(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: Qatar's leading life and medical insurer, QLM Life & Medical Insurance Company QPSC (QSE: QLMI), yesterday announced its H1 2023 results. The net profit for the six months period ended June 30, 2023 increased by 25% and stood at QR46.7m as compared to QR37.3m for the same period in the previous year.
Earnings per share was QR0.13 per share, compared with QR0.11 per share, for the same period of previous year.
“During the six months period, 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 stood at QR25.4m, as compared to QR24.8m for the same period in the previous year.
”The first half of 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. This approach has helped retain our valuable clients and deliver customized solutions within their budgets while assisting us to ensure that basic margins are adequately protected. Our objective is to maximize customer satisfaction and ensure that through our diverse offerings, all residents and citizens can get a variety of comprehensive coverages to suit their specific needs.” said Fahad Mohammed Al Suwaidi, CEO of QLM.
QLM's vision is to continuously improve its customer experience and deliver robust performance with a customer centric approach. This is effectively demonstrated by our committed team which ensures that timely access to quality healthcare is available to all our insured members.
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