Qatar Insurance Company (QIC), which reported more than 2% growth year-on-year in net profit to QR711mn , acquire zithromax in the first nine months of this year, yesterday accorded approval to Qatar Re, one of its international units, to raise capital through non-equity route.
This was disclosed yesterday after QICa��s board meeting, chaired by its group president and chief executive Khalifa Abdulla Turki al-Subaey. Although gross written premium increased 44% to QR 7.73bn, the insurance companya��s net underwriting results fell 14% to QR549mn due to increase in claims, a QIC spokesman said after its board meeting. Investment and other income expanded 17% to QR689mn during January-September this year.
The insurera��s earnings-per-share for the nine month period in 2016 stood at QR3.13 compared to QR3.22 in the corresponding period of last year. Shareholdersa�� equity, as on September 30, 2016, was QR7.98bn against QR5.81bn for the year ended December 31, 2015.
On Qatar Re, a global multi-line reinsurer for major property and casualty and speciality lines of business, QIC board gave its a�?in principlea�? approval to the recommendation of the business and strategy committee regarding the issuance of Tier 2 capital. The capital raising is subject to obtaining the necessary approvals from the regulatory authorities and completion of all the required documents, a company spokesman said without providing further details.
Qatar Re – a subsidiary of QIC Capital, the parent company for all international units of QIC a�� had recently received a licence from the Monetary Authority of Singapore to open a branch as part of efforts to expand the Asian operations.