Qatar's seven listed insurers have reported a combined net profit of QAR424m ($116.5m) for the first quarter of 2025 against QAR382m for the corresponding period of the previous year, according to corporate disclosures lodged with the Qatar Stock Exchange.
Qatar Insurance Group (QIC) registered the largest net profit that reached QAR201m in 1Q2025 compared to QAR194.6m in 1Q2024, a 3.3% increase. Doha Insurance Group generated the second largest net profit with QAR72m against QAR71.4m (up by around 1%), followed by Qatar General Insurance Company whose net profit surged by 176% to QAR49.6m, registering the highest growth rate among the listed insurers.
QLM Life & Medical Insurance's net profit amounted to QAR15.2m, the lowest among listed insurers in the first quarter of the year, 12.6% lower than in 1Q2024.
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Net profits of listed insurance companies
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Company
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1Q-2025 (QAR’000)
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1Q-2024 (QAR’000)
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Change
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Qatar Insurance Group (QIC)
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201,039
|
194,563
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3.33%
|
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Doha Insurance Group
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72,022
|
71,401
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0.87%
|
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Qatar General Insurance Company
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49,638
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17,985
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176.0%
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Qatar Islamic Insurance Group
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44,118
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43,009
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2.58%
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Damaan Islamic Insurance Company (Beema)
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23,914
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16,155
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48.03%
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AlKhaleej Takaful Insurance Company
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17,876
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21,566
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-17.11%
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QLM Life & Medical Insurance Company
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15,195
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17,435
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-12.58%
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Total
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423,802
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382,114
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10.91%
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Source: Qatar Stock Exchange
Takaful providers
Qatar Islamic Insurance Group led the listed takaful providers in terms of net profits as it generated QAR44.2m in 1Q2025 compared with QAR43m in 1Q2024, an increase of almost 3%. Damaan Islamic Insurance Company (Beema) saw its net profit reach almost QAR24m from QAR16.2m, registering a 48% y-o-y growth, the highest growth rate among takaful operators and the second fastest among the seven listed insurers. The net profit of AlKhaleej Takaful Insurance declined by 17% to about QAR18m in 1Q2025, down from QAR21.6m in 1Q2024.