Qatar Insurance Company (QIC Group) saw its net profits surge by 181% in the first half of 2023, with earnings reaching QAR 325 million.
The insurer, which has a global underwriting footprint, reported gross written premiums (GWP) of QAR 5.5 billion, down from QAR 6.3 billion in H1 2022. Broken down, QAR 1.9 billion of the GWP came from the group’s domestic and Middle East North Africa (MENA) operations, while the international businesses contributed QAR 3.6 billion.
Insurance service results, meanwhile, jumped to QAR 552 million from QAR 32 million in the previous year. Net investment results stood at QAR 460 million, compared to QAR 475 million in H1 2022.
Hamad bin Faisal bin Thani Jasim Al Thani, chairman of QIC Group, attributed the company’s H1 2023 performance to its ability to adapt amid a challenging macroeconomic environment.
“In addition to broad increases in net profitability, we’ve seen double-digit growth in our core MENA business activities,” he said. “Though market challenges persist due to inflation and geopolitical unrest, the company has taken decisive steps to minimise its exposure to high severity and volatile international risks.”
Group CEO Salem Khalaf Al Mannai also made note of QIC’s approach in expanding its primary insurance business while mitigating risks by exiting “high-severity, low-margin, and loss-making” international markets.
“As we look ahead to the rest of the year and beyond, we remain committed to growing our direct insurance vertical in the region,” said Al Mannai. “QIC’s operating priorities have underpinned the strength of its performance. By focussing on process efficiencies and automation, the company has further improved its already outstanding operational efficiency in the first half of this year.”
Al Mannai went on to cite the rollout of an online solution for mandatory visitors’ insurance in Qatar, as well as the enhancement of QIC’s car insurance website. This focus on technology and innovation was further underscored by the success of the second edition of QIC’s annual MENA InsurTech Summit in May, Al Mannai added.
Another half-year milestone highlighted by the CEO surrounds the company’s sustainability initiatives, as he pointed to QIC being the first insurer in the Middle East to sign the UN’s Principles for Sustainable Insurance.
“QIC is committed to supporting Qatar’s endeavour to reduce the country’s greenhouse gas emissions by 25% by 2030,” he said.
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