Qatar Insurance Co. · QSE:QATI
Qatar Insurance — Debt Investor Presentation (June 2023)
30 slides from Qatar Insurance's debt investor presentation, June 2023
Slide 1: Qatar Insurance Company Investor Presentation
Qatar Insurance Company Investor Presentation June 2023
Slide 2: Disclaimer
DISCLAIMER NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES OR FOR THE ACCOUNT OR BENEFIT OF U.S. PERSONS (AS DEFINED IN REGULATION S UNDER THE U.S. SECURITIES ACT OF 1933 (THE “SECURITIES ACT”)) OR IN OR INTO AUSTRALIA, CANADA, JAPAN, SOUTH AFRICA OR ANY
Slide 3: Table of Content
TABLE OF CONTENT Overview Financial Information Business Information Appendix
Slide 4: Overview - Qatar at a Glance
OVERVIEW - QATAR AT A GLANCE QATAR AT A GLANCE QATAR NATIONAL VISION 2030 ❖ Qatar is a peninsula located in the Persian Gulf and is member of the ❖ Qatar National Vision (QNV) 2030 aims to diversify the economy Gulf Cooperation Council away from a government-led initiatives towards private sector ❖
Slide 5: Overview - QIC at a Glance
OVERVIEW - QIC AT A GLANCE GROUP OVERVIEW SHAREHOLDERS • QIC is the market leading insurance group in the MENA region in terms of total asset and gross written premiums Government of Qatar 14.34% • The Group is a composite insurer, with a global underwriting Qatari Royal Family footprint and a home
Slide 6: Overview - Global Presence
OVERVIEW - GLOBAL PRESENCE Bermuda London Zurich Malta Singapore Gibraltar • Antares Re US & • Antares Group • Antares Re • QIC Europe Ltd • Antares Asia • West bay NatCat Holdings Continental Europe Insurance Plc • Antares Re HQ • Antares Lloyd’s and global and other non- 1274 Syndicate operations
Slide 7: Overview - Key Facts and Figures
OVERVIEW - KEY FACTS AND FIGURES QIC steadily evolved from a domestic player to a regional leader on to global Solid foundation ambitions over 58 years Strong financials • Insurance Revenue: QAR 3 billion • Total Equity: QAR 8.4 billion • Total Assets: QAR 29.8 billion • Market Capitalization: QAR 7
Slide 8: Overview - Key Milestones
OVERVIEW - KEY MILESTONES 1964 1968 2002 2004 ❖ QIC established ❖ Dubai Branch established ❖ Abu Dhabi Branch ❖ KQIC (Kuwait) and OQIC established (Oman) established 2015 2014 2011 2009 ❖ Qatar Re re-domiciled to ❖ QIC Europe Ltd established in Malta ❖ Q-Life & Medical ❖ Qatar Re Bermuda established
Slide 9: Overview - Key Credit Highlights
OVERVIEW - KEY CREDIT HIGHLIGHTS Dominant Domestic and Regional Market Position • Strong and diverse competitive position, supporting its regional GCC operations and substantial reinsurance income stream globally • Largest insurance group in MENA region by Total Assets, Total Equity and Gross Premiu
Slide 10: Overview - Path to ESG Integration
OVERVIEW – PATH TO ESG INTEGRATION Develop a framework which Integrate ESG into the Group’s Obtain an ESG rating with a outlines the mechanism for underwriting, investment and leading global rating agency achieving ESG goals operational strategy ESG ESG Goals KPIs QIC’s ESG QIC Framework Business Es
Slide 11: Overview - Commitment to ESG Integration
OVERVIEW – COMMITMENT TO ESG INTEGRATION QIC’s Board of Directors agreed to commit the Company to support Qatar’s endeavor to reduce the country’s greenhouse gas emissions by 25 percent by 2030. Under the leadership of Group CEO, Salem Al Mannai, QIC has developed an Environmental, Social and Govern
Slide 12: Table of Content
TABLE OF CONTENT Overview Financial Information Business Information Appendix
Slide 13: Financial Information - Performance
FINANCIAL INFORMATION - PERFORMANCE Gross written Premium – Lines of Business split (%) H1 2023 34 12 8 14 16 10 5 1 2022 45 5 8 10 16 10 4 2 2021 44 4 6 9 22 11 3 1 2020 37 5 5 10 30 10 21 Motor Health & Life Energy Marine & Aviation Property Liability Agriculture Credit & Surety Gross written Prem
Slide 14: Financial Information - Performance
FINANCIAL INFORMATION - PERFORMANCE Insurance Revenue in QAR Millions Insurance Service Result in QAR Millions 3,797 3,049 552 32 H1 2022 H1 2023 H1 2022 H1 2023 Net Insurance Financial Result in QAR Millions Investment Income (in QAR Millions) and Yield (in %) 5.4% 600 4.8% 6.0% 5.0% H1 2022 H1 202
Slide 15: Financial Information - Performance
FINANCIAL INFORMATION - PERFORMANCE Total Equity in QAR Millions Total Assets in QAR Millions 33,940 10,172 29,130 29,796 7,925 8,435 2021 2022 H1 2023 2021 2022 H1 2023 Assets Ratios % 2022 2021 2020 2019 Invested Assets to Total Assets 53 51 51 52 Invested Assets to Net Technical Reserves 117 140
Slide 16: Financial Information - Key Ratios
FINANCIAL INFORMATION - KEY RATIOS Solvency Ratio - QCB Solvency Ratio – S&P As per QCB 2019 2020 2021 2022 As per S&P 2020 2021 2022 Eligible Capital 9,283 9,806 10,083 7,602 Solvency Ratio 122% 124% 121% Solvency Ratio 181% 188% 193% 171% 181% 188% 193% 171% 122% 124% 121% 2019 2020 2021 2022 2020
Slide 17: Financial Information - Strong Investment Portfolio
FINANCIAL INFORMATION - STRONG INVESTMENT PORTFOLIO Invested Assets vs investment and other income* in QAR million Investment portfolio composition QIC GROUP 21,570 19,355 17,243 17,205 3% 2% 4% 4% 6% 9% 7% 7% 6% 1,083 8% 748 834 460 11% 10% 18% 2020 2021 2022 H1 2023 24% 20% 23% Invested Assets Inv
Slide 18: Financial Information - Sector Balance and Security of Investments
FINANCIAL INFORMATION - SECTOR BALANCE AND SECURITY OF INVESTMENTS Fixed income - Rating Fixed income - Geographic mix Fixed income - Mix by sector 3% 1% 2% 3% 5% 3% 6% 15% 33% 47% 39% 8% 14% 57% 21% 17% 26% Financial Government A- & Above BBB- to BBB+ America (exc. LATAM) MENA Exploration & Product
Slide 19: Table of Content
TABLE OF CONTENT Overview Financial Information Business Information Appendix
Slide 20: Business Information - Balance Sheet Strength Underpinned by Strong Access to Capital
BUSINESS INFORMATION - BALANCE SHEET STRENGTH UNDERPINNED BY STRONG ACCESS TO CAPITAL Balance Sheet Strength Equity and Debt Capital Market Track Record ❖ QIC’s balance sheet strength is supported by Refinanced 2017 Tier-2 issue with risk-adjusted capitalization at the strongest 2022 Tier-2 Issue US
Slide 21: Business Information - Broad Spectrum of Capabilities
BUSINESS INFORMATION - BROAD SPECTRUM OF CAPABILITIES QIC GROUP WELL DIVERSIFIED MULTI-PILLAR BUSINESS SET-UP QIC Antares QIC - MENA Antares Re Epicure IM Anoud Direct Lloyd’s Life & Medical Reinsurance Asset Technologies Insurance Insurance Management Personal lines ❖ Aviation ❖ Group Life ❖ Agricu
Slide 22: Business Information - Dominant Position in the MENA Region
BUSINESS INFORMATION - DOMINANT POSITION IN THE MENA REGION Regional comparison (FY 2022) 1 in USD million 10,476 Total assets 5,042 3,815 2,254 2,719 2,499 1,447 1,075 776 Total equity 2,454 1,145 1,252 897 732 670 343 172 248 Market leading insurance group in the MENA region in terms of total asse
Slide 23: Business Information - Significant Potential for Global and Regional Growth
BUSINESS INFORMATION - SIGNIFICANT POTENTIAL FOR GLOBAL AND REGIONAL GROWTH QIC domestic/regional GWP MENA Life & Non-Life QIC Domestic and regional o Dominant market share in Qatar QIC GROUP and ahead of its peers in MENA o Significant growth potential in rapidly growing MENA insurance markets USD
Slide 24: Business Information - Stable and Resilient Credit Rating Strength
BUSINESS INFORMATION - STABLE AND RESILIENT CREDIT RATING STRENGTH Rating: ‘A -’ Outlook – Stable “QIC benefits from a diverse competitive position supported by its leading domestic standing, regional Gulf Cooperation Council (GCC) operations, and a substantial (re)insurance income stream S&P from t
Slide 25: Appendix
APPENDIX
Slide 26: Income Statement, H1 2023
INCOME STATEMENT, H1 2023 Particulars ( all figures in QAR ‘000) H1 2022 H1 2023 Insurance Revenue 3,796,513 3,049,483 Insurance Service Result 32,219 551,868 Net Insurance Financial Result (61,807) (179,067) Investment and Other Income 474,751 460,425 G&A Expenses (116,017) (152,046) Profit after T
Slide 27: Balance Sheet, Jan 2022 – Jun 2023
BALANCE SHEET, Jan 2022 – Jun 2023 Balance Sheet (QAR ‘000) Jan 2022 Dec 2022 June 2023 ASSETS Cash and cash equivalents 9,598,720 6,473,253 5,535,727 Reinsurance contract assets 5,648,417 1,850,837 1,912,931 Other receivables 1,036,685 668,306 845,028 Investments 16,508,977 13,196,155 13,095,201 In
Slide 28: Epicure Investment Management
EPICURE INVESTMENT MANAGEMENT Assets UnderEPICURE INVESTMENT Management MANAGEMENT (31 Dec 2022) – USD7.5 Bn Awards and Recognition QIC Group Assets USD 5.8 Bn QIC GCC Equity Fund – Top Rated GCC Equity Fund. Rated “5 star” by Morningstar. Equities Fixed Cash and Alternatives USD 348 Income Deposits
Slide 29: Anoud Technologies
ANOUD TECHNOLOGIES ANOUD TECHNOLOGIES AT A GLANCE LEADING INSURTECH COMPANY WITH A BEST-IN-CLASS CORE INSURANCE SYSTEM ❖ Established in March 2020 Anoud Tech was the 1st InsurTech company to be established in Qatar 1 Established in the QFC in April 2020 to support Qatar National Vision 2030. The Ano
Slide 30: Thank You
THANK YOU
Qatar Insurance Company — Debt Investor Presentation (June 2023) on 6ix