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.
Sapience Communications
qic@sapiencecomms.co.uk
02033278422
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