QIC Group reports 11% growth in Net Profits in H1 2024

DOHA, Qatar, Aug. 19, 2024 /PRNewswire/ -- Qatar Insurance Company ("QIC Group," "QIC"), the leading insurer in Qatar and the Middle East and North Africa (MENA) region, has reported a net profit of QAR 360 million for the first half of 2024, rising 11% from QAR 325 million over the same period in 2023.

Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, stated: "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."

Mr. 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."

Financial overview

Prioritising growth in domestic and regional insurance markets

QIC has been steadfast in its longer-term strategy of focusing on profitable markets in Qatar and the MENA region, while exiting loss making and low margin international businesses. This is showcased by the increase in GWP from its domestic and MENA operations by 44% in H1 2024. QIC currently has a balanced and well diversified portfolio with 57% of its insurance business written by the MENA entities and 43% of business underwritten by the international operations.

QIC has recently focused on growing its personal lines and health insurance divisions, as well as marine and energy insurance. While the company's exposure to the international motor insurance market has been intentionally reduced, it continues to prioritise its award-winning motor insurance business in the MENA region.

The Group posted Insurance Service Results of QAR 339 million in H1 2024, compared to QAR 236 million in H1 2023.

Investment performance

QIC has shown considerable resilience to navigate the aforementioned global challenges, reporting an investment income of QAR 465 million for H1 2024, compared to QAR 501 million for the same period last year. The return on investment stood at 5%.

About Qatar Insurance Company

Qatar Insurance Company is a publicly listed insurer with a consistent performance history over 59 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader in Qatar and a dominant insurer in the GCC and MENA regions. QIC is the largest insurance company in the MENA region by total assets and is listed on the Qatar Stock Exchange.

For further information on QIC, please visit www.qic-group.com.

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