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(The Group’s Comments) General Insurance’s Net Profit
Drops to QAR 23.03 Million for the First Half of 2019
July 25, 2019
Profits: Qatar General Insurance’s net profit
dropped by 57% to QAR 23 million in the first half of 2019,
compared to QAR 54 million for the same period of 2018, while
its earnings per share amounted to QAR 0.026 versus QAR 0.062.
On the other hand, this year’s second quarter profits amounted
to QAR 2.0 million compared to a loss of QAR 1.6 million for the
same quarter of 2018.
Operating Profit (Insurance Results): insurance activity profits for the first half amounted to QAR 34.6
million, compared to QAR 41.6 million for the same period of
2018, a decrease of 16.8% due to the increase of paid claims by
about QAR 62 million and the climb of QAR 61 million in the
claims of reinsurers.
Investment profits: The company's
profits from investment activities decreased by 11% to reach QAR
118.8 million for the first half of 2019, compared to QAR 133.3
million for the first half of 2018, due to the decrease in
rental income and a loss of fair value of about QAR 408,000
versus a profit of about QAR 11.7 million for the first half of
last year.
Expenses: amounted to about QAR 131.2 million
in this half, compared to QAR 125.6 million for the same period
of 2018, as financing costs increased by QAR 13 million
The company recorded a loss of QAR 1.3 million from the results of
associates' businesses, compared to a profit of QAR 4.2 million
for the corresponding period of 2018.
Comprehensive Income: The company
recorded a profit in the statement of comprehensive income of
about QAR 27.55 million compared to a profit of QAR 12.1 million
for the corresponding period of 2018.
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