(MENAFN- The Peninsula) The Peninsula
Doha: Qatar's leading life and medical insurer, QLM Life & Medical Insurance Company QPSC (QSE: QLMI), yesterday reported its Q1'2023 performance results. The insurance revenue for the three-months period stood at QR245.2m as against QR272.3m in Q1'22.
In accordance with the guidelines of QCB and IASB (International Accounting Standards Board) QLM with effect from 1st January 2023, successfully implemented for its consolidated financial statements, IFRS 17 the new insurance reporting standard for insurance companies. IFRS 17 which is a principle-based standard, is a major departure from current insurance accounting practice and involves measuring insurance liabilities based on expected cash flows adjusted for the compensation an insurer requires for bearing uncertainty about the amount and timing of these cash flows as it fulfils the contract.
“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.
The net profit of the company for the three months period ended March'23 stood at QR20.03m (Un-audited) as against QR29.12m (Restated & Un-audited) in March'2022. The earnings per share in Q1'23 was QR0.06 per share as compared to QR0.08 in Q1'22. Net investment and other income in Q1'23 stood at QR10.6m as compared to QR15.7m in Q1'22.
Commenting on this, QLM CEO, Fahad Al Suwaidi stated:“The Company has a diverse and increasing range of product offerings in both health and life segment. This is further enhanced through our meaningful partnership with an extensive range of value-based healthcare providers to meet the needs of the members thus making QLM the preferred and trusted partner for life and health insurance plans.”
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.
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