The latest from QIC, as they look back on a very busy opening half of 2024;
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. Following a meeting of the Board of Directors dated XX, which was presided over by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of QIC Group, the Board approved the financial results.
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. 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.”
Mr. Mannai 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.”
Mr. Mannai further added: “Looking beyond these financial results, everyone at QIC can be tremendously proud of what we have achieved in the first half of this year. The company has once again won several respected industry awards – including being named ‘Insurer of The Year in Qatar’ at The MENA IR Awards for the third year in a row and gaining widespread recognition for its exceptional digital services. We have brought together the leading experts in the region’s insurance sector to analyse and explore one of its most significant trends: the increasing prevalence and utility of AI. We have also supported a number of extremely worthy initiatives, from children’s early education in insurance matters to grassroots and professional sporting events”.
Be the first to comment