QIC reports QR415mn 9-month net profit

Qatar Insurance Company, which is a dominant player in the market, reported a 10% slippage in net profit to QR415.24mn in the first nine months of this year mainly on lower core earnings. Net premium, however, rose 11% to QR1.26bn, according to its financial statement filed with the Qatar Exchange. Net earned premium grew 10% to QR1.11bn as there was a 19% rise in unexpired premiums. Gross claims paid surged 17% to QR952.68mn but reinsurance recoveries fell 5% to QR380.25mn. Moreover, net commission paid rose 19% to QR113.75mn. The insurance company’s net underwriting results shrank 24% to QR208.90mn. Advisory fee income grew more than eleven-fold to QR44.94mn, investment income rose by 3% to QR312.77mn and rental income by 5% to QR36.50mn. Thus, total income gained 2% to QR605.63mn. Operating and administrative expenses expanded 25% to QR167.37mn. Total assets were valued at QR8.65bn comprising investments of QR2.93bn, cash and cash equivalents of QR2.20bn and reinsurance contract assets worth QR2.16bn. Total equity stood at QR3.61bn on a capital base of QR891.89mn and earnings-per-share was QR4.66 at the end of September 30, 2012.