Qatar Insurance Company (QIC), an insurer for Middle East North African (MENA) region, has reported a net profit of QAR 571 million from continuing operations for the first nine months of 2022, and underwriting income of QAR 272 million.
Khalifa Abdulla Turki Al Subaey, Chairman and Managing Director of QIC, noted that his company had delivered “healthy results” despite facing major headwinds such as soaring inflation, geo-political uncertainties, high natural catastrophe losses and financial market volatility.
“In this exceptional environment, our Group further strengthened its leadership position in our home markets,” he commented. “We reduced our exposure to volatile severity risks and laid the foundations to further trim our portfolio and to divest those businesses that no longer fit our lean, yet well-diversified business strategy.”
QIC’s gross written premiums amounted to QAR 7.8 billion for the 9M period, as QIC’s domestic and MENA operations continued to expand their gross written premiums by 14% to QAR 2.3 billion.
The combined ratio remained stable at 99.3%, compared with 99.8% for Q3 2021, and net investment income amounted to QAR 671 million.
“QIC’s domestic insurance business in Qatar and MENA recorded another strong performance in the first nine months of 2022, turning in a solid underwriting profit,” said Group CEO Salem Khalaf Al Mannai, adding that: “Volume growth was mainly driven by strong demand for QIC’s marketleading online and digital product offerings and services.”
