QLM Life and Medical Insurance reports $13mln net profit in first half

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Qatar’s leading life and medical insurer, QLM Life and Medical Insurance (QLMI), has reported a 25% year-on-year jump in net profit to QR46.7mn in the first half (H1) of 2023.

Earnings-per-share was QR 0.13 compared to QR0.11 the same period of previous year.

“During H1-2023, the company has been able to deliver strong performance results despite, the intense competition, rising interest rates coupled with challenging market conditions and rising inflation, QLM is uniquely placed to successfully navigate its way through and stay focused towards driving growth and transformation and meet the expectations of the stakeholders.” said Sheikh Saoud bin Khalid bin Hamad al-Thani, the Chairman of QLM.

Net investment and other income amounted to QR25.4mn against QR24.8mn for the same period in the previous year.

”The H1-2023 witnessed careful treading as we sought to remain competitive on our pricing front while mitigating the adverse effect of inflationary pressures and ensuring discipline is maintained while assessing and underwriting insurance risks," said Fahad Mohamed al-Suwaidi, chief executive officer of QLM.

This approach has helped retain its valuable clients and deliver customised solutions within their budgets while assisting it to ensure that basic margins are adequately protected, he said, adding its objective is to maximise customer satisfaction and ensure that through its diverse offerings, all residents and citizens can get a variety of comprehensive coverages to suit their specific needs.

QLM’s vision is to continuously improve its customer experience and deliver robust performance with a customer centric approach. This is effectively demonstrated by its committed team which ensures that timely access to quality healthcare is available to all its insured members.