News
QIC to set up life and medical subsidiary
| August 3, 2010 by Rob Morris
Qatar Insurance Company is setting up a new life and medical insurance subsidiary, according to press reports.
The new venture is expected to open by the end of the year.
Khalifa Abdullah Al Subaey, QIC group president and chief executive, said it will most likely base the life and medical business in the Qatar Financial Center.
Qatar Insurance Company reported a net profit of QR216.65m in Q1 this year, up 2.15 per cent on 2008. Year-on year, the insurer also recorded a 4.2 per cent increase in net profit, up from QR530m in 2008 to QR552.5m last year.
The move comes after www.policy.ae revealed in May that Doha Bank Assurance Company applied for its takaful life insurance licence.
The Qatari insurer filed its application with the Qatar Financial Centre at the beginning of the year as part of its plans to provide life insurance alongside existing product lines, such as health insurance.
