Qatar Insurance Company has reported a 12% jump in net profit to QR316.48mn in the first three months of this year on modest gain in core income and supported by fast expanding investment earnings.
Gross premiums grew 4% to QR1.11bn, but premium ceded to reinsurance companies witnessed a 32% plunge to QR157.18mn; thereby leading to its net premium report a 13% growth to QR957.15mn, according to its financial statement filed with the Qatar Stock Exchange.
A 14% fall in unexpired premiums resulted in a 39% surge in net earned premium to QR608.75mn.
Although gross claims paid swelled 32% to QR485.24mn, there was a 27% surge in reinsurance recoveries to QR188.91mn.
There was also a more than nine-fold jump as 'movement' in outstanding claims to QR65.22mn and net commission paid grew 40% to QR68.7mn. Nevertheless, the insurance company reported 10% rise in net underwriting results to QR178.51mn.
Investment income grew 19% to QR221.9mn and advisory fee income by 35% to QR32.54mn; even as rental income fell 10% to QR11.15mn.
Thus, its total income rose 16% to QR445.52mn.
Operating and administrative expenses shot up 24% to QR110.36mn.
Total assets were valued at QR12.31bn comprising cash and cash equivalents of QR4bn, investments worth QR3.78bn, reinsurance contract assets valued at QR2.36bn and insurance and other receivables of QR1.68bn.
Total equity stood at QR5.4bn on a capital base of QR1.61bn and earnings-per-share was QR1.97 at the end of March 31, 2014.
© Gulf Times 2014
