Ετικέτα: QIC Group

QIC Awarded Four Prestigious Accolades At The Global Banking & Finance Review Awards 2021

Qatar Insurance Company (QIC), Qatar’s first and largest insurance company in the MENA region, has been crowned “Insurance Brand of The Year in The Middle East” at The Global Banking & Finance Review Awards 2021. QIC was also named “Insurance Brand of The Year in Qatar”, “Best Insurance Company Digital Transformation in Qatar” and “Best Insurance Website in Qatar” by the same publication.
This prestigious recognition comes following the company’s outstanding performance through 2021, and its 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, remotely and in less steps.
Commenting on the awards, Mr. Salem al Mannai, QIC Group’s CEO, said: “We are happy to be once again recognized for our excellence and innovation on both the local and regional levels at 11th annual edition of The Global Banking & Finance Review Awards. This recognition is a testament to QIC’s success in reshaping the insurance industry in Qatar and the wider MENA region, and in offering the most convenient insurance products and services that best respond to the needs of all our customers. Thanks to our customer-centric approach, and with the commitment of all our team members to innovation, we will continue our relentless work to improve our digital capabilities and maintain our offerings of the best insurance solutions in Qatar and the region.”
In 2021, QIC has accelerated its digital transformation strategy, with the aim of offering existing and new customers the most convenient channels to fulfill their insurance needs instantly and from anywhere in the world. The company has succeeded in reaching record levels of digital services penetration and customers’ reliance on online channels to fulfill their insurance needs without any need to visit a branch to buy or renew their insurance policies, or to submit their claims. QIC was also the first insurance company in Qatar to introduce a COVID-19 cover as part of its travel insurance products. The introduction of this product has, without a doubt, contributed to the revival of travel to and from Qatar, allowing customers to travel safely thanks to the wide range of benefits it offers.
The Global Banking & Finance Review is a leading financial magazine headquartered in London. It provides quality and in-depth insights and information within the finance sector to readers in over 200 countries, including presidents, CEOs, CFOs, decision makers of financial institutions and individuals interested in financial markets and news. Incepted in 2011, The Global Banking & Finance Review Awards have continued to reflect the innovation, achievements, strategies, and inspirational changes taking place within the global financial community. The awards recognize companies of all sizes which are prominent in specific areas of expertise and excellence within the world of finance.
Since its establishment in 1964, QIC has been pivotal in bringing innovative insurance products that best respond to the needs of modern life in Qatar, the region and beyond, while being a core contributor to the development and diversification of the national economy. With its unique understanding of the ever-changing insurance requirements of individuals and businesses, QIC has continued for over 50 years to introduce tailored solutions that make insurance experiences easier today and tomorrow. As part of its digital transformation strategy, QIC continues its customer-centric approach that allows customers to be in control of all their insurance needs the way they like, anytime and from anywhere in the world. 

QIC ranked as Top Investment House from the MENA region for the fourth year in a row

Qatar Insurance Company, the leading insurer in the Middle East and North Africa region has been ranked as the “Top Investment House” by The Asset magazine for the fourth year in a row. The survey ranked top investment houses in Asian G3 bonds (issued by Asian issuers in USD, EUR and JPY) based on the number of votes won where QIC garnered the most votes by their Astute Investors.
More than 430 different institutions including asset managers, hedge funds, private banks, banks, insurance companies and sovereign wealth funds were evaluated and shortlisted during the survey. The ranking methodology used for the survey was based on the number of votes received from top-rated analysts, economists and strategists, sales teams and traders in these institutions. The ranking score was subject to a weighting methodology and was announced in The Asset magazine’s January 2022 issue and on TheAsset.com.
Commenting on the latest accomplishment, Mr. Salem Khalaf Al Mannai, QIC Group CEO stated, “We are honored to be ranked as the Top Investment House from the MENA region for the fourth consecutive year. The prestigious ranking serves as a testament to the resounding success of our business strategy built along a customer-centric and technologically progressive approach, ably backed by the investments team.”
“Investments are a cornerstone for the success of our business. Not only does this showcase the goodwill and reputation that QIC has built over the years of its operation, but also brings to the fore our passion and commitment in maintaining our status as a market leader in the insurance and investment management space”, Al Mannai added.
The Asian G3 Bond Benchmark Review has been conducted annually since 1999, providing a wealth of data on the product needs of institutional investors and the market penetration of institutions active in the Asian G3 bond market and Asian CDS space.
Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA region. 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 capitalization, QIC is also the largest insurance company in the MENA region. It is listed on the Qatar Exchange and has a market capitalization of over $ 4bn.

QIC Group’s nine-month net profit jumps 491% to QR511mn

Qatar Insurance Company (QIC) posted a net profit of QR511mn for the first nine months of this year, witnessing a 491% rise compared to the same period in 2020.
The nine-month results the leading insurer in the Middle East North African (MENA) region were announced following a meeting of the Board of Directors, which was presided over by Khalifa Abdulla Turki al-Subaey, chairman and managing director of QIC Group.
Al-Subaey stressed that increasing the return per share (EPS) and effectively contributing to the growth of national economy remains the Group’s first goal. The company’s continuous growth and impressive performance is through successful implementation of the strategy set by the distinguished board of directors in line with Qatar’s 2030 vision under the wise leadership of HH the Amir, Sheikh Tamim bin Hamad al-Thani.
“For the first nine months of 2021, QIC produced solid net results. Our Group quickly returned to an impressive performance, despite the challenges that the Covid-19 pandemic brought to our industry and economies. QIC’s results demonstrate the soundness of our strategy, our focus on low severity products, high management efficiency and operational excellence that rivals the best in our industry,” al-Subaey said. “We are pleased with these results, which were achieved through the successful implementation of the group’s strategic plan that aims to de-risk its international operations, expand its low-volatility activities, diversify its business portfolio and drive forward full fledge digitisation of QIC’s domestic and MENA operations. This achievement is a testament to the strength of our brand,” al-Subaey added.
Chief Executive Officer Salem Khalaf al-Mannai said the Group’s gross written premium for the nine-month period increased by 4% to QR10bn from QR9.6bn for the same period in 2020. International operations profited from hardening of rates and conditions in the international commercial insurance and reinsurance market. In the nine months of 2021, QIC’s international operations – Qatar Re, Antares, QIC Europe Limited (QEL) and our Gibraltar- based carriers – generated premium volume of QR7.9bn, accounting for approximately 79% of the Group’s total gross written premiums (GWP).
QIC once again witnessed a strong performance from its primary insurance business in its domestic and MENA operations, which continued to grow to GWP of QR2.1bn, an increase of 6% compared to the first nine months of 2020 on account of the increase across all major business lines arising from rate increases, new business opportunities and growth in existing accounts.
In 9M, 2021, QIC’s investment income amounted to QR775mn compared to QR369mn for the 9M 2020, demonstrating outstanding asset management capabilities. Antares Syndicate 1274 of Lloyd’s of London specialist re/insurer – Antares Managing Agency Ltd (Antares), wholly owned by QIC Group, was ranked first for 2020 investment performance according to Lloyd’s Peer Analysis by JP Morgan Asset Management, which compares the investment performance of Lloyd’s syndicates with average trust assets of more than £100mn.
Antares received a return on investment of 5.34% for 2020 year-end, compared to a market average of 2.91% and came in second for three-year average returns from 2018 to 2020.
In mid-September, Anoud Technologies (Anoud Tech), a leading provider of software solutions and a wholly-owned subsidiary of QIC Group, was selected by two leading insurers in Europe and the Caribbeans to modernise its IT systems. Anoud Tech developed its fully integrated insurance solution branded Anoud+ in collaboration with Swiss Re.
With Anoud+, insurers have access to a proven end-to-end solution that includes modules for customer relationship management, underwriting, technical accounting, finance, policy and claims management, workflow and document management, business intelligence and reporting, data analytics and reinsurance management. The company was also named by ACORD and Alchemy Crew in the 2020 Top Ten Leaders with the most significant ability to change the industry through technology.
QIC also continued to benefit from its steady efforts to further strengthen its operational efficiency through automation and digitisation with a healthy administrative expense ratio of 6.2%.
Overall, QIC the region’s biggest, most valuable and profitable insurance company in the Middle East according to Forbes Middle East’s annual ranking of top 100 listed companies in the region for 2021, achieved a strong consolidated net profit of QR511mn for 9M 2021 an increase of 491% compared to the same period in 2020.

QIC Group owned Antares tops Lloyd’s Peer Analysis for investment performance

Antares Managing Agency Ltd (“Antares”), the Lloyd’s of London specialist insurer and reinsurer, owned by QIC Group, announced that Antares Syndicate 1274 has ranked first for investment performance in 2020 according to J P Morgan Asset Management’s Lloyd’s Peer Analysis.
Antares received a 5.34 percent return on investment for the 2020-year end, against a market average of 2.91 percent. Syndicate 1274 also achieved second place for the three-year average return over the period 2018 to 2020.
The J P Morgan Asset Management Lloyd’s Peer Analysis compares the 2020 investment performance of Lloyd’s syndicates with average trust fund assets in excess of £100mn over the period 2018-2020. This study is derived from Lloyd’s Statistics 2020 and includes investment performance of syndicate trust fund assets and excludes the investment performance associated with Funds at Lloyd’s assets.
Commenting on the performance Salem Al Mannai (pictured), QIC Group Chief Executive Officer, Said: “We are extremely pleased to have placed so well in J P Morgan’s Asset Management’s Lloyd’s Peer Analysis. QIC Group Owned Antares’ outstanding investment performance is a testament to the Group’s considered growth plan and well-diversified investment strategy that thrives on thorough research, efficient selection, timely execution and continuous monitoring.”
“Our approach is to favour sustainable and profitable growth.” Al Manni added.
Antares Managing Agency Limited was acquired by QIC Group in 2014 and operates internationally though the Lloyd’s platform in London and Singapore. The Lloyd’s managing agency was formed in 2007 and underwrites for Syndicate 1274 as a highly diversified commercial and speciality lines insurer and reinsurer with over 62 underwriters across 17 lines of business.
Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA region. 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 capitalization, QIC is also the largest insurance company in the MENA region. It is listed on the Qatar Exchange and has a market capitalization of over $ 4bn.

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.