Qatar’s insurance sector, which has six listed constituents on the Qatar Stock Exchange, reported an aggregate net profit of QAR1.014bn ($278.5m) for 2021 compared to QAR426.4m the previous year, according to financial statements lodged with the bourse.
The combined net gain in 2021 is more than double that chalked up in 2020, jumping by 137.9% which is substantially higher than the 18.9% increase in net profit in 2020, reported Gulf Times.
Qatar Insurance, which is the dominant player in the country, saw its net profit jump by more than six-fold (509.68% increase) y-o-y to QAR615.9m in 2021 compared to an 84.5% decline during 2020. Qatar Insurance contributed over 60% of the total net earnings of the insurance sector.
Al Khaleej Takaful was back in black in 2021, reporting a net profit of QAR40.1m during 2021 compared to a net loss of QAR39.3m in 2020. M
A summary of the net earnings of the six listed insurers is as shown in the table: