Q3 2019 results - qgirco.com€¦ · 87,704 Q3 2018 Insurance Non-insurance Q3 2019 292,354 7,197 -...

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Q3 2019 results October 2019

Transcript of Q3 2019 results - qgirco.com€¦ · 87,704 Q3 2018 Insurance Non-insurance Q3 2019 292,354 7,197 -...

Page 1: Q3 2019 results - qgirco.com€¦ · 87,704 Q3 2018 Insurance Non-insurance Q3 2019 292,354 7,197 - 19,182 280,369 9M 2018 Insurance Non-insurance 9M 2019 Consolidated revenue1 (Q3

Q3 2019 resultsOctober 2019

Page 2: Q3 2019 results - qgirco.com€¦ · 87,704 Q3 2018 Insurance Non-insurance Q3 2019 292,354 7,197 - 19,182 280,369 9M 2018 Insurance Non-insurance 9M 2019 Consolidated revenue1 (Q3

Disclaimer

By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by thefollowing limitations:

These materials contain statements about future events and expectations that are forward-looking statements.These statements typically contain words such as "expects" and "anticipates" and words of similar import.Any statement in these materials that is not a statement of historical fact is a forward-looking statement that involves known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.None of the future projections, expectations, estimates or prospects in this presentation should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the presentation.Past performance cannot be relied on as a guide to future performance.Qatar General Insurance and Reinsurance Co. assumes no obligations to update the forward-looking statements contained herein to reflect actual results, changes in assumptions or changes in factors affecting these statements.The opinions presented herein are based on general information gathered at the time of writing and are subject to change withoutnotice.Qatar General Insurance and Reinsurance Co. relies on information obtained from sources believed to be reliable but does not guarantee its accuracy or completeness.

2© Qatar General Insurance & Reinsurance Company Q.P.S.C

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Q3 2019 results highlights

Insurance revenue1▪ 39% growth in Gross Written Premiums for the 9 months period of 2019 (vs. same period 2018)▪ Excellent development of international insurance business with growth of 141% in Gross Written

Premiums over the same period

Investment income3▪ Investment income declined by 11% for the 9 months period of 2019 (vs. same period 2018) ▪ Decline due to fair value adjustment of listed security portfolio

Total expenses5▪ Total expenses increased by 6% for the 9 months period of 2019 (vs. same period 2018)

➢ Mainly driven by increase in finance costs due to increase in loans and borrowings➢ Positive impact of management cost cutting initiatives reducing administrative expenses by 11%

Profitability6▪ Net profit reduced to QAR 6.3m for the 9 months period 2019 compared to QAR 69.5m for the

same period. This represents an EPS of QAR 0.009 for the 9 months period

Outlook7

▪ Market conditions paired with an increase in finance cost and exceptional major claims have significantly impacted the Group’s results in 2019 year-to-date

▪ Measures taken by the new management team have already shown a positive impact on the key focus areas and the ongoing efficiency and cost cutting initiatives are expected to further enhance financial performance in 2020

3© Qatar General Insurance & Reinsurance Company Q.P.S.C

Net claims2▪ Exceptional increase in claims during Q3 2019 in the energy and property segments▪ 57% increase in net claims for the 9 months period of 2019 (vs. same period 2018)

Strong growth in the insurance business diminished by increase in net claims and lower investment income

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Message from the Group CEO

▪ The Company continues to affirm its prominent position in Qatar’s Insurance market, beingrecognized for its leading role in the field of product mix development

▪ Our primary objective remains to focus on expansion while ensuring our clients experience thehighest standards of service. Our results in Gross Written Premiums in the internationalinsurance market confirms our competitiveness and the opportunities abroad

▪ The Group’s long-term strategy provides it with the ability to adapt to market trends in order toconduct appropriate investments, optimizing customer service and increasing returns for ourshareholders

▪ We have witnessed strong growth in our insurance revenue which is up 39% for the 9 monthperiod of 2019 compared to the same period in 2018. However, the Group’s net profit is lowerdue to an exceptional increase in claims during Q3 2019, an increase in finance costs and lowerinvestment income due to fair value adjustments

▪ We see the first positive results of our efficiency and cost cutting measures implemented in theyear with administrative expenses being reduced by 11% for the 9 months period and expectfurther positive impacts to materialize going forward

▪ Our exceptional employees are one of the key factors in establishing, developing and executingthe strategies and objectives. QGIRCO will continue to develop Qatari talents and we are proudof our achievement thus far

Joined QGIRCO in March 2019 as Group CEO, with extensive experience in the financial sector. Prior to joining, Mr. Al-Efrangi was Deputy CEO of Ahli Bank Q.P.S.C.

Mr Hassan Al-EfrangiGroup CEO

4© Qatar General Insurance & Reinsurance Company Q.P.S.C

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47,216 42,544

180,533 161,351

Q3 2018 Q3 2019 9M 2018 9M 2019

6.31 6.27

31-Dec-18 30-Sep-19

Consolidated Q3 2019 results – financial overview

Consolidated operating results(QAR ‘000)

Consolidated shareholders equity(QAR billions)

Solvency Ratio (%)

186

5© Qatar General Insurance & Reinsurance Company Q.P.S.C

163

16,279

-15,531

69,478 6,264

Q3 2018 Q3 2019 9M 2018 9M 2019

0.019

Earnings per share

Consolidated net profit(QAR ‘000)

0.081-0.017 0.009

82,218 10,158

- 4,672

87,704

Q3 2018 Insurance Non-insurance Q3 2019

292,354 7,197

- 19,182

280,369

9M 2018 Insurance Non-insurance 9M 2019

Consolidated revenue1 (Q3 2018 vs. Q3 2019)(QAR ‘000)

Consolidated revenue (9M 2018 vs. 9M 2019)(QAR ‘000)

1) Consolidated revenues calculated as net earned premiums and inclusive of all investment revenue

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Chapter 1 Consolidated Q3 financial results publication 6

1.1 Consolidated results 8

1.2 Insurance results 13

1.3 Non-insurance results 16

Chapter 2 QGIRCO at a glance 21

Chapter 3 Shareholder information 25

Table of contents

6© Qatar General Insurance & Reinsurance Company Q.P.S.C

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Chapter 1 Consolidated Q3 financial results publication 6

1.1 Consolidated results 8

1.2 Insurance results 12

1.3 Non-insurance results 16

Chapter 2 QGIRCO at a glance 21

Chapter 3 Shareholder information 25

Table of contents

7© Qatar General Insurance & Reinsurance Company Q.P.S.C

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Consolidated Q3 2019 revenue

Total consolidated revenue1

(QAR ‘000)

Management comments

▪ Slight decrease in total revenue for the 9 months period 2019 compared to same period previous year

▪ Significant increase in revenue from insurance operations

▪ Consolidated revenue decrease due to the decrease in non-insurance related revenue, mainly due to the result of fair value adjustments of listed securities in the investment portfolio

▪ Income from real estate remained stable for the period

Non-insurance revenue split(%)

8© Qatar General Insurance & Reinsurance Company Q.P.S.C

9M 2018

9M 2019

71%

29%

GWP insurance revenue split(%)

61%

39%

General Takaful

58%

42%

Real estate Investment Other

67%

32%

1%

9M 2018

9M 201943% 51%

38% 42%57% 49%

62% 58%

82,218 87,704

292,354 280,369

Q3 2018 Q3 2019 9M 2018 9M 2019

Insurance Non-insurance

7%

(4%)

1) Consolidated revenues calculated as net earned premiums and inclusive of all investment revenue

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Consolidated Q3 2019 expenses

Total consolidated expenses split(9M 2018)

Total consolidated expenses split(9M 2019)

© Qatar General Insurance & Reinsurance Company Q.P.S.C

▪ Total consolidated expenses increased by 6% for the 9 months period of 2019 (vs. same period 2018). Mainly driven by increase in finance costs due to increase in loans and borrowings

▪ Positive impact of management cost cutting initiatives reducing administrative expenses by 11%

9

1,27410% reduction vs Q3 2018

Headcount(No. of employees)

34%

8%

59%

26%

3%70%

Finance costs Cost of sales from construction Other operating and adminstrative

Total consolidated expenses(QAR ‘000)

Management comments

187,229198,7144,454 7,031

9M 2018 Insurance Non-insurance 9M 2019

61,586 67,475 5,610 279

Q3 2018 Insurance Non-insurance Q3 2019

26%

3%

70%

QAR 187.2m

QAR 198.7m

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Consolidated Q3 2019 net profit

Management comments

10© Qatar General Insurance & Reinsurance Company Q.P.S.C

▪ Consolidated net profit declined 91% for the 9 months period 2019 compared to the same period last year. This is mainly due to:

▪ 57% increase in net incurred claims (QAR 28m)

▪ 11% decrease in investment income (QAR 19m)

▪ Increase in finance costs due to increase in loans and borrowings

16,279

-15,531

69,478

6,264

Q3 2018 Q3 2019 9M 2018 9M 2019

Consolidated net profit(QAR ‘000)

Earnings per share(QAR per share)

0.019

-0.017

0.081

0.009

Q3 2018 Q3 2019 9M 2018 9M 2019

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Chapter 1 Consolidated Q3 financial results publication 6

1.1 Consolidated results 8

1.2 Insurance results 12

1.3 Non-insurance results 16

Chapter 2 QGIRCO at a glance 21

Chapter 3 Shareholder information 25

Table of contents

11© Qatar General Insurance & Reinsurance Company Q.P.S.C

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Insurance operations overview – Q3 2019

Gross written premiums(QAR ‘000)

Net earned premiums(QAR ‘000)

12© Qatar General Insurance & Reinsurance Company Q.P.S.C

Management comments

▪ Significant increase in GWP in general insurance and Takaful products

▪ Excellent growth of 141% in the international insurance business

▪ Exceptional increase in claims in the energy and property segments led to an increase in the loss ratio

62%71%

61%

71%

38%29%

39%

29%

Q3 2018 Q3 2019 9M 2018 9M 2019

General Takaful

51%

39%

32,166 38,555

98,151 103,853

Q3 2018 Q3 2019 9M 2018 9M 2019

Net claims total(QAR ‘000)

Loss ratio(%)

13,337

36,960 48,570

76,229

Q3 2018 Q3 2019 9M 2018 9M 2019

177%

57%

GWP – domestic vs. international(%)

525,313

379,145

170,805113,241

49% 50%

72%

60%

73%

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

85%

15%

Domestic International

74%

26%

Domestic International

9M 2018 9M 2019

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Insurance operations overview – Q3 2019

Consolidated shareholders equity(QAR billions)

13© Qatar General Insurance & Reinsurance Company Q.P.S.C

6.12

6.316.36

6.29 6.27

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

Q3 2019 solvency ratio (%)

Combined ratio(%)

94% 89%

122%110%

118%

Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019

▪ QGIRCO’s consolidated solvency ratio as at Q3 2019 was 163%, which is 13% above the solvency requirement set by QCB. On an insurance business only (i.e. solo level), QGIRCO’s solvency ratio is 216% well above the required 150%.

163%

216%

Consolidated Solvency Ratio Solo Solvency Ratio

QCB Regulatory limit:

150%

+13% above requirement

+66% above requirement

Management comments

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Management’s view on insurance sector trends

Insurance sector trends QGIRCO action to benefit

Digital transformation required to remain competitive 1Program started and results

becoming visible in 2020

InsureTech expected to become driving force2 Exploring options

Big Data analytics capability to reduce risk 3 Internal assessment ongoing

Expanding product offering to satisfy changing customer behavior and lifestyle

4Changes implemented and product offering tailored

Continuous change in the regulatory landscape5Close collaboration and constant

dialogue with authorities in Qatar

14© Qatar General Insurance & Reinsurance Company Q.P.S.C

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Chapter 1 Consolidated Q3 financial results publication 6

1.1 Consolidated results 8

1.2 Insurance results 12

1.3 Non-insurance results 16

Chapter 2 QGIRCO at a glance 21

Chapter 3 Shareholder information 25

Table of contents

15© Qatar General Insurance & Reinsurance Company Q.P.S.C

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Non-insurance operations overview – Q3 2019

Investment income split(%)

16

▪ Investment income declined by 11% mainly due to decline in fair value of listed securities portfolio (QAR 19m)

▪ Value of real estate investments increased to QAR 6.2 billion

▪ 85% of the investment portfolio is invested in Qatar

Investment split by asset class(%)

Management comments

58%

42%

Real estate Investment Other

67%

32%

1%

9M 2018

9M 2019

Investment income comparison 9M 2018 to 9M 2019(QAR ‘000)

74%

11%

11%

3% 1% Real estate

Investment in associates

Equities

Debt securities

Cash and others

9M 2019

52,410

5,844 17,914

96,690

7,230 445

180,533

52,408

798

-866

89,445

18,495 1,071

161,351

Investment income Net realized gains Fair value gains (losses) Rental income Revenue from sales andconstruction activities

Other income Total

9M 2018 9M 2019

© Qatar General Insurance & Reinsurance Company Q.P.S.C

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Non-insurance operations overview – Q3 2019 financial position

Real estate investment(QAR millions)

17© Qatar General Insurance & Reinsurance Company Q.P.S.C

6,032 6,230

31-Dec-18 30-Sep-19

3%

956 939

31-Dec-18 30-Sep-19

(2%)

1,186 1,235

31-Dec-18 30-Sep-19

4%

Investment in associates(QAR millions)

Financial assets(QAR millions)

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98%

2%

Qatar GCC

10%

51%

20%

18%

Qatar GCC Asia Europe

98%

1%

Qatar GCC

28%

38%

19%

15%

Qatar GCC Asia Europe

Non-insurance operations overview – Q3 2019

Total investment assets as at Dec 2018 (%)

18

Total investment assets as at Sep 2019(%)

Equity and debt split by region (Q3 2018)(%)

Equity breakdown Debt breakdown

Equity and debt split by region (Q3 2019)(%)

Equity breakdown Debt breakdown

73%

20%

1%

6%

Equities

Debt Securities

Managed Fund

Cash71%

17%

1%11%

Equities

Debt Securities

Managed Fund

Cash

© Qatar General Insurance & Reinsurance Company Q.P.S.C

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Measures taken in 2019 and their impact

19

Appointment of Mr. Hassan Al Efrangi as the CEO of the Group and hiring of selected subject matter experts in key areas

Closure of Mozoon Insurance Marketing Company

Strategic decisions taken Results achieved

Complete strategy review across various segments, including risk management, information technology, human resources, insurance and investments

Expand international insurance business

Liquidation of non-performing subsidiaries

Gross written premiums increase by 39%

International insurance business increase by 141%

Closure of 8 local branches across general insurance and takaful

Reduction in administrative expenses by 11%

Lean management exercise

© Qatar General Insurance & Reinsurance Company Q.P.S.C

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Table of contents

20

Chapter 1 Consolidated Q3 financial results publication 6

Chapter 2 QGIRCO at a glance 21

Chapter 3 Shareholder information 25

© Qatar General Insurance & Reinsurance Company Q.P.S.C

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QGIRCO Group management team

Mr. Al-Efrangi has over 20 years of experience in the financial sector. He has significant business management capabilities and has extensive experience with performance improvement, growth and leadership. He was previously the Deputy Chief Executive Officer at Al Ahli Bank.

Hassan Al-Efrangi

Group Chief Executive Officer

21

Abdallah Barrage

Deputy Chief Executive Officer -Investment

Dr. Deepa Chandrakeshar

Acting Chief Financial Officer

Mohammad Elailah

Chief Operating Officer -

Insurance

Jamal Abu Nahl

Chief Executive Officer -

Insurance

Hassan Taha

Legal Advisor and Secretary of the Board

Jassim Al Kuwari

Group Head of Human Resources and Administration

Dimitrios Voukelatos

Deputy Head of Risk Management and Principal Actuary

Ramesh Kini

Acting Head of Internal Audit

Basil Falah

Group Head of Compliance

Georges Wakim

Group Legal Manager

Noura Al Maraghi

Head of Corporate Communication and Government Relations

Marwan Azar

Group Head of Marketing

© Qatar General Insurance & Reinsurance Company Q.P.S.C

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QGIRCO’s key investment highlights

Qatar’s leader in new product mix development First mover on:

Trade Credit, Cyber, Senior Liability

Deep understanding of the local market More than 40 years of experience

Strong balance sheet and cash generation capabilityConsolidated solvency ratio as at

163%, being 13% above QCB requirement

Experienced management driving efficiency and profitability Admin expenses decrease 11%

Quick to adapt to market trends and customer preferencesMarket opportunity ‘SME’ identified

and captured in short time frame

22© Qatar General Insurance & Reinsurance Company Q.P.S.C

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QGIRCO company profile

Company history Product overview

• QGIRCO was established in 1979, with the vision of providing individuals and businesses with general and Takaful insurance products. QGIRCO was listed on the Qatar Exchange in 1997

• QGIRCO expanded to become one of the most dominant players in the insurance industry in Qatar, with over 120 employees working in core insurance operations, serving clients through its 7 branches across the country

• QGIRCO has maintained an “A- (Excellent)” credit rating for 10 years, according to AM Best credit ratings

Investment portfolio Recent strategic developments

• Under the leadership of Mr. Al-Efrangi, QGIRCO is undergoing significant strategic changes to align the operations of the Group to the long-term vision

• QGIRCO will continue to focus on both general and Takaful insurance products

• Efficiency and cost saving initiatives ongoing to enhance shareholder value

• Selected strategic hiring for key positions in the insurance business

As at Q3 of 2019, the majority of

QGIRCO’s assets are invested in

real estate

Personal insurance

• Offers protection from risks associated in different areas of customer’s lives

• 10% of total insurance revenue is from sales of personal insurance products

Commercial insurance

• QGIRCO offers both general and specialized insurance products for corporate clients

• Commercial insurance represents 90 % of the Company’s insurance operations

59%

9%

10%

13%

3%4%Investment properties

Investment in associates

Reinsurance assets

Financial assets

Takaful assets

Other

23© Qatar General Insurance & Reinsurance Company Q.P.S.C

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Table of contents

24

Chapter 1 Consolidated Q3 financial results publication 6

Chapter 2 QGIRCO at a glance 21

Chapter 3 Shareholder information 25

© Qatar General Insurance & Reinsurance Company Q.P.S.C

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Shareholder information

Company name Qatar General Insurance & Reinsurance

Ticker (QE) QGRI

Market Capitalization QAR 3.1B

Common Shares Outstanding

875.1M

Free float 77%

Figures as at 30 September 2019 and in QAR. Unless, otherwise stated.

25

Top shareholders Ownership (%)

Ghazi Kamel Abdul Rahman Abu Nahl 9.99%

Sheikh Nasser Ali Saud Al Thani 7.32%

Sheikh Ahmed Ali Saud Al Thani 5.63%

General information Shareholder structure

68%

32%

Qatari Non-Qatari

59%37%

4%

Retail Institutional Other

© Qatar General Insurance & Reinsurance Company Q.P.S.C

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Share price performance and share trading liquidity

26

Share price performance % change

Since 30 June 2019 (3M) (14%)

Since 30 March 2019 (6M) (19%)

Year to date (22%)

Liquidity daily averages QAR ‘000

Since 30 June 2019 (3M) 567

Since 30 March 2019 (6M) 410

Year to date 356

Share price performance versus QE Index as at 30 September 2019

Share trading volume as at 30 September 2019

3

3.5

4

4.5

5

5.5

Jan-19 Mar-19 May-19 Jul-19 Sep-19

QGIRCO QE Index0

100,000

200,000

300,000

400,000

500,000

Jan-19 Mar-19 May-19 Jul-19 Sep-19

© Qatar General Insurance & Reinsurance Company Q.P.S.C

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Investor relations contacts

Ali Mourad

Senior Investment Analyst & Investment Relations Officer Tel.: +974 4428 2301E-mail: [email protected]

Noura Al Maraghi

Head of Corporate Communication & Government RelationsTel.: +974 4428 2200E-mail: [email protected]

27© Qatar General Insurance & Reinsurance Company Q.P.S.C

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