DOHA: Qatar Insurance Company (QIC), Qatar’s leading insurer, has posted a Gross Written Premium (GWP) of QR3.5bn for the first three months ended March 2018. Despite the difficulties encountered by the insurance industry locally, regionally and globally as well as the dominating decrease in insurance rates, the Group reported a net profit of QR230m during the first quarter of 2018, representing 55 percent of the full year 2017 profits.
QIC announced the financial results yesterday, after the Board of Directors meeting presided by Sheikh Khalid bin Mohammed bin Ali Al Thani, Chairman & Managing Director.
After the tumultuous events in 2017, and in order to follow up the vision of QIC to become a leading player in the international insurance industry, the Group has taken a number of significant strategic decisions in order to put the company on the right track and find the best solutions for improving the profitability and enhancing the operational efficiency, the Group said yesterday.
Commenting on the Group’s first quarter results, Khalifa Abdulla Turki Al Subaey (pictured), Group President & CEO remarked, “The first quarter results for 2018, representing 55 percent of the full year 2017 profits, demonstrates the capacity of the Group to adapt to the variables of the economic environment.”
He expressed the intention of the Group to continue its efforts in order to realize the highest levels of efficiency in managing its operations, which will contribute to the increase of profitability and development of risk management process in order to be more effective.
Al Subaey said: “Given the current changes in the economic and political situation in the region, which reshaped the activities of insurance sector, and since we are in a dynamic working environment, we derived a positive motivation from these changes in order to continue our endeavours to reinforce our presence in and out the region despite the challenges encountered by the insurance sector and the competitive regional investment environment. Our financial results reflect the successful strategies we followed.”
Qatar Insurance Group has confirmed that caring for national cadres and developing their skills in order to assume leadership jobs in all company’s sectors are top priority based on the directions of the Board of Directors and Senior Management, and that human resources development is deemed the most valuable investment in the company’s assets.
The Group advised training and development operations for the company staff, especially the Qatari nationals. In this regard, the Group noted that it cooperates through Human Resources Management withthe Ministry of Administrative Development Labour and Social Affairs, specialized training centers, QFC training center, Qatar Finance and Business Academy, international training centers in addition to many global institutions and companies recognized in Japan and Britain, such as Sompo Japan, CII, etc. The company has innovated an integrated training program for the purpose of developing the Qatari cadres in the company. This program is extended to all specialities, either in the insurance field or concerningpersonal skills.
The company reassured its commitment to achieve the Qatar National Vision 2030 by providing opportunities for the Qatari people through local and broad scholarships in order to complete their university studies in the best international universities. This leads to qualify well-built national cadres contributing to the development of insurance sector in the State as a major pivot in serving the national economy and development projects in the country.
The company advised the monthly meeting of Khalifa Abdulla Turki Al Subaey, Group President & CEO with the national cadres in the company in order to listen to their views concerning the work and demolish any obstacles for the purpose of fulfilment of their career in such manner in line with and satisfactory to their ambitions and enhancing the performance of the Group and its affiliatesand to the extent that positively attributes to the performance and the financial results obtained.
Elaborating on the Group’s CSR commitment, Al Subaey noted that Human Resources Management has been instructed to work on developing a full concept for supporting Qatar Insurance Group efforts to employ the Qatari people in accordance with the Qatar National Vision 2030, along with emphasizing that national cadres hold most of the leadership jobs in the company.”
He stated: “Qatari cadres have demonstrated competence, since they played a pivotal rule in supporting QIC progress, expressing optimistic view that qualified national cadres are capable of leading the company and utilize the wide experiences either in the administrative or technical aspect.”
The Group President & CEO highlighted that there is full coordination between Qatar Insurance Group and the Ministry of Administrative Development that all obstacles against Qatarization rate in the company, and expressed confidence that QIC will continue supporting the national economy cycle through national cadres.
Al Subaey further noted that QIC had set an effective plan for the next three years in order to attract Qatari cadres, either holders of university degree or secondary school certificate, along with an intensive development and training program.
