIC Investment Portfolio Continues its Strong Track Record
In a challenging global market environment where the volatility on global markets increased substantially QIC’s investment team performed impeccably , cementing its recognition as the leading investment house in the region. The Group’s net investment result amounted to QAR 301 million in Q1 2022, as compared to QAR 275 million in Q1 2021.
 
Continued Efforts Towards Process Efficiency and Automation
QIC Group also continued its efforts to enhance process efficiencies through automation and digitization. In the 1st quarter of 2022 the Group further lowered its already healthy administrative expense ratio for its core operations to 6.9%, an improvement from the expense ratio of 7.5% in Q1 2021. Overall, the Group achieved a strong consolidated net profit of QAR 230 million for Q1 2022, compared to QAR 205 million in the previous year’s period. 
 
QIC Awarded Four Accolades at Global Banking & Finance Review Awards 2021
As a token of our excellent performance, QIC has been crowned “Insurance Brand of The Year in The Middle East” at The Global Banking & Finance Review Awards 2021. Our company was also awarded “Insurance Brand of The Year in Qatar”, “Best Insurance Company Digital Transformation in Qatar” and “Best Insurance Website in Qatar.”
 
These prestigious awards regognize our outstanding achievements throughout 2021 – a time battered by the ongoing global pandemic – and our excellence in improving customers’ experiences with the introduction of innovative insurance solutions, some of them for the first time in the market. The recognition also reflects QIC’s success in leading the industry’s digital transformation in Qatar and the region, and in achieving unprecedented levels of services and products’ digitalization over the past year, allowing customers to manage their insurance needs instantly and remotely in just 2 minutes. 
 
Renewed Holistic Approach on ESG
QIC’s continuous growth at a steady pace is through successful implementation of the strategy set by the distinguished board of directors in line with the Qatar 2030 vision under the wise leadership of the Emir HH. Sheikh Tamim bin Hamad Al Thani. QIC is committed to support Qatar’s endeavour to reduce the country’s greenhouse gas emissions by 25 percent by 2030. In line with the country’s carbon reduction target, the Group’s Board of Directors has approved an Environmental, Social and Governance (ESG) framework. It defines long-term strategic ESG policies and guidelines which will be implemented into the Group’s underwriting and asset management philosophy. In addition, an ESG & Sustainability Committee has also been formed to oversee that the group-wide efforts are focused and channelled to achieve the Group’s ESG goals.

Posted by : Qatar and Doha City PR Network Editorial Team
Viewed 2379 times
PR Category : Banking & Investments
Posted on : Wednesday, April 27, 2022  11:05:00 AM UAE local time (GMT+4)
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