(MENAFN- The Peninsula) The Peninsula
Doha, Qatar: Qatar Insurance Company (“QIC Group”,“QIC”), the leading insurer in Qatar and the Middle East North Africa (MENA) region, has reported a net profit of QR194m for the first quarter (Q1) of 2024, rising from QR175m over the same period in 2023 with a 11% growth. Following a meeting of the Board of Directors dated 29th April 2024, which was presided over by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of QIC Group, the Board approved the financial results.
Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, stated:“QIC begins 2024 in excellent financial health. The first quarter of the year saw the company consolidate and build upon the progress it made over the previous year – with a renewed focus on strengthening profitable domestic and regional businesses, extending its exceptional digital offering, and strategically improving its international operations while reducing exposure to underperforming markets. In spite of a global macroeconomic environment that remains uncertain in the near term and geopolitical challenges, QIC continues to enjoy robust growth through its core business lines, strong financials, and stable sources of income.”
Salem Khalaf Al Mannai, Chief Executive Officer of QIC Group, said,“QIC has delivered a very encouraging set of results in Q1 2024, with the highlights including major growth in its MENA direct business. Gross Written Premiums for the period stood at QR2.75bn – a result underpinned by the company's strategy of increasing the proportion of its premiums generated in domestic and MENA markets.
Mannai further added:“QIC's digital innovation in particular continues to be a key point of competitive differentiation for the company. Through multiple new features introduced to the online and mobile platforms in Q1 2024, our customers in Qatar and across the GCC can expect unparalleled convenience when onboarding and fulfilling their digital needs, which is reflected in the record numbers of users that are now utilising these channels. QIC is proud to once again have been named 'Insurer of the Year in Qatar' at the MENA IR Awards 2024, for the third consecutive year among others.
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