QIC Group six-month net profit jumps 181% to QAR 325M

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Aug 14, 2023, 15:12 ET

Highlights in H1 2023

QIC Group consolidated net profits surge by 181% of QAR 325M.
Gross written premiums of QAR 5.5Bn.
QIC's domestic and MENA operations gross written premiums grew by 14% in H1 2023.
Insurance service results of QAR 552M in H1 2023, compared to QAR 32M in H1 2022.
Net investment results of QAR 460M during H1 2023, compared to QAR 475M in H1 2022.

DOHA, Qatar, Aug. 14, 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 325M for the first half of 2023, rising 181% from the same period in 2022.

The company's strong profitability was underpinned by domestic and MENA operations Gross Written Premiums of QAR1.9Bn, which increased 14% year on year. The effectiveness of QIC's ongoing tactical shift to discontinue its business of international operations also contributed to its robust performance.

"QIC's bottom-line results demonstrate the success with which the company has navigated a challenging macroeconomic environment in the first half of 2023", said Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group. "As well as broad increases in net profitability, we've seen double digit growth in our core MENA business activities. Though market challenges persist due to inflation and geopolitical unrest, the company has taken decisive steps to minimise its exposure to high severity and volatile international risks."

"Our focus on digital acceleration brought success, with the recent roll out of the fastest online solution for mandatory visitors' insurance in Qatar, as well as new features on QIC's award-winning car insurance website", said Mr. Salem Khalaf Al Mannai, Group Chief Executive Officer. "QIC's commitment to sustainability along with its award-winning status has established our position as a leader in the region's burgeoning insurtech industry."

About Qatar Insurance Company

Qatar Insurance Company is a publicly listed insurer with a consistent performance history over 58 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA regions. QIC is the largest insurance company in the MENA region by total assets and is listed on the Qatar Stock Exchange.

For the complete release and further information, please visit www.qic-group.com.

SOURCE Qatar Insurance Company