Qatar Insurance Group donates QR1mn for those affected by Cyclone Shaheen
In solidarity with national relief efforts, Oman Qatar Insurance Company (OQIC), a subsidiary of Qatar Insurance Group (QIC), has donated OMR100,000 -valued at approximately QR1mn- to those affected by Cyclone Shaheen.
“As a global company, QIC Group always ensures to give back to the communities it operates in. We would like to express our sincere condolences to the families of those affected by this storm and pray that the Almighty bless them with peace and strength to overcome their losses. We hope our contribution helps support and rebuild the areas battered by cyclone Shaheen,” said Salem al-Mannai, Group CEO of QIC Group. “It’s a duty to help the affected rebuild their lives.”
The initiative by QIC Group is, without a doubt an important one, as Tropical Cyclone Shaheen made landfall in Oman early October, damaging infrastructure and causing flash flooding with 14 recorded deaths until now, a press statement noted.
“In line with QIC Group’s leading role in corporate social responsibility and as an integral part of the community OQIC stands in solidarity with the people of the Sultanate of Oman during this time. In view of the intensity and the damage caused, mobilisation of all possible support and contribution becomes necessary,” said Hasan al-Lawati, CEO of OQIC.
OQIC regularly participates in national and community-oriented initiatives and believes in strong governance, transparency and community commitment. The QIC Group subsidiary has been operational in Oman for over 15 years engaging in business, life, medical and general insurance.
Qatar Insurance Group is the flagship insurer in Qatar and the Mena region with a global expansion and proven success of over 50 years. “Founded in 1964, QIC was the first domestic insurance company in Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA regions. QIC is one of the highest rated insurers in the Gulf region with a rating of A/Stable from Standard & Poor’s and A (Excellent) from A.M. Best. In terms of profitability and market capitalisation, QIC is also the largest insurance company in the Mena region. It is listed on the Qatar Stock Exchange and has a market capitalisation of more than $4bn,” the statement added.
Once again QIC Group is the Official Insurance Sponsor of S’hail
Qatar Insurance Group, the leading insurer in Qatar and the MENA region is the Official Insurance Sponsor of S’hail 2021 – Katara International Hunting & Falcons Exhibition. S’hail is regarded as the largest international exhibitions that specializes in exhibiting Falcons and is dedicated to preserve and promote the art of hunting and falconry.
Commenting on the sponsorship, Mr. Ahmed Al jarbeoy, chief operating officer QIC, Qatar operations said, “As the leading insurer in Qatar, we have a long standing commitment to acting as a trusted and ethical partner with the Qatari community and to playing a vital role in the sustainability of Qatar’s social fabric.”
He further added, “We have ensured that the core values of our business and operating principles align with our objectives for CSR. Contribution to and participation in S’hail demonstrates our relentless efforts in highlighting the culture and traditions of the Nation. It also underpins our keenness towards maintaining and reviving the legacy of Falconry for our future generation.”
Qatar Insurance Group has long demonstrated its eagerness towards supporting activities that showcase Qatar’s rich culture and enhance the Qatari individual’s connection with his environment and heritage.
Salem Khalaf al-Mannai appointed group CEO of Qatar Insurance Group
(MENAFN – Gulf Times) QIC has announced the appointment of Salem Khalaf al-Mannai as Group CEO of Qatar Insurance Group. He has been instrumental in bringing innovative solutions to cement QIC Group’s position as a pioneer in the insurance industry, both in the Mena region and across international markets.
A postgraduate from the University of South Wales, UK, al-Mannai has held various key positions within Qatar Insurance Group, the most recent being the deputy president and CEO.
He started his career in the retail department of QIC in 2001. Subsequently, al-Mannai was appointed as the head of Energy, Marine and Cargo Insurance. In 2013, al-Mannai assumed the responsibility of the deputy CEO of QLM.
In 2015, he was appointed the deputy group CEO, Mena region. Because of his wealth of knowledge and experience, al-Mannai was assigned as deputy group president and CEO of the QIC Group in 2019.
Khalifa Abdulla Turki al-Subaey, group president of QIC Group, said, ‘I am extremely pleased to welcome Salem into this new role. This key appointment testifies the Qatari competencies that exist within QIC Group and our constant endeavour to empower Qatari talent by assigning them in senior leadership positions. Salem has a proven record of accomplishment of leading QIC towards achieving growth, and I wish him success in this new role’.
The recommendation for the new role was submitted to QIC Group’s board of directors and has been adopted by the policy and organisation committee.
The succession plan for executive management jobs and the new organisational structure has taken effect from January 1, 2020. It ensures a smooth transition and succession of Qatari citizens of the next generation into leadership positions at the level of executive management.
Qatar Insurance Group: Gross written premiums for the nine months reach USD 2.7 billion
Qatar Insurance Group, the leading insurer in Qatar and the Middle East North African (MENA) region reports a net profit of USD 137 million for the first nine months of 2019. The MENA markets continued to produce stable premiums with underwriting profitability, weathering geopolitical headwinds in the region. QIC Group’s international operations further expanded in select low volatility classes. Compared with the first nine months of 2018, the Group’s gross written premiums expanded by 3% to USD 2.7 billion. The Group’s net underwriting result improved by 11% to USD 115 million, compared with 104 million for the same period last year. QIC Group reported a combined ratio of 101.5% for the first nine months of 2019, compared with 102% in the previous year. Excluding the impact of reserve developments as a result of changes to the Ogden discount rate in the UK, the underlying combined ratio for the first nine months of 2019 was 99.3%.
Commenting on the financial performance for first nine months of 2019, Mr. Khalifa Abdulla Turki Al Subaey, Group President & CEO of QIC Group stated, “We continue to execute on our strategic shift towards lower volatility segments of the international markets. QIC’s stable underwriting profitability testifies to the attractive economics of this business, with relatively stable and predictable margins.”
He further continued, “The Group’s near-term outlook remains cautiously optimistic. Our exposure to the geopolitical situation in the Middle East and the vagaries of global re/insurance pricing is relatively moderate. As QIC does not underwrite the market but focuses on bespoke, innovative and expertise- based transactions we continue to be shielded from a number of major risk scenarios presented by the political and economic environment”.
Overview of key financial results
Figures in USD million
9M 2019
9M 2018
Gross written premiums
2,694
2,623
Net written premiums
2,371
2,263
Net underwriting result*
115
104
Non-life combined ratio
101.5%
102%
Net profit
137
130
Earnings per Share (in USD)
0.036
0.031
Net investment result
168
169
Figures in USD million
9M 2019
9M 2019
Total assets
10,851
10,760
Market capitalization
3,006
3,145
Shareholders’ equity
2,257
2,122
*Net underwriting result is defined as net earned premium reduced by the sum of (i) gross claims paid, (ii) reinsurance recoveries, (iii) movement in outstanding claims, (iv) net commission expense, and (v) other insurance income.
Financial performance
In the first nine months of 2019 QIC Group recorded growth in gross written premiums (GWP) of 3% to USD 2.7 billion, compared to the same period of the previous year. The Group’s international carriers namely Qatar Re, Antares, QIC Europe Limited (QEL) and its Gibraltar based carriers account for approximately 76% of the Group’s total GWP. QIC Group’s domestic and MENA operations’ growth remained stable. QIC Insured, the personal insurance division of QIC, continued its growth in digital transformation and innovative products. As a testament to its leading role in driving innovation QIC was conferred the “Best Digital Transformation in Insurance Award” at the inaugural edition of the Enterprise Transformation Summit.
The Group’s net underwriting result improved by 11% to USD 115 million, compared with 104 million for the same period last year. Low-severity high frequency business now accounts for a significant portion of QIC’s total underwriting portfolio.
The underwriting performance during the reporting period was adversely affected by the UK Government’s decision to revise the Ogden discount rate to minus 0.25% on 15th July 2019. The UK Motor insurance and reinsurance business is exposed to impacts caused by the changed discount rates and expected future lump sum settlements of personal injury cases.
QIC Group reported a combined ratio of 101.5% for the first nine months of 2019, an improvement of 0.5 percentage points compared to the previous year. Excluding the impact of reserve developments as a result of changes to the Ogden discount rate in the UK, the underlying combined ratio for the first nine months of 2019 was 99.3%.
Investment income came in at USD 168 million in the first nine months of 2019, compared with USD 169 million in the same period of the previous year. QIC Group’s current investment return amounted to an annualized 4.6%, compared with 4.5% for the same period of 2018. The Group’s investment performance remains unrivalled by any of its peers, based on careful diversification across geographies and asset classes. Regional and global market conditions remained favourable.
Overall, on the back of stable underwriting results and resilient investment income, the Group’s net profit for the first nine months of 2019 increased by 6% at USD 137 million, compared with USD 130 million in the same period last year.
Operational efficiency
During the reporting period, QIC Group further improved its already exceptional operational efficiency. In the first nine months of 2019 the administrative expense ratio for its core operations came in at 6.8%. The Group continues to reap the benefits from its ongoing endeavor towards process efficiencies and automation as well as the integration of back office operations across QIC Group’s international entities.