By: Salama Abdulrahman

Mubasher: The financial results of the insurance companies listed on the Qatar Stock Exchange (QSE) showed a growth in profits by 56.3% in the third quarter of 2016 compared to the same quarter of last year.

The five QSE listed insurance companies saw profits increase to QAR 240.5 million from QAR 153.91 million in Q3-15.

Qatar General Insurance and Al Khaleej Takaful Group both reported a rise in profits by 470.1% and 90.95%, registering QAR 140.18 million and QAR 3.8 million respectively.

On the other hand, the profits of Qatar Islamic Insurance and Qatar Insurance Company declined by 31.69% and 5.22%, to QAR 14.42 million and QAR 109 million respectively.

Meanwhile, Doha Insurance Company turned profitable in Q3-16 recording profits of QAR 9.1 million against losses of QAR 2.4 million in the third quarter of 2015.

As for the first nine months of 2016, the profits of listed insurance companies grow by 2.07% to QAR 999.64 million compared to QAR 979.34 million in the same period last year.

During this period, General Insurance and Qatar insurance posted increase in profits by 34.76% and 2.6% respectively, while the profits of Al Khaleej Takaful, Qatar Islamic Insurance, and Doha Insurance decreased by 42.24%, 29.62%, and 28.57% respectively.

Translated by: Moslem Ali