Doha, Qatar: Qatar’s leading life and medical insurer, QLM Life & Medical Insurance Company Q.P.S.C (QSE: QLMI), today reported strong first quarter 2022 results.  The main highlight was an impressive growth of 79% in gross written premium which stood at QAR 535 million as compared to QAR 300 million in Q1’2021. This increase is mainly attributed to securing of some large and strategic accounts which have further bolstered the company’s dominant position in the health and life insurance sector. The net profit witnessed a growth of 10% for the three months period ended March31, 2022and stood at QAR 27.6 million as against QAR 25 million in March31, 2022 The earning per share was QAR 0.08 per share as compared to QAR 0.07 for the same period in previous year.

“Market conditions continue to pose a challenging environment in terms of pricing and competition. However, QLM, with all its in-house capabilities, robust infrastructure coupled with professionally experienced team is uniquely positioned to weather such conditions successfully and deliver strong performance in line with the expectations of all the stakeholders” said Sheikh Saoud bin Khalid bin Hamad Al-Thani, the Chairman of QLM. 

Net investment and other income grew by an impressive 64% during Q1’2022 as compared with QAR 9.6 million in Q1’2021.

Commenting on this, QLM CEO, Fahad Mohammed Al-Suwaidi stated: “This year, we are focusing on scaling the retail infrastructure and operations in order to create awareness and penetrate the health and life insurance market and to capitalize on the untapped opportunities in this segment.”

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About QLM

QLM is a public listed company specializing in life and medical insurance solutions and aim at providing best-in-class service to its clients, with a unique value proposition. The Company’s vision is to continuously provide outstanding healthcare services, by becoming the most trusted healthcare partner in Qatar and beyond, following a path of continued success in health insurance.