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Market: Qatar Symbol: QGRI ISIN: QA0006929820 Industry: Insurance

 Share Data
23/11/2020
Currency QAR
Previous Close 2.26
Change (%) 0.00
Volume 0
Number of Shares (mil) 88
Market Cap (mil) 197.77

 Company presentation

At a glance

Qatar General Insurance & Reinsurance Company (QGIRCO) is a leading insurer in Qatar, providing individuals, families and businesses with exceptional and innovative insurance solutions through its expertise in both conventional and takaful products.

Update on Q3 2020 results

QAR 573m

total gross written premiums and contributions

-15% (vs. 9M 2019)

QAR 48m

net claims cost

-38% (vs. 9M 2019)

QAR 94m

underwriting results

+40% (vs. 9M 2019)

QAR 181m

operating and administrative expenses

-19% (vs. 9M 2019)

QAR 74m

net profit (attributable to Shareholders of the Parent Company)

+815% (vs. 9M 2019)

Management outlook

QGIRCO’s business remained resilient during the COVID-19 pandemic. The Company generated a strong net profit in spite of negative impacts experienced by the global pandemic. Management’s rigorous reassessment and prudent risk approach to the insurance and investment portfolio, continuous cost reduction, coupled with a positive sentiment in the financial market, lead to an increase in overall profitability.

The Company will continue to work on increasing efficiency and further enhancing profitability, taking into consideration any repercussions that may still arise due to COVID19 pandemic.

Key Figures (QAR ‘000)
Q3 2020
9M 2019
9M 2020
9M% change
         

Total gross written premiums and contributions

  • Premiums (Qatar General Insurance)
  • Contributions (General Takaful)

168,303

  • 118,348
  • 49,955

677,183

  • 525,313
  • 151,870

573,008

  • 444,892
  • 128,116
(15%)
Net claims (20,622) (76,229) (47,641) (38%)
Underwriting results 32,518 67,498 94,492 40%
Investment and other operations results 60,098 161,025 150,403 (7%)
Total expenses (44,588) (223,097) (180,689) (19%)

Finance costs

(37,962) (136,185) (118,055) (13%)
Operating and administrative expenses (15,957) (67,441) (54,422) (19%)
Net profit (attributable to Shareholders of the Parent Company) 47,678 8,107 74,219 815%
Earnings per share (QAR) 0.055 0.009 0.085 815%