QIC Group 9-month net profit jumps 445% to QAR 453M

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Nov 07, 2023, 08:45 ET

Highlights in Q3 2023

QIC Group consolidated net profits surge by 445% of QAR 453M.
Gross written premiums of QAR 7Bn.
QIC's domestic and MENA operations gross written premiums grew by 14% during 2023 9M.
Insurance service results of QAR 673M in 2023 9M, compared to QAR 14M in 2022 9M.
Net investment results of QAR 681M during 2023 9M.

DOHA, Qatar, Nov. 7, 2023 /PRNewswire/ -- Qatar Insurance Company ("QIC Group", "QIC"), the leading insurer in Qatar and the Middle East North Africa (MENA) region, has reported Net Profits of QAR 453M for the first nine months of 2023, rising 445% from the same period in 2022.

Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, stated: "Amidst macroeconomic and geopolitical challenges, QIC has continued to perform successfully, which is reflected in the bottom-line results for Q3 2023. Profitability has continued to increase company-wide, with results outperforming both H1 2023 and Q3 2022, with substantial growth has been experienced in our core business activities in MENA."

Mr. Salem Khalaf Al Mannai, Group Chief Executive Officer, stated: "Q3 2023 has marked a continuation of the strategy put in place to ensure QIC would carry on expanding its primary insurance business, as well as improving its already exceptional operational efficiency. Regarding risk mitigation in what is a challenging global climate, the company has continued to withdraw from low margin and volatile markets to ensure the business remains stable. This strategy has resulted in considerable success, demonstrating its viability with 14% growth in Domestic and MENA Operations Gross Written Premiums to QAR 2.7Bn in the first 9 months of 2023, compared to QAR 2.4Bn for the same period last year."

QIC's performance in the MENA region has been exceptional - embodying the continued growth we expect to see in the region over the coming months and years.

Investment performance

Despite the challenges of the market environment, QIC reported net investment results amounting to QAR 681M during first nine months of 2023. The consolidated net profit was QAR 453M during the first nine months of 2023.

ESG

QIC has set out a long-term Environment, Social and Governance (ESG) strategy to support Qatar's commitments and has formed an ESG & Sustainability Committee to ensure efforts within this framework are group wide.

For further information on QIC, please visit www.qic-group.com

SOURCE Qatar Insurance Company