QIC to raise capital to USD507.59m

18 Feb 2015

(MENAFN) Upon a recommendation from the board of directors, Qatar Insurance Company (QIC) approved to increase the company’s capital to USD507.59 million from USD438.99 million, The Peninsula Qatar reported.

QIC issued in its latest fiscal statement for 2014 that assets growth accumulated to USD4.38 billion from USD3.18 billion in 2013. Gross Written Premiums for 2014 reached USD1,540.33 million, marking a year-on-year increase of 59 percent over the same period in 2013.

The net underwriting result for 2014 was USD182.184 million, reflecting an increase of 37 percent from 2013. Investment income and other revenues were USD281.781 million, providing an increase of 43 percent on the previous year.

‘We will continue to ensure that the QIC Group’s expanding operations ‘ both domestic and international – to ensure that we maximise shareholder value and, ultimately, the success of the company,’ The Group’s CEO said in a statement.

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