Qatar: Takaful operators report encouraging results in 2023
Source: Middle East Insurance Review | Mar 2024
Qatar listed takaful operators have reported promising results in the past year, according to disclosures filed on the Qatar Stock Exchange.
Qatar Islamic Insurance Group has revealed a net profit of QAR142.8m ($39.2m) against QAR101.3m generated in 2022, an increase of almost 41%, according to its annual financial statement for 2023. The earnings per share (EPS) amounted to QAR0.95 versus QAR0.68 in the previous year.
Gross written contributions (GWC) for the group reached QAR523m in 2023 versus QAR476m in the preceding year, showing an increase of 12%.
Damaan Islamic Insurance Company (Damaan) disclosed its interim financial statement for 2023 showing a net profit of QAR70.3m in comparison to QAR 56.6m accomplished in 2022. EPS amounted to QAR0.35 versus QAR0.28 for the same period in 2022. According to its 4Q disclosure, Damaan’s GWC reached QAR401m in 2023 compared with QAR392.6m in the previous year, a 22% increase.
Alkhaleej Takaful Insurance Company disclosed a net profit of QAR64.6m in 2023 compared to QAR56.6m for the same period of the previous year, a 14.2% increase. The earnings per share amounted to QAR0.253 versus QAR0.221 for the same period in 2022. The operator’s GWC reached QAR333m in 2023 against QAR310m in the previous year, as per the operator’s disclosed 4Q results. M