Qatar General Insurance Company Net Profit in Q1, 2017 Fall 19.7% to QR 43.1 Million 

 

April 24, 2017

 

Qatar General Insurance & Reinsurance's net profit amounted to QR 43.1 million, compared to net profit QR 53.7 million for the same period of the previous year. The Earnings per Share (EPS) amounted to QR 0.49 versus EPS per share QR 0.61 of the same period in 2017.

The Group's Comment

Qatar General Insurance & Reinsurance's total income increased by 4.2% to QR145.9 million in the first quarter of 2017. Other sources of income increased to 100.9 million, while net premiums dropped slightly to 45 million. Total expense increased by 22.4% to 106.5 million, including QR29.5 million net claims, QR 43.7 million as public and administrative expenses. As result, net profit posted in this period fell by 50% to QR43 million. Comprehensive income loss shrunk by half in respect of investment available for sale and currencies exchange rate; comprehensive income increased by 28.9% to 25.4 million.