To reduce the volatility of its results and its reliance on large risks, Qatar General initiated a diversification of all its activities. Three lines of business have been identified: insurance, financial investments, construction and real estate investments.
In terms of insurance, Qatar General is working hard to develop new personal line risks such as health, assistance and most importantly life insurance. This will to rebalance the portfolio materializes also with the launch of a takaful insurance business that drains to the company a significant volume of small risks.
The shareholding in insurance and banking in the MENA region countries stand as the second area of diversification of activities.
Real estate investment and construction stand as the third level of policy diversification. Qatar General has initiated a number of construction projects such as the World Trade Center in Doha.
At the end of 2010, investments income amounted to 35 212 000 USD while the amount of insurance premiums is of approximately 143 000 000 USD.
It is thanks to the excellent underwriting and financial results that Qatar General has managed to conduct such a policy. The 2010 net result amounted to nearly 33 000 000 USD compared to 37 426 000 USD in 2009 and 61 194 000 USD in 2008. It is the surplus generated by the activities of the company that finances its expansion to other countries and other operations.
 |  |
| Nasser Bin Ali Bin Saud Al Thani | Jamal Abu Nahl |
| Chairman | CEO |
Qatar General Insurance and Reinsurance in 2010
| Capital | 87 866 247 USD |
| Turnover | 142 527 590 USD |
| Shareholders’ equity | 683 330 146 USD |
| Total assets | 1 065 285 068 USD |
| Net result after tax | 32 829 183 USD |
| ROE | 4,8% |
| Loss ratio | 63,3% |
| Combined ratio | 80% |
| Number of employees | 184 |
| Number of branches | 6 among which one in the UAE |
Management
| Chairman | Nasser Bin Ali Bin Saud Al Thani |
| CEO | Jamal Abu Nahl |
| Assistant CEO | Saltheesam Menon |
| Acting COO | Nadarajan Kumaraswamy |
| Assistant COO Production Life and Medical | Kamal Abu Nahl |
| Assistant COO Non Marine Non Motor | Mohammed Alailah |
| Regional manager (UAE-Dubai) | Wamidh Al Jarrah |
| Financial controller | Ahmad Ibrahim |
Main shareholders
| Al Sari Trading Est. | 17% |
| Mohammed H. Abdullah | 12.5% |
| Sh. Nasser A. Al Thani | 7.3% |
Main technical highlights: 2007-2010
in USD| 2007 | 2008 | 2009 | 2010 | |
|---|---|---|---|---|
Gross written premiums | 225 429 027 | 197 667 263 | 138 625 113 | 142 527 590 |
Premiums ceded to reinsurers | 160 734 491 | 131 215 242 | 81 069 658 | 87 147 239 |
Premiums net of reinsurance | 64 694 536 | 66 452 021 | 57 555 454 | 55 380 351 |
Net earned premiums | 58 320 667 | 65 897 059 | 59 154 499 | 53 712 836 |
Net incurred losses | 41 268 315 | 53 270 356 | 46 481 106 | 33 991 799 |
Net loss ratio | 70.8% | 80.8% | 78.5% | 63.3% |
Management expenses | 23 446 604 | 30 547 128 | 23 675 757 | 23 662 386 |
Expenses ratio | 10.40% | 15.45 % | 17.07% | 16.60% |
Combined ratio | 81.20% | 96.25% | 95.57% | 79.9% |
Net result | 34 449 028 | 62 194 010 | 37 426 995 | 32 829 183 |
Evolution of premiums, losses and management expenses
in thousands USD
Turnover’s evolution per class of business: 2007-2010
in USD| 2007 | 2008 | 2009 | 2010 | 2010 shares | 2009/10 growth | |
|---|---|---|---|---|---|---|
Engineering & others | 149 819 113 | 121 142 905 | 74 461 371 | 81 670 578 | 57.3% | 9.6% |
Misc. accident | 55 875 684 | 59 361 200 | 52 450 050 | 46 993 853 | 33% | -10.4% |
Marine | 13 863 902 | 10 120 439 | 4 740 537 | 7 010 049 | 4.9% | 47.8% |
Fire | 5 870 328 | 7 042 719 | 6 973 155 | 6 853 110 | 4.8% | -1.8% |
Total | 225 429 027 | 197 667 263 | 138 625 113 | 142 527 590 | 100% | 2.8% |
Breakdown per class of business in 2010
Exchange rate QAR/USD as at 31/12 | 2007 | 2008 | 2009 | 2010 |
0.27546 | 0.27487 | 0.27475 | 0.27485 |
Contact
| Head office | QGIRCO Building, Al Asmakh Street P.O. Box 4500, Doha, Qatar |
| Phone | (+974) 4428 2222 |
| Fax | (+974) 4443 7302 |
info [at] qgirco [dot] com | |
| Website | www.qgirco.com [4] |