Qatar Insurance Company (QIC) announced its financial results for the year ended December 31, 2014 following a meeting of the Board of Directors held recently.

The audited financial statements for the year ended December 31, 2014 highlight that the Group has grown its asset base to USD4.4 billion from USD3.2 billion in 2013, while maintaining robust levels of profitability, liquidity and market capitalisation.

Gross written premiums for 2014 reached USD1.54 billion, reflecting a year-on-year increase of 59 percent over the same period in 2013. Net underwriting result for the year was USD182 million, reflecting an increase of 37 percent on the previous year. Investment income and other revenues were USD282 million, providing an increase of 43 percent on the previous year.

Referring to the Group’s financial performance, Group president and CEO Khalifa Abdulla Turki Al Subaey commented: “I am very pleased to report that the Group’s net profit after minority interest in 2014 was USD275 million, representing an increase of 33 percent on the previous year. This impressive result reflects the Group’s continued growth and stability, arising from the ongoing diversification of its underwriting operations and the strong investment performance achieved in 2014.”