Abdulla bin Khalifa Al Attiya (second left), Deputy Chairman, QIC Group; and other Board members during the Annual General Assembly Meeting at Four Seasons Hotel Doha, yesterday.
QIC, the largest insurance company in the Mena region, announced yesterday its international expansion drive is set to further accelerate on the back of GIC Global, a newly formed brand under which it is consolidating its Group’s international entities.
Unveiling QIC’s future plans to expand its global foot print and maintain robust profitability at the shareholders’ meeting yesterday, QIC Group revealed that in 2018, about three quarters of its revenues generated outside Mena region.
“QIC now operates as an organisation with a local presence in 13 geographies across the Middle East, Europe, the Americas and Asia. This geographical expansion went hand-in-hand with the establishment of a well-diversified and resilient book of business”, QIC Group told the shareholders at the annual general assembly meeting held here yesterday.
Addressing QIC Group’s annual general meeting yesterday, Abdulla bin Khalifa Al Attiya, Deputy Chairman said QIC Group will continue to focus on its drive for international expansion on the back of QIC Global, a newly formed brand which consolidates QIC Group’s international entities namely Qatar Re, Antares, QEL and the Gibraltar-based insurers acquired from Markerstudy.
In fact the Group’s continuing diversification, both geographically and in terms of products and services, positively contributes to lowering the risk and volatility of risks it underwrites. QIC Group aims to continue its expansion through organic and inorganic growth and progress towards its vision of becoming a top-50 global insurer by 2030.
QIC Group’s international carriers recorded above average premium growth of 11 percent in 2018 and now account for about 77 percent of the Group’s total premium base. As a result of its strategic global expansion, Qatar Re ranks 27th amongst the global top 50 reinsurers, up from rank no.35 in 2016.
Significantly, S&P Global Ratings, yesterday noted that International expansions and acquiring of local businesses from foreign players have helped a section of Qatari insures to achieve healthy growth rates in 2018.
QIC Group’s consistent performance lies in its robust underwriting prowess, global business diversification and strong risk-adjusted capitalization. The Group’s consistent approach of applying global standards and best practices in its assessment of the current and future solvency and capital adequacy requirements ensured that it remained well positioned and capitalized amidst the pressures of global market conditions, Deputy Chairman added.
Key contributors to the reported growth were the Group’s dedicated global reinsurance and specialty insurance subsidiaries as well as the life and medical segments of the business emanating from the Middle East.
The international carriers namely Qatar Re, Antares, QIC Europe Ltd. (QEL) and Markerstudy now account for approximately 77 percent of the Group’s total GWP.
“2018 was a challenging year due to the effects of a number of hurricanes and typhoons that QIC was exposed to through its international subsidiaries - Qatar Re and Antares’. In addition to this, QIC was also impacted by the unprecedented Californian wildfires and a major marine loss in Germany (Lürssen shipyard)”, Al Attiya said.
QIC Group’s net investment income came in at QR780m. This result can be attributed to QIC’s prudent principle of managing the Group’s investment portfolio and pursuing an effective cost discipline. In fact last year QIC was conferred many prestigious awards and titles, including “Top Investment House” and The QIC GCC Equity Fund, which won the award for “The Best GCC Fund Performance in 2017.”
Commenting on the Group’s financial performance in 2018, Group President and CEO Khalifa Abdulla Turki Al Subaey commented: “Despite global repercussion, which has massively influenced major sectors in the region, QIC Group has witnessed strong business momentum and has performed in line with our expectations.”
He added, “The overall performance in 2018 highlights the Group’s well thought out strategy and its successful execution. For 2019 our outlook remains cautiously positive. We shall focus on consolidation and enhance our operational efficiency.’’
