Insurance major QIC has posted a net profit of QR635mn in the first half of this year, up 53% on the same period in 2013.

Qatar Insurance Company’s gross premium exceeded QR3bn in the first half of the year, post its “Antares” acquisition.

QIC, the largest insurance company in the Middle East, recently completed the acquisition of Antares Holdings Limited, the specialist insurance and reinsurance group operating in the Lloyd’s market.

QIC’s H1 financial results announced here yesterday indicated that the company’s investment and other income stood at QR600mn in June, up 62% on the same period last year.

Invested assets increased to QR 9.97bn in June 2014 while the total shareholders’ equity stood at QR5.3bn in H1, 2014.

The QIC Board of Directors at their meeting here approved the establishment of a subsidiary insurance company in Malta to “attract good and strategic risks” from the various European countries.

It also approved the issuance of a five year convertible bonds into QIC shares with a total value of $250mn. This, QIC said, was in order to meet its future capital requirements, and match the growth rates expected for insurance activities during the next few years.

The QIC Board of Directors also took a decision to call the General Assembly of shareholders for a meeting to approve the issuance after obtaining the necessary approval from the authorities concerned.