General Insurance Company Profits in H1, 2017 Decline 53.8% to QR 39.7 Million   

Earnings per share stood at QR 0.45 

July 20, 2017 
 
Qatar General Insurance & Reinsurance Company net profit for the first half of the year fell by 53% to QR 39.7 million compared to QR 85.6 million for the same period last year. Earnings per share stood at QR 0.45 versus QR 0.98 in the corresponding period in 2016.
 
The Group Securities Comment:
 
Qatar General Insurance & Reinsurance Company revenues for the first half of the year decreased by 9.3% to QR 236.4 million, of which QR 91.7 million net premiums and QR 129.5 million investment income. Net claims on the company increased by 11.6% to QR 66.2 million. Total expenses increased by 14.6% to QR 203.1 million, of which QR 83.1 million was operating and administrative expenses. As a result, the net profit for the period decreased by 53.8% to QR 39.6 million. There was a fair value loss on financial assets of QR 113.7 million, resulting in a comprehensive loss of QR 50.1 million versus a profit of QR 19.6 million in the corresponding period last year.