Qatar Insurance Company (QIC), an insurer for Middle East North African (MENA) region, has reported a net profit of QAR 325 million for the first half of 2023, rising 181% from the same period in 2022.
“Throughout the first half of this year, QIC has maintained its strategic focus on expanding its primary insurance business, mainly the profitable direct-line insurance markets throughout the GCC,” said Salem Khalaf Al Mannai, Group Chief Executive Officer.
“Meanwhile, the company has mitigated risks by exiting high severity, low margin, and loss-making international markets.”
QIC reported gross written premiums of QAR 5.5 billion for H1’23, compared to QAR 6.3 billion in H1’22. QIC’s domestic and MENA operations gross written premiums grew by 14% in H1 2023 to QAR 1.9 billion, compared to QAR 1.7 billion for the same period in 2022.
The insurer posted insurance service results of QAR 552 million in H1’23, compared to QAR 32 million in H1’22, while net investment results were QAR 460 million in H1’23, compared to QAR 475 million in H1’22.
The annualized return on investment came in at 5.4% compared to 4.8% last year, the insurer noted.
In addition, the Group’s international operations, Antares Global – which includes the brands Antares Re, Antares Lloyds Syndicate and QIC Europe Ltd – has performed exceptionally well, delivering a premium volume of QAR 3.6 billion, amid rate hardening and tightening market conditions, the insurer noted.
