(MENAFN - Gulf Times) Qatar General Insurance and Reinsurance Company has reported a 42% growth in its 2011 net profit to QR170.08mn on strong core incomes and robust fair value gain in property investments and other income. The company has suggested 13% cash dividend to be approved by shareholders at the annual general assembly scheduled on March 13, 2012.
Net premiums however shrank 8% to QR186.17mn as gross premiums ceded to reinsurers grew faster than premium income, according to its financial statement filed with the Qatar Exchange.
With a positive movement in unearned insurance premiums, net earned insurance premium was up 2% to QR198.84mn.
A 21% drop in net commission income led to a marginal 0.46% dip in underwriting revenue to QR222.81mn. However, net claims incurred shrank 15%, thus helping the insurance company to report an 18% growth in net underwriting revenue to QR117.69mn.
Investment income grew 32% to QR169.26mn, fair value gain in investment properties jumped about 15-fold to QR30.38mn and other income by more than eight-fold to QR18.42mn. The gain in other income was mainly on account of 11-fold rise in shareholders' income from takaful operations.
Thus, the insurance company's total income surged 49% to QR335.75mn. However, there was an impairment loss of QR21.74mn on available-for-sale investment. Finance costs grew 22% to QR32.78mn and general and administrative costs by 29% to QR110.90mn.
Total assets were worth QR4.28bn, comprising property investments of QR1.86bn; investments available-for-sale of QR891.32mn; reinsurance contract assets of QR369.54mn; and insurance and other receivables of QR281.36mn.
Total equity stood at QR2.55bn on a capital base of QR447.56mn and earnings-per-share was QR3.80 at the end of December 31, 2011.