Qatar Insurance Net Profit Falls 23.8% to QR230 Million in Q1 2018

April 25, 2018

Qatar Insurance Company disclosed its financial statements for the period ended 31 March 2018, with a net profit of QR230 million, a drop of 23.8%, compared to QR302 million for the same period last year. The company’s earnings per share for the first quarter of 2018 amounted to QR0.66, versus QR0.95 for the same period in 2017.

The Group Comment

Qatar Insurance Company net income from insurance policy sales fell by 65.8% to 115 million in the first quarter of this year, and net investment profit dropped by 3.6% to QR 274.6 million. Hence, comprehensive income went down to QR407.1 million, compared to QR 478.6 in the corresponding period. Total expenses stood at QR 166.4 million, slightly edging up. As result, net profit decreased by 23.6% to QR 230.2 million. As there was a negative change in the fair value worth 163.5 million, comprehensive income dipped to QR 73.6 million, compared to QR 223.1 million.