Doha – Mubasher: Qatar Insurance Company (QIC) declared on Monday that its business licence for its branch in Abu Dhabi was not renewed due to the current political situation in the region.

“We are sorry to inform you that the company will have to close the branch,” QIC said in a filing to the Qatar Stock Exchange (QSE).

“The [Abu Dhabi] branch has been engaged in insurance business since 2002 and its underwriting Gross premium in this market [is] an estimated figure of around QAR 110 million per year,” the company added.

QIC’s profits retreated 27.4% in the second quarter of 2017 to QAR 203.5 million versus QAR 280.1 in the year-ago period.