Qatar: QIC's 1H2024 net profit grew on strong momentum
Source: Middle East Insurance Review | Oct 2024
Qatar Insurance Company (QIC) reported a net profit of QAR360m ($99m) for the first half of 2024, marking an 11% increase from QAR325m in the same period of 2023.
QIC Group chairman Hamad bin Faisal Al Thani, emphasised that these strong financial results reflect the company’s momentum built over the first six months of 2024. He noted that QIC’s growth strategy stems from expanding its presence in domestic and regional markets, a move bolstered by continued investments in its advanced digital services, which have become a competitive advantage for the company.
Group CEO Salem Al Mannai also underscored the company’s impressive performance, stating that QIC’s success stems from its exceptional operational efficiency and a focused shift toward increasing premium income from the MENA region. This strategic move has led to a strong 44% y-o-y increase in gross written premiums (GWP) from domestic and MENA operations, amounting to QAR2.7bn.
Mr Al Mannai pointed out that the company’s focus for the second half of the year will be on enhancing process efficiencies, increasing automation and continuing to prioritise profitable business lines in Qatar and the wider MENA region.
Despite the uncertainty in global macroeconomic conditions and high geopolitical risks, QIC has remained committed to its long-term strategy of concentrating on profitable markets in Qatar and the MENA region. This approach is reflected in the company’s exit from loss-making and low-margin international businesses. As of 1H2024, 57% of QIC’s insurance business is generated from its MENA operations, while 43% is from international markets, reflecting a balanced and diversified portfolio. M