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Qatar Insurance Group (QIC)

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Magazine Issue: 
Market consolidation [3]
Magazine date: 
Jun 2022
Qatar Insurance Group
  • Date of creation: 1964, Doha, Qatar
  • Classes of business: Life and non-life insurance, reinsurance, funds management, ...
  • Rating:
    • Standard & Poor’s : A / Negative
    • A.M Best : A / Negative
  • Regional and international structures:
    More than 35 entities in 11 countries in Europe, Asia, the Middle East and North America.

Qatar Insurance Group in 2021

Khalifa A. Al Subaey
Sadem Khalaf Al Manai
Khalifa A. Al Subaey
Chairman of the Board of Directors & General Manager
Sadem Khalaf Al Mannai
Group CEO
Share capital892 135 000 USD
Turnover3 454 519 000 USD
Assets11 934 254 000 USD
Shareholder’s equity2 326 655 000 USD
Net result172 167 000 USD
Net non-life loss ratio68.81%
Net non-life management expenses ratio34.4%
Net non-life combined ratio103.21%

Management

Khalifa A. Al SubaeyChairman of the Board of Directors & Managing Director
Salem Khalaf Al MannaiGroup CEO
Varghese DavidGroup Chief Financial Officer (CFO)
C. M. UnnikrishnanDeputy CEO - MENA
Ahmed El TabbakhDeputy CEO - international affairs
Mark GrahamGroup Chief Risk Officer (CRO)
Chirag DoshiGroup Chief Investment Officer

Shareholding (31/12/2021)

ShareholdersShares
Government of Qatar14.11%
Board of Directors8.91%
The Royal Family of Qatar12.62%
Foreign institutional investors7.63%
Others56.73%

Qatar Insurance Group : main technical highlights

Figures in thousands USD
Highlights20172018201920202021
Gross written premiums
3 179 2103 460 9323 520 6973 324 7283 454 519
Gross non-life written premiums
2 811 1173 102 3243 159 0273 194 0773 342 413
Gross life and health written premiums
368 093358 608361 670130 651112 106
Net written premiums
2 604 1702 967 6233 042 5062 221 8452 323 313
Net non-life written premiums
2 256 5362 635 5512 707 0412 159 2392 222 793
Net earned premiums
2 434 7463 115 0362 969 3802 430 0602 362 738
Net non-life earned premiums
2 081 6842 782 9602 650 4562 360 0542 275 933
Net non-life incurred losses
1 629 7561 862 5471 807 7211 946 3001 566 132
Non-life management expenses (1)
654 395898 723950 171723 585764 566
Net non-life loss ratio (2)
78.29%66.93%68.20%82.47%68.81%
Management expenses ratio (3)
29.00%34.10%35.10%33.51%34.40%
Net non-life combined ratio(4)
107.29%101.03%103.30%115.98%103.21%
Net result
115 513182 347183 91834 352172 167

(1)General and administrative expenses concern the group' s total activity.
(2) Net non-life loss ratio = non-life incurred losses / net non-life earned premiums.
(3) Net non-life management expenses ratio = management expenses / Net non-life reinsurance written premiums.
(4) Net non-life combined ratio = net non-life loss ratio + net non-life management expenses ratio.

Qatar Insurance Group : turnover breakdown per class of business

Figures in thousands USD
Branche20172018201920202021Parts 2021
Property damage and accidents2 522 1752 862 4642 907 1582 928 7613 099 45989.72%
Marine and aviation288 942239 860251 869265 316242 9547.03%
Total non-life2 811 1173 102 3243 159 0273 194 0773 342 41396.75%
Life and health368 093358 608361 670130 651112 1063.25%
Grand total3 179 2103 460 9323 520 6973 324 7283 454 519100%

Qatar Insurance Group turnover

Qatar Insurance Group : turnover breakdown by area of activity

Figures in thousands USD
 201720182019202020212021 shares
International market2 744 4802 986 4653 005 5112 998 0713 090 28689.46%
Qatar434 730474 467515 186326 657364 23310.54%
Total3 179 2103 460 9323 520 6973 324 7283 454 519100%

Qatar Insurance Group : net written premiums per class of business

Figures in thousands USD
Class of business201720182019202020212020-2021 evolution (1)
Property damage and accidents2 043 9242 448 4712 516 4801 973 9252 056 6373.93%
Marine and aviation212 612187 080190 561185 314166 156-10.56%
Total non-life2 256 5362 635 5512 707 0412 159 2392 222 7932.69%
Life and health347 634332 072335 46562 606100 52060.17%
Grand total2 604 1702 967 6233 042 5062 221 8452 323 3134.31%

Qatar Insurance Group : net earned premiums per class of business

Figures in thousands USD
Class of business201720182019202020212020-2021 evolution (1)
Property damage and accidents1 864 2552 573 7582 449 8582 171 1522 108 742-3.11%
Marine and aviation217 429209 202200 598188 902167 191-11.71%
Total non-life2 081 6842 782 9602 650 4562 360 0542 275 933-3.80%
Life and health353 062332 076318 92470 00686 80523.69%
Grand total2 434 7463 115 0362 969 3802 430 0602 362 738-3.01%

(1) Evolution in local currency
Exchange rate as at 31/12/2021 : 1 QAR = 0.27315 USD ; 31/12/2020 : 1 QAR = 0.27248 USD ; 31/12/2019 : 1 QAR = 0.27413 USD; at 31/12/2018 1 QAR = 0.27455 USD; at 31/12/2017 : 1 QAR = 0.27269 USD

Qatar Insurance Group : incurred losses per non-life class of business

Figures in thousands USD
Class of business201720182019202020212020-2021 evolution (1)
Property damage and accidents1 433 0931 685 7441 645 7311 846 7821 468 436-20.68%
Marine and aviation196 663176 803161 99099 51897 696-2.07%
Total non-life1 629 7561 862 5471 807 7211 946 3001 566 132-19.73%

(1) Evolution in local currency

Qatar Insurance Group : net loss ratio per non-life class of business

Figures in thousands USD
Class of business20172018201920202021
Property damage and accidents76.87%65.50%67.18%85.06%69.64%
Marine and aviation90.45%84.51%80.75%52.68%58.43%
Total non-life78.29%66.93%68.20%82.47%68.81%

Main entities of the QIC group

CompanyCountry Stakes CEOActivityBranches
QIC, parent company of the group
Qatar100%Michael van der StraatenInsurance, reinsurance, servicesMore than 35 entities
Qatar Re
Bermuda100%Michael van der StraatenReinsuranceSwitzerland
United Kingdom
QIC Europe Ltd
Malta100%Pantelis    KoulovasilopoulosInsuranceUnited Kingdom
QIC Kuwait
Kuwait82.04%Hassan Al-JaidahInsurance-
QIC Oman
Oman58.02%Hassan Al-LawatiInsurance-
QIC UAE
UAE-Ilango ThiyagarajanInsurance-
Antares Underwriting
United Kingdom100%Mark GrahamInsurance/reinsuranceSingapore
China
Markerstudy Insurance
West Bay Insurance
Gibraltar100%Dimitris PapachristouInsurance-
Qatar Insurance Group

Qatar Insurance Group : Contact

Head office
Qatar Insurance Company, Tamin Street, West Bay PO Box: 666 Doha, Qatar
Phone
+974 44962222
Fax
+974 44831569
E-mail
info [at] qicgroup [dot] com [dot] qa / qatarins [at] qic [dot] com [dot] qa
Website
Tue, 21/06/2022 - 15:30

Source URL: https://www.atlas-mag.net/en/category/tags/compagnies/qatar-insurance-group-qic

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[3] https://www.atlas-mag.net/en/issue/atlas-magazine-n-192-june-2022
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