News

Qatari Insurers Announce Q1 2010 Results

Gross premiums slightly down despite general profits rise.

Opening quarter figures reveal Qatari insurers have enjoyed mixed financial fortunes since the turn of year.

Some have reported healthy profit increases spurred by rising demand for insurance. Others, however, will be hoping for better results in Q2 2010 after posting slight  declines in premiums compared to last year’s opening quarter.

From January to March this year, Doha Insurance Company generated QR18.4 million net profits compared to QR6.4 million from the corresponding period in 2009.

Earnings per share also climbed from QR0.36 in last year’s opening quarter to QR1.02.

Qatar Insurance Company recently announced a steady net profit increase of 2.1 per cent to QR216.6 million for Q1. Meanwhile, its net underwriting income climbed 2.2 per cent, with net earned premiums rising 5.9 per cent to QR325 million.

Less positive was the company’s gross premiums, which fell from QR643.1 million in Q1 2009 to QR628.1 million this year.

Another insurer to post net profits in the opening quarter was Al Khaleej Takaful Insurance and Reinsurance Company. It generated a QR49 million net profit for the opening quarter compared to QR37.2 million for the same period last year.

Qatar General Insurance and Reinsurance Company saw gross premiums decline 10.3 per cent, although a 23.5 per cent drop in claims strengthened the bottom line. Its net underwriting income grew 20.5 per cent, while investment income climbed 71 per cent from QR30.6 million in Q1 2009 to QR52.7 million this year.

Finally, Qatar Islamic Insurance raked in QR14.3 million net profits for this year’s opening quarter, while gross premiums climbed six per cent to QR42.6 million.