QIC’s net profit reaches QAR 360m in H1’24

Qatar Insurance Company (QIC), has posted a net profit of QAR 360 million ($98.9 million) for the first half of 2024, representing an 11% increase from QAR 325 million ($89.2 million) from the prior year period.

At the same time, the organisation’s domestic and Middle East North African (MENA) gross written premium (GWP) increased 44% year-on-year to QAR 2.7 billion ($0.74 billion) in H1’24, compared to the same period last year.

QIC also reported Insurance Service Results of QAR 339 million ($93.13 million) for the period, a solid increase from last year’s QAR 236 million ($64.83 million).

In terms of investment, QIC posted an investment income of  QAR 465 million ( $127.74 million) for the first half of 2024, a decrease, compared to the QAR 501 million ($137.63 million) figure that was reported for the same period last year. QIC’s return on investment stood at 5%.

Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, commented: “QIC’s excellent H1 financial results reflect the strong momentum the company has built in the first six months of 2024. The Group is focused primarily on growing its presence in domestic and regional markets – an approach which has been bolstered by continued investment in its already best-in-class digital services.”

Salem Al Mannai, Chief Executive Officer of QIC Group, said: “In a very promising set of results for H1 2024, the backbone of QIC’s robust financial performance continues to be the company’s exceptional operational efficiency, supplemented by a deliberate shift towards increasing the proportion of premiums generated in the MENA region. This is reflected in the fact that the domestic and MENA GWP increased by 44% year-on-year to QAR 2.7 billion. As we move into the second half of the year, QIC is proactively pursuing further opportunities to create process efficiencies and foster automation, while continuing to prioritise growth in its profitable business lines in Qatar and the Middle East.”

He added: “The strategic restructuring of our UK motor 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 positions the Group for greater stability and profitability with controlled exposure to UK Motor as a reinsurer instead of direct insurer.

“As part of this decision, QIC Group will continue to own the Gibraltar-based subsidiaries, West Bay Insurance Plc and Markerstudy Insurance Co. Ltd. By successfully completing this restructuring, the Group is confident that it will have a well balanced portfolio between its MENA and international business. We are pleased with the outcome, and we look forward to further implementing our strategy, which has, so far, brought us significant success and improved consistent profitability.”

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