24 April 2014
Qatar General Insurance and Reinsurance Company (QGIRC) has reported a 7% growth in net profit to QR47.3mn in the first quarter of this year despite expenses growing faster than revenues. Gross written premiums grew by a wee 0.66% to QR197.56mn, but there was a 25% jump in unearned premium provisions to QR59.6mn, resulting in a 7% fall in gross earned premium to QR137.99mn, according to its financial statement. With premium ceded to reinsurance companies dropping 10% to QR87.84mn, the company's net earned premiums grew 2% to QR50.15mn.
Fair value gains more than quadrupled to QR14.24mn, fee and commission income almost tripled to QR5.2mn, investment gains rose 4% to QR40.94mn and other operating revenues by 47% to QR3.8mn. But net realised gains plunged 98% to QR0.32mn. Thus, total revenue was up 2% to QR114.64mn. Net claims rose 2% to QR37.52mn. Total expenses grew 12% to QR74.79mn with finance costs more than doubling to QR9.42mn and other operating and administrative expenses rising 6% to QR27.85mn. The insurance company had booked QR7.58mn as share of profits of associates compared to a loss of QR0.98mn in the previous-year period. The share of profits of associates gave a lift to overall net profitability. Total assets were worth QR7.27bn, comprising investments of QR4.28bn in properties and available-for-sale investments of QR1.1bn.
Qatar General Insurance and Reinsurance Company (QGIRC) has reported a 7% growth in net profit to QR47.3mn in the first quarter of this year despite expenses growing faster than revenues. Gross written premiums grew by a wee 0.66% to QR197.56mn, but there was a 25% jump in unearned premium provisions to QR59.6mn, resulting in a 7% fall in gross earned premium to QR137.99mn, according to its financial statement. With premium ceded to reinsurance companies dropping 10% to QR87.84mn, the company's net earned premiums grew 2% to QR50.15mn.
Fair value gains more than quadrupled to QR14.24mn, fee and commission income almost tripled to QR5.2mn, investment gains rose 4% to QR40.94mn and other operating revenues by 47% to QR3.8mn. But net realised gains plunged 98% to QR0.32mn. Thus, total revenue was up 2% to QR114.64mn. Net claims rose 2% to QR37.52mn. Total expenses grew 12% to QR74.79mn with finance costs more than doubling to QR9.42mn and other operating and administrative expenses rising 6% to QR27.85mn. The insurance company had booked QR7.58mn as share of profits of associates compared to a loss of QR0.98mn in the previous-year period. The share of profits of associates gave a lift to overall net profitability. Total assets were worth QR7.27bn, comprising investments of QR4.28bn in properties and available-for-sale investments of QR1.1bn.
© Gulf Times 2014
