MENAFN - Gulf Times
Qatar- Listed insurer sector 9mth profits shrink
(MENAFN - Gulf Times) Qatar's listed insurance companies have put up a poor show with the sector's cumulative net profits falling by 0.21% in the first nine months of this year against a 6.37% growth in the previous year period.
The shrinkage in net profitability of the five insurance companies came amidst a by and large growth in net underwriting results, according to the Qatar Exchange data.
The five insurers " which are primarily involved in the non-life segments such as property, casualty, marine, engineering, motor and medical insurance " had also reported 2% rise in premium ceded to re-insurance companies and of which, three have ceded more than 60% of premium to re-insurers. However, the rise in premium ceded is slower than the growth in gross premium.
The listed insurers have made a cumulative net profit of QR700.03mn in January-September this year against QR701.48mn in the year-ago period.
Three of the five listed insurers were on the negative trajectory while two of them witnessed gains in their net profit.
Among them, Qatar Insurance reported a 0.56% net profit fall in the first nine months of 2011 (against 3.24% growth in the year-ago period), Qatar General Insurance and Reinsurance 13.39% (-19.52%), Al Khaleej Takaful Group -12.69% (57.21%), Qatar Islamic Insurance 6.88% (42.01%) and Doha Insurance -5.97% (22.36%).
The cumulative gross premium of all the five insurers was QR3.09bn, which was up 7.62% over that in January-September 2010. Qatar Insurance's was QR1.96bn (9.55%), Qatar General QR0.39bn (-5.23%), Doha Insurance QR0.36bn (15.4%), Al Khaleej QR0.21bn (-3.47%) and Qatar Islamic Insurance QR0.17bn (20.92%).
According to the first financial stability review of the Qatar Central Bank, the insurance market in the country is concentrated, with the largest firm accounting for over 60% of gross premium income and the two largest for nearly 80%.
In the case of premiums ceded to re-insurance companies, Doha Insurance saw a 20.04% increase in the first nine months of 2011, Al Khaleej Takaful (5.66%) and Qatar Insurance (0.30%); while Qatar Islamic Insurance reported 14.01% shrinkage and Qatar General Insurance 6.93%.
Qatar Insurance had ceded 42% of gross premium to re-insurers during January-September 2011 compared to 46% in previous year period, Qatar General 61% (58%), Al Khaleej 63% (61%), Qatar Islamic Insurance 29% (35%) and Doha Insurance 80% (92%).
According to a Qatar Financial Centre Authority survey, which was released during MultaQa in March this year, Qatar displayed the highest cession rate in the GCC (Gulf Co-operation Council), given the high share of large risks in energy, engineering and other commercial lines.
In the case of net underwriting results, Qatar Insurance saw a 22.07% fall to QR274.87mn and Qatar Islamic Insurance by 22.43% to QR13.52mn whereas Qatar General witnessed a 20.94% jump to QR87.55mn, Al Khaleej (surplus from takaful operations) by 37.55% to QR33.19mn and Doha Insurance by 4.06% to QR55.11mn.
Total assets of the insurance companies stood at QR13.55bn with Qatar Insurance reporting QR7.07bn (52.2% of total industry assets), Qatar General QR4.07bn (30.04%), Doha Insurance QR0.95bn (7%), Al Khaleej QR0.84bn (6.22%) and Qatar Islamic Insurance QR0.62bn (4.54%).
In the stock market, the low volume insurance sector, whose stocks mostly come under the micro cap segment, underperformed the Qatar Exchange's benchmark during the third quarter ended September 30, 2011.
Insurance stocks fell 0.63% compared to an overall gain of 0.39% in the 20-stock index and 5.02% in banks, while the indices of industry and services plunged 8.50% and 3.52% respectively at the end of September 30, 2011.
MENA News Headlines
|Mar 9 2014||Oman aims to increase non-oil exports by 15 percent ,MENAFN|
|(MENAFN) Oman is aiming to increase the value of its non-oil exports by 15 percent this year, Times of Oman reported.
The Director of Export Development at Ithraa said that Oman's exports of ...|
|Mar 9 2014||Oman's government revenue drops 7.9 percent ,MENAFN|
|(MENAFN) Oman's National Centre for Statistics and Information (NCSI) said that the country's government revenues dropped 7.9 percent in January, Times of Oman reported.
The NCSI said that ...|
|Mar 9 2014||Oman's foreign trade up 9.1 percent ,MENAFN|
|(MENAFN) Statistics released by the Omani National Centre for Statistics and Information (NCSI) show an increase in the Sultanate's foreign trade, Times of Oman reported.
The data show that the ...|
|Mar 9 2014||Dubai-based Deyaar plans USD245m residential, hotel project ,MENAFN|
|(MENAFN) UAE-based Deyaar Development announced its plan to build a residential and hotel project in Dubai, Arabian Business reported.
The project, at a total cost of USD245 million, will consist ...|
|Mar 9 2014||UAE's Jumbo plans expansion ,MENAFN|
|(MENAFN) UAE-based retail electronics giant Jumbo Group announced that it plans to expand its engineering and B2B businesses as well as its retail footprint in the GCC, India and Iran, Arabian ...|
|Mar 9 2014||New fashion company plans IPO in Dubai ,MENAFN|
|(MENAFN) A retailing company still being formed is planning for its first initial public offering (IPO) on Dubai's main stock market in five years, Arabian Business reported.
The company will ...|
|Mar 9 2014||UAE's du signs agreement with international telecom companies ,MENAFN|
|(MENAFN) du, the Middle East"s fastest growing telecom service provider, has joined an international consortium that includes several telecom companies to build South East Asia - Middle East -Western ...|
|Mar 9 2014||UAE's RTA wins USD27 m contract ,MENAFN|
|(MENAFN) UAE's Board of Directors of the Roads & Transport Authority (RTA) has won a contract to construct and collector internal roads at Al Barsha South 1 and Al Barsha South 2, according to the ...|
|Mar 9 2014||Dubai's Emirates to sign off USD76 b deal with Boeing ,MENAFN|
|(MENAFN) Dubai"s Emirates said it will cancel its USD76 billion purchase of Boeing 777X wide-body planes for reasons, such as performance guarantees, according to Arabian Business.
The order ...|
|Mar 9 2014||La Liga Preview: Real Madrid v Levante ,Kora|
|(MENAFN - Kora) Carlo Ancelotti's side rescued a 3-2 win at Estadi Ciutat de Valencia in October with stoppage-time goals from Alvaro Morata and Cristiano Ronaldo.
They will enter this weekend's ...|
|Mar 9 2014||Steyn, Johnson absent for T20 series ,Kora|
|(MENAFN - Kora) Mitchell Johnson has been rested for the three-match series, returning to Australia ahead of the World Twenty20 in Bangladesh.
Dale Steyn battled through South Africa's third Test ...|
|Mar 9 2014||Lee, Son progress to Birmingham last four ,Kora|
|(MENAFN - Kora) Malaysia's Lee thrashed Japan's Kento Momota 21-14 21-18 in their quarter-finals at the National Indoor Arena in Birmingham.
He will face Son Wan Ho in the last four after the ...|
|Mar 9 2014||Copa Libertadores Preview: Atletico Mineiro, Velez Sarsfield near progression ,Kora|
|(MENAFN - Kora) Both teams have claimed two wins from as many games in their groups and a third € halfway through the stage € would set them up nicely.
Mineiro have edged their way to the top of ...|
|Mar 9 2014||Davids: Del Piero should delay coaching plans ,Kora|
|(MENAFN - Kora)
The Sydney FC star, 39, is nearing the end of his career and is yet to re-sign with the A-League club, having been linked with another move to Asia.
Davids, who played alongside ...|
|Mar 9 2014||Blanc confirms Cavani will miss Bastia trip ,Kora|
|(MENAFN - Kora)Cavani returned to Uruguay earlier in the week for personal reasons and will not be back in time for Saturday's match.
The 27-year-old has scored 14 goals in 22 league appearances ...|
|Mar 9 2014||Barca are not in decline, Xavi insists ,Kora|
|(MENAFN - Kora) Barca secured three La Liga titles, two Copa del Rey medals and twice won the UEFA Champions League under the stewardship of former coach Pep Guardiola,
Tito Vilanova carried on ...|
|Mar 9 2014||UAE's Majid Al Futtaim sign agreement with HCT ,MENAFN|
|(MENAFN) UAE-based retail giant Majid Al Futtaim and Higher Colleges of Technology (HCT) have signed an agreement to launch a retail academy and industry consortium, according to Arabian ...|
|Mar 9 2014||Northampton book Anglo-Welsh Cup final spot ,Kora|
|(MENAFN - Kora) George Pisi was the star of the show for the 2010 winners at Franklin's Gardens as he completed a hat-trick in the second half to complete a comfortable victory.
Saracens struggled ...|
|Mar 9 2014||Wenger delighted with Ozil showing ,Kora|
|(MENAFN - Kora) Ozil opened the scoring with a well-taken side-footed finish from inside the area before showing good awareness to lay on Arsenal's fourth for substitute Olivier Giroud late on. ...|
|Mar 9 2014||Russian biathletes give hosts fine start in Sochi ,Kora|
|(MENAFN - Kora) The host nation claimed 33 medals in total at the Olympic Games, 13 of them gold, and their Paralympians also rose to the occasion by winning 12 medals on day one with a string of ...|