QIC Group Net Profit Surges 16% To Qr525m

(MENAFN- The Peninsula) The Peninsula

Doha: Qatar Insurance Company, the leading insurer in Qatar and the Middle East North Africa (MENA) region, has reported a net profit of QR525m for the first nine months of 2024, compared to QR453m over the same period in 2023.

Following a meeting of the Board of Directors dated 29 October 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's strong momentum over the first nine months of 2024 has been reflected in another outstanding set of results. The company has focused intensively on strengthening its position in domestic and MENA markets – where Gross Written Premiums have increased 43%, compared to the same period in 2023. This is evident in the growth coming from its direct GCC business, arising from health and personal lines business, as well as the recognition it has received for offering an unparalleled digital experience to customers – across several business lines – at the region's most respected industry awards.”

Sheikh Hamad bin Faisal Al Thani added: The reduction in global inflation we have seen this year suggests that the outlook for the macroeconomic climate is becoming more encouraging, though challenges certainly persist.

QIC's long term strategy of reducing exposure to underperforming international markets – augmented most recently by the strategic restructuring of its UK motor business – positions the Group well to weather the impact of international economic volatility.

Salem Khalaf Al Mannai, Chief Executive Officer of QIC Group, said: QIC enters the final quarter of the year in excellent shape, having reported robust, consistent and stable consolidated net profits over the past nine months of QR525m.

Once again, the company's continued endeavours towards maximising the benefits of AI technologies in business decision making, process efficiencies and automation have bolstered its already exceptional operational efficiency, and cemented QIC's position as a market leader in digital innovations.

Al Mannai added:“The strategic restructuring of our international business is in line with QIC Group's strategy to streamline loss-making and low margin businesses and to bring the international operations of the Group back to profitability. This restructuring now positions the Group for greater stability and profitability with controlled exposure to UK Motor as a reinsurer instead of a direct insurer. By successfully completing this restructuring, the Group is confident that it will have a well-diversified and balanced portfolio between its MENA and international business. We are pleased with the outcome of consistent and stable underwriting income with improving combined ratio”.

Al Mannai further added:“Having already been named 'Insurer of the Year in Qatar' at The MENA IR Awards, QIC was honored to receive the 'General Insurance Company of the Year' accolade at the Asset Triple A Private Capital Awards”.

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