Qatar Islamic Insurance Company (QIIC) announced that its results for the nine month period ended 30/09/2007 were very satisfactory. Gross premium for the first 9 months reached QR 134.5 million ( + 16.5% over 2006 ) and net investment income exceeded QR 47.1 million or 10% more than that of the compatible period of 2006.

As a result, net profit for the period touched QR 45.1 million ( 2% over 2006). Of this profit QR 13.7 million represented policyholders' insurance surplus and the remainder ( QR 31.4 million ) was generated from shareholders operations representing an increase of 43% over the corresponding period in 2006. With this level of net income earnings per share ( EPS ) for the first 9 months of 2007 was about QR 2.1 / share against QR 1.5 / share in 2006.

The above results were achieved on the strength of all our insurance business units recording growth levels and good profit levels generated by our real estate and securities investment operations.