Qatar Re continued to deliver solid portfolio growth in 2016, with net income up by 52 per cent from USD25 million in 2015 to USD38 million in 2016.
This was on net earned premiums of USD351 million – up 43 per cent from USD245 million in 2015.
Improved investment income more than offset a decline in underwriting income over the year. Gross written premiums increased by 8.1 per cent to USD1.25 billion in 2016, compared with USD1.16 billion the previous year.
Gunther Saacke (pictured), Qatar Re’s chief executive officer, says: “In 2016, our focus was on consolidating Qatar Re’s book of business in what has been a continuously degrading market environment. In line with our expectations, the pace of our premium growth has slowed as we focus on maintaining price adequacy.
“Whilst it has been necessary to withdraw from certain underpriced business, we were successful in replacing it with more attractive risks, primarily emanating from highly specialist reinsurance transactions and bespoke support of insurance entrepreneurs. Qatar Re is not a market tracking reinsurer, meaning that we are well placed to weather the effects of irrational price competition, supported by our growing and globally diversified multi-line franchise.”
