Qatar: Al Khaleej back in the black

Source: Middle East Insurance Review | Apr 2022

Al Khaleej Takaful Insurance (Al Khaleej) has generated net profit of QAR40.13m ($11m) in 2021 against net loss of QAR39m in the preceding year, according to the company’s interim financial statement published on the Qatar Stock Exchange. The earnings per share amounted to QAR0.16 by the end of 2021 versus loss per share of QAR0.15 in the past year.

Gross written contributions for the year reached QAR301.8m compared to QAR303.6 in 2020, down by 0.6%, while underwriting results for the year grew by 8.2% to QAR66.5m from QAR61.5m. The statement noted that in 2021, Al Khaleej achieved the highest underwriting results since inception with combined ratio standing at 82% against 72.1%.

Net earned contributions in 2021 increased by 7.3% to QAR134.4m from QAR125.3m while net technical reserved were up by 13.7% to QAR125.1m. Retained surplus balance in 2021 jumped by 25% to QAR35.8m from QAR28.7m in the previous year. M

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