Post on 08-Jul-2020
Qatar Insurance Group
Domestic dominance Regional leadership
Global ambitions
April 2015
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
At a glance
Doha
2
50 YEARS OF OPERATIONAL EXCELLENCE
QIC established Current Senior Management
appointed
KQIC (Kuwait) and OQIC (Oman) established
Qatar Reestablished
50th Anniversary and acquisition of
Antares
MENA: QIC No 1 of 116 companies Asia Pacific: QIC No 12 of 264 – excl. L&H World: QIC No 140 of 737 companies
En route to establishing a global footprint based on domestic dominance and regional leadership
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
3
1964 1968 1986 2002 2004 2006 2009 2011 2014
Q-Life & Medical established
Dubai branch Abu Dhabi branchQIC International
established
QIC Europe Ltd established in
Malta
QIC Group: Well diversified multi-pillar business set-up
QIC
DirectInsurance
Antares
Specialty Insurance Qatar Life &
Medical
Life & Medical
Qatar Re
Reinsurance
QIC Asset Management
Asset Management
QIC Real Estate
Real Estate
SUSTAINED GROWTH FROM DIVERSIFIED SOURCES
19.1
17.7
17.5
17.1
18.4
1,705
1,588
1,664
2,346
3,996
Market Capitalization in USD million
162
163
168
207
2752014
2013
2012
2011
2010
July 2014: Financial strength rating ‘A’ (strong), outlook stablewww.standardandpoors.com
Dec 2014: Financial strength rating of ‘A’ (excellent)www.ambest.com
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
Net incomein USD million
Return on Equityin %
Earnings per sharein USD
4
1.01
1.01
1.04
1.29
1.71
Qatar Re
2014 – A SET OF RECORD FINANCIAL PERFORMANCE FIGURES*1
46
14
0
15
2 19
7
28
2
8.1%9.6% 10.0%
8.7%
10.7%
0.0%
4.0%
8.0%
12.0%
0
100
200
300
2010 2011 2012 2013 2014
591 655 703
970
1,542
2010 2011 2012 2013 2014
11793 94
133
182
2010 2011 2012 2013 2014
Investment results and yield in USD million
162 163 168
207
275
2010 2011 2012 2013 2014
Net profit in USD million
Gross written premiums in USD million Underwriting results in USD million
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
5
*2014 figures include Antares
Strategy
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
London
6
EXPANDING GLOBALLY WHILST CONSOLIDATING OUR REGIONAL LEADERSHIP
Bermuda London Zurich Malta Singapore
• Antares Re• Qatar Re US &
NatCat
• Antares Lloyd‘s 1274 Syndicate
• Qatar Re Rep. Office
• Qatar Re Continental Europe and global operations
• QIC Europe Ltd • Qatar Re Rep. Office for Asia
Doha Dubai Muscat
• QIC direct insurance operations (UAE)
• QIC Group’s HQ and domestic operations
• Qatar Re’s HQ
• Oman QIC
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
7
Kuwait
• Kuwait QIC
Abu Dhabi
• QIC direct insurance operations (UAE)
BROAD SPECTRUM OF CAPABILITIES
QIC Domestic Reinsurance Specialty Life & Medical Asset Management
• Personal lines
o Motor
o Home Care
o Travelcare
• Commercial lines
o Energy
o Marine & Aviation
o Medical
o Motor
o Property & Commercial
• Agriculture
• Credit & Surety
• Energy
• Engineering
• Facultative
• Marine & Aviation
• Motor
• Property
• Structured Finance
• Aviation
• Financial Institutions
• Marine
• Political and Financial Risk
• Professional indemnity
• Property Excess of Loss
• Terrorism
• Group Life
• Credit Life
• Mortgage Life
• Group Medical
• Proprietary asset management
• Third party asset management
• Collateralized reinsurance (CATCO)
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
8
Asset Management
BERMUDA
ZURICH
DOHA
SINGAPORE
LONDON
EXPERIENCED FOR THE FUTURE QATAR RE WORLDWIDE
LATEST NEWS PRODUCTS & SERVICES QATAR RE HUBS
QATAR RE
ANNOUNCES NEW
MANAGEMENT TEAM
Doha, Qatar – 13 May 2013
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Qatar Re supports its clients with lead
quotations based on proprietary pricing
capabilities and superior underwriting skills.
Legals ©2014, Qatar Re. LLC
HOME QATAR RE HUBS
Doha
London
Zurich
ABOUT US
Introduction
Management
Corporate Strategy
Capitalization & Ratings
Risk Management
Regulatory Notice
The QIC Group
Careers
NEWS & MEDIAPRODUCTS
Agriculture
Credit & Survey
Energy
Engineering
Marine & Aviation
Motor XL
Property
CONTACT US
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“WE ARE COM M I TTED TO BUI LDI NG THE FI RST GLOBAL REI NSURANCE FRANCHI SE, BASED ON
EM ERGI NG M ARKET CAPITAL”
GUNTHER SAACKE
Chief Executive Of cer
EXECUTION: ANTARES ACQUISITION PUTS QIC ON GLOBAL MAP
o Acquisition of Antares in February 2014 for a purchase consideration of USD 325 million
o Access to Antares Lloyd’s Syndicate 1274 and Bermuda Class 3 reinsurer
o Build a significant Property & Casualty and Specialty footprint
o Establish international recognition for QIC
28%
15%
11%11%
5%
31%
3% 2%N. America, CAN
Far East, AUS
Europe
UK
LatAM
RoW
Africa
ME
32%
11%
12%7%
11%
10%
2%
10%5%
Marine
Energy
Aviation
Terrorism
PI
FI
Pol. Risk
Prop. XL
Misc.
26
1 29
4 37
2
37
8
-19.0 15.4 24.3 24.0
110.6
91.3 90.0 91.3
70.0
85.0
100.0
115.0
-20
80
180
280
380
480
2011 2012 2013 2014
GWP Net Income Combined Ratio
Strategic rationale
Geographic mix, 2014 Business mix, 2014
Key figures in USD million
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
9
EXECUTION: GROWING QATAR RE INTO A GLOBAL LEADER
48%
25%
20%
3% 4%
Europe
Americas
Asia
Africa
Oceania
29%
4%
17%7%
15%
7%
21%
Motor /CasualtyMarine &AviationProperty
Energy
Agriculture
Credit &SuretyOthers /Multi Lines
10
3
33
7
53
6
3.3 0.5 15.9
112.0
105.0102.0
70.0
85.0
100.0
115.0
0
200
400
600
2012 2013 2014
GWP Net Income Gross Combined Ratio
Key figures in USD millionAchievements to date
Geographic mix, 2014 Business mix, 2014
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
10
o Built an efficient, well diversified portfolio, GWP grew 6-fold since repositioning in 2013
o Ability to offer lead quotations and capacity based on superior technical and product expertise
o Offer highly rated security and instant diversification to reinsurance panels
o Based on 2014 GWP, Qatar Re is among the global Top 50 reinsurers
Competitive Position
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
Zurich
11
3,1
87
2,6
48
93
1
1,3
75
1,4
91
1,2
90
73
7
1,1
41
1,3
17
35
9
96
8
1,4
90
43
4
79
3 1,1
00
65
3 84
4
55
9
27
4
34
4
20
6
(13
3)
64
67
(51
)
49
39
36
(10
)
(21
)QIC Tawuniya Orient Oman Ins.Co
Med Gulf ADNIC Bupa Arabia Gulf Ins. Co Salama United
Total Assets Gross premiums Net profit
QIC consistently outperforms major regional insurance and reinsurance groups due to its focus on
Technical excellence in underwriting and asset management
Diversified growth across business segments and geographies
DOMINANT POSITION IN THE MENA REGION
Regional comparison (FY 2013) in USD million
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
12
SIGNIFICANT POTENTIAL FOR ADDITIONAL GLOBAL AND REGIONAL GROWTH
QIC Domestic and regional o Dominant market share in Qatar and
ahead of its peers in MENAo Significant further growth potential in
rapidly growing MENA insurance markets
QIC domestic/regional GWP
USD 920 million
MENA Life & Non-Life
USD 50 billion
Qatar Re o Already among top 50 reinsurers
worldwideo Aspires to become a Top 10 reinsurer by
2025o Continues to expand geographically and
by line of business USD 536 million USD 6 billion
Qatar Re GWP GWP Top 10 reinsurer
Antares o Established as independent Managing
Agent at Lloyd’s, the world’s global insurance and reinsurance market of choice
o Ranks no. 35 within Lloyd’s by GWPo Synergies with QIC have potential to enhance
growth
Antares GWP GWP Lloyd’s
USD 380 million USD 40 billion
QIC Group o Aspires to become a Top 50 international
composite insurance groupo Well diversified by geography, lines of
business and sectorso No. 140 worldwide by market cap
QIC Group GWP Global Non-Life GWP
USD 1.54 billion USD 1.4 trillion
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
13
BERMUDA
ZURICH
DOHA
SINGAPORE
LONDON
EXPERIENCED FOR THE FUTURE QATAR RE WORLDWIDE
LATEST NEWS PRODUCTS & SERVICES QATAR RE HUBS
QATAR RE
ANNOUNCES NEW
MANAGEMENT TEAM
Doha, Qatar – 13 May 2013
Lorem ipsum dolor sit amet consectetur
adipiscing elit videst empera de quae
aceribus volestibus adigendelita.
READ MORE READ MORE READ MORE
Qatar Re supports its clients with lead
quotations based on proprietary pricing
capabilities and superior underwriting skills.
Legals ©2014, Qatar Re. LLC
HOME QATAR RE HUBS
Doha
London
Zurich
ABOUT US
Introduction
Management
Corporate Strategy
Capitalization & Ratings
Risk Management
Regulatory Notice
The QIC Group
Careers
NEWS & MEDIAPRODUCTS
Agriculture
Credit & Survey
Energy
Engineering
Marine & Aviation
Motor XL
Property
CONTACT US
SEARCH JOINLOG IN
HOME ABOUT US PRODUCTS QATAR RE HUBS NEWS & MEDIA CONTACT US
“WE ARE COM M I TTED TO BUI LDI NG THE FI RST GLOBAL REI NSURANCE FRANCHI SE, BASED ON
EM ERGI NG M ARKET CAPITAL”
GUNTHER SAACKE
Chief Executive Of cer
Performance
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
Hamilton
14
64
115
70
121
207
2010 2011 2012 2013 2014
Key Highlights (USD million) 2010 2011 2012 2013 2014
Gross premium 591 655 703 970 1542
Underwriting results 117 93 94 133 182
Net profit 162 163 168 207 275
Investment and other income 533 140 152 197 282
Earnings per share (restated) 1.01 1.01 1.04 1.29 1.71
Cash dividend per share 1.79 1.10 0.69 0.69 0.69
Bonus share -- 20% 20% 25% 15%
Share price at 31 December 22.94 21.37 18.65 18.27 24.89
Operating Free Cash Flow growth in USD million Total Assets in USD million
STRONG TRACK RECORD OF TOP AND BOTTOM-LINE GROWTH…
CAGR 21%
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
15
1,988 2,135 2,267
3,196
4,422
2010 2011 2012 2013 2014
CAGR 17%
Dividends in USD
31
-Dec
-13
31
-Jan
-14
28
-Feb
-14
31
-Mar
-14
30
-Ap
r-1
4
31
-May
-14
30
-Ju
n-1
4
31
-Ju
l-1
4
31
-Au
g-1
4
30
-Sep
-14
31
-Oct
-14
30
-No
v-1
4
31
-Dec
-14
QATI QD Equity DSM Index QINS Index
Return on Equity %
Market Value in USD million
…AND SHAREHOLDER VALUE CREATION
13.9
19.9 18.7 17.7 17.7 17.0 17.1 18.5
2007 2008 2009 2010 2011 2012 2013 2014
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
16
QIC shares outperformed QE Index and QE Insurance index
0.821.37 1.79
1.10 0.69 0.69 0.69
2.060.55
0.55 0.69 0.41
2008 2009 2010 2011 2012 2013 2014
Pay-out ratio
64%87% 70% 82% 75% 66% 85%
Dividend per share Bonus per share
1,3262,007
1,059 1,2681,705 1,588 1,664
2,346
3,996
718 931 702 782915 915 992
1,4211,563
2006 2007 2008 2009 2010 2011 2012 2013 2014
Market Cap Book Value
591 655 703
970
1,542
2010 2011 2012 2013 2014
CAGR 9%CAGR 21%
Combined ratio
Gross Premiums In USD million Net Underwriting Results In USD million
CONSISTENT UNDERWRITING PERFORMANCE
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
52%
51%
58%
65%
65%
10%
9%
9%
10%
17%
14%
10%
17%
15%
15%
18%
16%
2010 78%
2011 90%
2012 92%
2013 93%
2014 98%
Loss ratio Acquisition cost
Net Cat Losses Expense Ratio
78%90% 92% 93% 98%
2010 2011 2012 2013 2014
Combined ratio 17
117
93 94
133
182
2010 2011 2012 2013 2014
Domestic,24%
Regional, 17%
Inter-national,
59%
Motor25%
Health & Life12%
Property15%
Energy12%
Marine & Hull17%
Liablity5%
Agriculture5%
Others9%
Superior geographical and product diversification translates into high capital efficiency
QIC is the only MENA composite insurer with a sizeable international footprint: Qatar Re and Antares account for 59% of QIC’s total GWP IN 2014
No single line of business generates more than 25% of the total
European and Asian business poised for particularly strong growth (based on newly established QIC Europe and Qatar Re’s Singapore office)
Gross premiums, split by region 2014 Gross premiums, split by line of business 2014
WELL DIVERSIFIED PORTFOLIO ENHANCES CAPITAL EFFICIENCY
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
18
Marine and Aviation 2013 2014
Gross premium 88 254
Underwriting Results 13 40
Loss ratio 61% 54%
Operating profit 15.3% 15.6%
Property & Casualty 2013 2014
Gross premium 699 1'096
Underwriting Results 102 120
Loss ratio 59% 64%
Operating profit 14.6% 10.1%
Life & Medical 2013 2014
Gross premium 183 193
Underwriting Results 17 20
Loss ratio 79% 79%
Operating profit 9.4% 10%
2013 2014
Gross premium
189%
2013 2014
Underwriting results
2013 2014
Gross premium
2013 2014
Underwriting results
2013 2014
Gross premium
2013 2014
Underwriting results
STRONG TECHNICAL PERFORMANCE IN A HIGHLY COMPETITIVE ENVIRONMENT
57% 18%
193%
5% 13%
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
in USD million
in USD million
in USD million
19
Investment portfolio composition 2014
Cash23%
Bonds46%
Equities24%
Real Estate
3%
Private Equity & Funds 4%
Investment income composition 2014
Profit on sale of invest-
ments48%
Dividend income
11%
Interest income
19%
Advisory fees 11%
Rental income
5%
Others6%
51% 40% 38% 40% 39%
49% 60% 62% 60% 61%
2010 2011 2012 2013 2014Underwriting income
Investment versus underwriting income
EXCELLENT INVESTMENT YIELD DESPITE LOW INTEREST RATE ENVIRONMENT
Return on Investments
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
20
1,3
85
1,4
60
1,5
29
2,2
76 2,6
28
11
3
14
0
15
2
19
7
28
2
8.1%
9.6% 10.0%8.7%
10.7%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
0
500
1,000
1,500
2,000
2,500
3,000
2010 2011 2012 2013 2014
Invested Assets Investment income
21
FOCUS ON SECTOR BALANCE AND SECURITY OF INVESTMENTS
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
57%10%
10%
8%
4%
4% 3% 2% 2% Financial
Basic Materials
Industrial
Utilities
Consumer, Cyclical
Consumer, Non-cyclical
Communications
Diversified
Energy81%
9%
4.7%3%
2% 0.2%0.1%
QAR
SAR
AED
OMR
KWD
GBP
USD
68%
28%
3% 1%
A- or Better BBB- & AboveNR Below BBB-
31%
30%
21%
13%
3%1% 1%
Qatar ME-ex Qatar
Asia Europe
Africa LATAM
58%
23%
4%
2%2% 2%
9%
Financials Sovereign ExplorationRefining Energy Life InsurancesOthers
Equity: Industry exposure Equity: Currency exposure
Fixed income: Rating Fixed income: Mix by sectorFixed income: Geographic mix
HEALTHY INCOME CONTRIBUTION FROM QIC ASSET MANAGEMENT
21.024.0 23.8
28.8 30.3
2010 2011 2012 2013 2014
Advisory fee income in USD million
22
9
23
2
24
7
32
7 46
1
11
3 14
0
15
2 19
7
28
2
48.8%
59.6% 61.1% 59.2%61.2%
0.0%
20.0%
40.0%
60.0%
80.0%
0
100
200
300
400
500
2010 2011 2012 2013 2014
Total income Investment income
QIC Asset Management consistently contributes 50-60% to the Group’s total income
Third party asset management has become a growing and sizable source of income
Efficient treasury function managing the liquidity and balance sheet assets and liabilities
Function provides efficient asset and risk diversification to the Group’s balance sheet
Contribution of investment income in % and USD million
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
22
Asset Management
% 2011 2012 2013 2014
Invested assets to total assets 68% 67% 71% 59%
Invested assets to net technical reserves 366% 329% 339% 188%
Cash and bank deposits to net technical reserves 143% 126% 137% 52%
2010 2011 2012 2013
Eligible Capital 3,413 3,479 4,015 5,026
Solvency Ratio 163% 156% 148% 146%
Solvency: Increased capital utilization, ratio remains strong
163%
156%
148%146%
2010 2011 2012 2013
Solvency ratio
EXCELLENT FINANCIAL STRENGTH RATIOS
Assets
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
23
2012 2013 2014
Share capital 245.02 352.84 441.04
Legal reserve 127.57 358.32 386.86
General reserve 78.85 78.85 78.85
Catastrophe special reserve 43.71 52.09 62.43
Fair value reserve 182.28 206.28 165.11
Retained earnings 317.18 376.75 432.95
Equity attributable to parent 994.60 1,425.12 1,567.25
Non-controlling interest 47.32 53.36 60.09
Total equity 1,041.93 1,478.49 1,627.34
STRONG FINANCIAL STRENGTH RATINGS
Financial strength rating for QIC
QIC Group equity in USD million
Rating: A – strong Outlook: stable
o “We view QIC as an increasingly diversified insurance group with relatively mature operations in the still-growing Gulf Cooperation Council region, and with rapidly expanding reinsurance operations in Europe.”
Rating: A – excellent Outlook: stable
o “The ratings for Qatar Insurance Company S.A.Q. (QIC) reflect its very strong risk-adjusted capitalisation, robust underwriting performance and global business diversification.”
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
Organisation
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
Dubai
25
26
STRONG GEOGRAPHIC AND SECTOR DIVERSIFICATION
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
Asset Management
BERMUDA
ZURICH
DOHA
SINGAPORE
LONDON
EXPERIENCED FOR THE FUTURE QATAR RE WORLDWIDE
LATEST NEWS PRODUCTS & SERVICES QATAR RE HUBS
QATAR RE
ANNOUNCES NEW
MANAGEMENT TEAM
Doha, Qatar – 13 May 2013
Lorem ipsum dolor sit amet consectetur
adipiscing elit videst empera de quae
aceribus volestibus adigendelita.
READ MORE READ MORE READ MORE
Qatar Re supports its clients with lead
quotations based on proprietary pricing
capabilities and superior underwriting skills.
Legals ©2014, Qatar Re. LLC
HOME QATAR RE HUBS
Doha
London
Zurich
ABOUT US
Introduction
Management
Corporate Strategy
Capitalization & Ratings
Risk Management
Regulatory Notice
The QIC Group
Careers
NEWS & MEDIAPRODUCTS
Agriculture
Credit & Survey
Energy
Engineering
Marine & Aviation
Motor XL
Property
CONTACT US
SEARCH JOINLOG IN
HOME ABOUT US PRODUCTS QATAR RE HUBS NEWS & MEDIA CONTACT US
“WE ARE COM M I TTED TO BUI LDI NG THE FI RST GLOBAL REI NSURANCE FRANCHI SE, BASED ON
EM ERGI NG M ARKET CAPITAL”
GUNTHER SAACKE
Chief Executive Of cer
Group level
Operations
Direct Insurance:
• Personal Lines• Commercial
Lines
Qatar
GCC
Europe
Reinsurance:
• Property & Casualty
• Facultative Lines
Global
Specialty Re/insurance:
• Commercial Lines
Global
Direct Insurance:
• Medical Lines
• Life Lines
Qatar
GCC
Direct Insurance:
• Asset Management
Global
Sector
Geography
Risk Management
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
Abu Dhabi
27
STRICT ADHERANCE TO CLEARLY DEFINED ERM PROCEDURES
1. Establishing Goals: Risk Appetite & Tolerance statement, Strategy & Business Plan for the year
2. Identifying Risks: Risk Registers
3. Analyzing Risks: Risk Score
4. Prioritizing Risks: Risk Prioritization Matrix
5. Risk Mitigation: Control Analysis 6
. C
om
mu
nic
atin
gan
d C
on
sult
ing
Gro
up
Ris
k St
eeri
ng
Co
mm
itte
es,
En
tity
Bo
ard
, En
tity
R
isk
Co
mm
itte
e,
Au
dit
Ris
k C
om
mit
tee
7.
Mo
nit
ori
ng
and
Rev
iew
ing
On
goin
g P
roce
ss
o ERM is broken down into Risk Management, Capital Management and Exposure monitoring
o Governance structure follows the three lines of defence model with dedicated Risk Committees in each entity of the company
o Each entity committee reports into the group’s risk steering committee, which reports to the Group’s Board and Audit committee
o Risks are monitored and maintained according to risk categories such as insurance, market, credit, operational and group
o Each risk is assessed for impact and probability along with the controls in place to mitigate
o Risk are reviewed quarterly
o QIC has in place a full-blown stress and scenario framework
o QIC conducts analysis into emerging risks
o Risk appetite and tolerance set at the group and entity level with the position against these metrics being monitored on an on-going basis
Risk Management at QIC Enterprise risk management cycle
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
28
Outlook
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
Muscat
29
Re/Insurance, 39%
Investments, 54%
Third Party Asset Management, 7%
ASPIRING TO BECOME A GLOBAL TOP 50 COMPOSITE INSURER
Well-diversified business mix
Motor25%
Health / Life12%
Property15%
Energy12%
Marine17%
Liablity5%
Agriculture5%
Others9%
Balanced geographical mix
Domestic24%
Regional17%
Inter-national
59%
Distinct sources of income
A portfolio of powerful franchises
Continue to capitalize on transactional opportunities
Grow QIC Europe
Expand into Asia / Pacific on the back of Qatar and Antares
Further grow medical and life lines in the domestic and regional market
Further build 3rd party investment capabilities
Continue to generate investment income above index and peers
QIC Europe Ltd: Become a common platform for QIC’s entrée into the European insurance markets
Use synergies with Qatar Re in reinsurance and Antares in specialty insurance
Qatar Re: Leverage acknowledged market and product expertise to expand on a global scale, broaden product offering
Antares: Capitalize on Lloyd’s expansion and leverage synergies with Qatar Re
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
30
Asset Management
BERMUDA
ZURICH
DOHA
SINGAPORE
LONDON
EXPERIENCED FOR THE FUTURE QATAR RE WORLDWIDE
LATEST NEWS PRODUCTS & SERVICES QATAR RE HUBS
QATAR RE
ANNOUNCES NEW
MANAGEMENT TEAM
Doha, Qatar – 13 May 2013
Lorem ipsum dolor sit amet consectetur
adipiscing elit videst empera de quae
aceribus volestibus adigendelita.
READ MORE READ MORE READ MORE
Qatar Re supports its clients with lead
quotations based on proprietary pricing
capabilities and superior underwriting skills.
Legals ©2014, Qatar Re. LLC
HOME QATAR RE HUBS
Doha
London
Zurich
ABOUT US
Introduction
Management
Corporate Strategy
Capitalization & Ratings
Risk Management
Regulatory Notice
The QIC Group
Careers
NEWS & MEDIAPRODUCTS
Agriculture
Credit & Survey
Energy
Engineering
Marine & Aviation
Motor XL
Property
CONTACT US
SEARCH JOINLOG IN
HOME ABOUT US PRODUCTS QATAR RE HUBS NEWS & MEDIA CONTACT US
“WE ARE COM M I TTED TO BUI LDI NG THE FI RST GLOBAL REI NSURANCE FRANCHI SE, BASED ON
EM ERGING M ARKET CAPITAL”
GUNTHER SAACKE
Chief Executive Of cer
Appendix
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
Kuwait
31
Income Statements (QAR ‘000) 2010 2011 2012 2013 2014Growth (YOY)
CAGR
Gross Written Premium 2,153,082 2,383,050 2,558,597 3,531,707 5,613,767 59% 21%
Net earned premium 1,117,869 1,320,898 1,494,639 1,974,085 3,678,344 86% 27%
Net claims incurred (584,857) (859,397) (1,021,337) (1,280,266) (2,394,403) 87% 33%
Net commission (107,274) (123,072) (130,079) (211,301) (620,093) 193% 42%
Net underwriting income 425,738 338,429 343,223 482,518 663,848 38% 9%
Investment and Other Income 410,625 508,541 555,367 719,622 1,027,488 43% 20%
G&A Expenses (213,799) (243,916) (278,935) (423,783) (665,926) 57% 26%
Net profit 622,564 603,053 619,655 778,357 1,025,410 32% 10%
PROFIT AND LOSS ACCOUNTS, 2010 – 2014
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32
Balance Sheets (QAR ‘000) 2010 2011 2012 2013 2014
ASSETS
Cash and cash equivalents 1,736,116 2,080,719 2,123,876 3,351,905 2,646,907
Insurance and other receivables 549,214 629,738 703,395 1,164,615 2,820,028
Reinsurance contract assets 1,616,287 1,805,429 1,950,278 2,151,318 3,251,457
Investments 2,922,210 2,781,968 3,003,506 4,543,881 6,545,147
Investment properties 384,726 453,224 438,636 387,197 375,070
Property and equipment 28,592 26,142 31,890 33,592 38,665
Intangible assets -- -- -- -- 274,895
Goodwill -- -- -- -- 145,111
TOTAL ASSETS 7,237,146 7,777,220 8,251,581 11,632,508 16,097,280
Liabilities
Short term borrowings 229,200 182,000 -- 746,200 182,000
Insurance contract liabilities 2,739,803 3,259,700 3,640,986 4,594,615 8,331,014
Provisions, reinsurance and other payables 746,000 806,657 817,982 910,005 1,660,759
Total liabilities 3,715,002 4,248,357 4,458,968 6,250,820 10,173,773
Equity
Share capital 743,244 743,244 891,891 1,284,323 1,605,404
Reserves & Surplus 2,595,375 2,596,117 2,728,463 3,903,131 4,099,379
Minority interest 183,532 189,502 172,259 194,234 218,724
Total equity 3,522,151 3,528,864 3,792,613 5,381,688 5,923,507
TOTAL LIABILITIES & EQUITY 7,237,154 7,777,220 8,251,581 11,632,508 16,097,280
BALANCE SHEETS, 2010 – 2014
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
QATAR: A THRIVING ECONOMY9
7.5
8
12
5.1
2 16
9.8
18
9.9
5
20
2.4
5
16.70%
13.00%
6.10% 6.50% 6.50%
2.00%
6.00%
10.00%
14.00%
18.00%
0
50
100
150
200
250
2010 2011 2012 2013 2014**
GDP Growth rate
GDP and real GDP growth in USD billion*
*Source: IMF 2014, ** Projections
Budget surplus 9.1% per annum over the past 5 years
Highest credit rating in the GCC S&P: AA; Moody’s: Aa2
Strong population growth Tripled since 2003, 2.6 million by 2016
World‘s highest GDP per capita USD 106‘000 in 2013
45% 53%58% 57% 54%
55%47%
42%43% 46%
2009 2010 2011 2012 2013
Hydrocarbon Non-Hydrocarbon
98125
170190 202
Hydrocarbon vs. Non-hydrocarbon sectors in GDP*
Hydrocarbon reserves ≈ USD 25 trillion
World largest exporter of LNG 77 million tonnesper annum
Investments into infrastructure ≈ USD 150 billionby 2020
National Rail Project ≈ USD 35 billion
*Source: QSA
Strong fundamentals Diversifying the economy
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34
QATAR’S GROWING INSURANCE SECTOR
773878
1,197
1,516
1,994
2009 2010 2011 2012 2013
Total premiums in USD million*
*Source: Swiss Re SIGMA
Insurance Penetration 2013
Source: Swiss Re, Central Bank of Bahrain, EIU Country Data via BVDep
Qatar Central Bank (QCB) was established as Qatar’s competent supreme authority in 2012
QCB has responsibility for the design and implementation of policies relating to the regulation, control and supervision of financial services and financial markets in Qatar
QCB pursues a consistent risk-based micro-prudential framework in line with global regulatory standards under development
QIC International and Qatar Re are regulated by the Qatar Financial Centre Regulatory Authority, which is in charge of the insurance sector regulation, reporting to the QCB
Insurance regulation
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35
BahrainChina
Germany
India
Japan
KuwaitOman Qatar
KSAUAE
UK
USA
0%
2%
4%
6%
8%
10%
12%
1,000 10,000 100,000
Pre
miu
ms
as %
of
GD
P
GDP per Capita (Log scale) in USD
36
GLOBAL INSURANCE: POTENTIAL INTACT, THOUGH GROWTH IS SUBDUED
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
Global Insurers solvency change in % Insurance Penetration in%
Source: Swiss Re sigma, 2014
Sou
rce:
Sw
iss
Re
sigm
a, 2
01
4
Source: Swiss Re sigma, 2014
Source: Swiss Re sigma, 2014
Premium growth in % Insurers’ underwriting results and RoE in%
THE QIC MANAGEMENT TEAM
Khalifa A. Al SubaeyGroup President & CEO
Sunil TalwarDeputy Group CEO
Ali Saleh Al FadalaSr. Deputy Group CEO
At a Glance Strategy Competitive Position Performance Organisation Risk Management Outlook Appendix
37
P.E. Alexander Qatar Operations
Ewen McRobbieOman QIC
Gunther SaackeQatar Re
Sandeep Nanda Investments & Strategy
Fahad Al ManaQICI
Stephen RedmondAntares
Varghese David Finance & Operations
KG VenkatUAE Operations
Salem Al-MannaiQ-Life &
Medical Insurance
Nasser Al-MisnadDamaan
Islamic Insurance
Darren CollinsonKuwait QIC
Andy RossQIC Europe
Sheik Khalid binMohammed
bin Ali Al-ThaniChairman &
Managing Director
Abdullah bin Khalifa
Al-AttiyaDeputy
Chairman
HussainIbrahim Al-
Fardan Board Member
Sheik Hamadbin Faisal bin
Thani Al ThaniBoard Member
JassimMohammed
Al-JaidahBoard Member
Khalaf Ahmed Al-Mannal
Board Member
Sheik Jassimbin Hamad bin
Jassim bin Jabor Al Thani
Board Member
Sheik Khalid bin Hamadbin Khalifa
Al-ThaniBoard
Member
Saoud bin Khalid bin Hamad Al
Thani Board Member
THE QIC BOARD OF DIRECTORS AND MAJOR SHAREHOLDERS
QIC shareholders in %
o Government of 13.5%Qatar
o Qatari Royal 10-15%Family and Associates
o Foreign 5%Institutional Investors
o Free Float Remainder
Khalifa A. Al Subaey Group
President & CEO
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38