Qatar Insurance Company (QIC) has reported Net Profits of QAR 453 million for the first nine months of 2023, rising a massive 445% from the same period in 2022.
Despite noting an array of challenges in the current market environment, QIC also disclosed net investment results amounting to QAR 681 million during the first nine months of 2023.
Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, commented, “Amidst macroeconomic and geopolitical challenges, QIC has continued to perform successfully, which is reflected in the bottom-line results for Q3 2023.
“Profitability has continued to increase company-wide, with results outperforming both H1 2023 and Q3 2022, with substantial growth has been experienced in our core business activities in MENA. The company has strengthened its position despite sector challenges tied to international unrest and inflation by continuing to reduce its activity in low-margin and high-volatility markets.
He went on, “We continue to pride ourselves on what establishes us as insurance leaders in the region, which is our outstanding operational efficiency and central sustainable initiatives.
“As we enter Q4 2023, QIC is dedicated to supplying cutting-edge, innovative, and stable insurance products across several geographical markets, as well as continuing to provide first-class customer service.”
QIC reported total gross written premiums of QAR 7 billion for the first nine months of 2023, compared to QAR 7.8 billion for the same period in 2022.
Salem Khalaf Al Mannai, Group Chief Executive Officer, stated, “Q3 2023 has marked a continuation of the strategy put in place to ensure QIC would carry on expanding its primary insurance business, as well as improving its already exceptional operational efficiency.
“Regarding risk mitigation in what is a challenging global climate, the company has continued to withdraw from low margin and volatile markets to ensure the business remains stable.”
According to Al Mannai, this strategy has resulted in considerable success, demonstrating its viability with 14% growth in Domestic and MENA Operations Gross Written Premiums to QAR 2.7 billion in the first 9 months of 2023, compared to QAR 2.4 billion for the same period last year.
He concluded, “Considering this, we maintain a positive outlook for the remaining quarter of 2023. In the months coming and beyond, we remain committed to expanding our direct insurance offer in the region and making significant advancements in process efficiencies and automation.”
