Qatar Insurance Company reports net profits of $99mln in H1 2024

PHOTO

Doha: Qatar Insurance Company (“QIC Group”, “QIC”), the leading insurer in Qatar and the Middle East and North Africa (MENA) region, has reported a net profit of QR360m for the first half of 2024, rising 11% from QR325m over the same period in 2023. Following a meeting of the Board of Directors dated 14 August 2024, which was presided over by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of QIC Group, the Board approved the financial results.

Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, stated: “QIC’s excellent H1 financial results reflect the strong momentum the company has built in the first six months of 2024. The Group is focused primarily on growing its presence in domestic and regional markets – an approach which has been bolstered by continued investment in its already best-in-class digital services.”

Salem Al Mannai, Chief Executive Officer of QIC Group, said: “In a very promising set of results for H1 2024, the backbone of QIC’s robust financial performance continues to be the company’s exceptional operational efficiency, supplemented by a deliberate shift towards increasing the proportion of premiums generated in the MENA region. This is reflected in the fact that the domestic and MENA GWP increased by 44% year-on-year to QR2.7bn. As we move into the second half of the year, QIC is proactively pursuing further opportunities to create process efficiencies and foster automation, while continuing to prioritise growth in its profitable business lines in Qatar and the Middle East.”

Mannai added: “The strategic restructuring of our UK motor business is in line with QIC Group’s strategy to streamline loss-making and low margin businesses and to bring the international operations of the Group back to profitability. This restructuring positions the Group for greater stability and profitability with controlled exposure to UK Motor as a reinsurer instead of direct insurer. As part of this decision, QIC Group will continue to own the Gibraltar-based subsidiaries, West Bay Insurance Plc and Markerstudy Insurance Co. Ltd. By successfully completing this restructuring, the Group is confident that it will have a well balanced portfolio between its MENA and international business. We are pleased with the outcome, and we look forward to further implementing our strategy, which has, so far, brought us significant success and improved consistent profitability.”

The Group posted Insurance Service Results of QR339m in H1 2024, compared to QR236m in H1 2023. QIC has shown considerable resilience to navigate the aforementioned global challenges, reporting an investment income of QR465m for H1 2024, compared to QR501m for the same period last year. The return on investment stood at 5%. As of the end of H1 2024, the composition of QIC’s investment portfolio continues to remain stable and consistent with the previous year.

Sustainability continues to be a key focus for QIC, as the first insurer in the Middle East to sign United Nations Environment Programme-Finance Initiative’s Principles for Sustainable Insurance (UNEP-FI PSI) last year.