Qatar Insurance (QIC), the leading insurer in Qatar and the MENA region, has posted a 23% increase in net profit before Pillar II* tax for the first nine months of 2025 (9M2025).
In a statement, QIC said, “This milestone underlines the Group’s resilience, strategic foresight, and market leadership, with a net profit of QAR588m ($161.5m), a 12% increase from QAR525m during the same period in 2024.”
Commenting on the results, QIC chairman Sheikh Hamad bin Faisal Al Thani Jasim Al Thani, said, "The remarkable 23% increase in net profit before Pillar II tax demonstrates the enduring strength of QIC’s strategy and the unwavering commitment of our teams across all business units. Our focus on innovation, client-centric solutions, and robust governance has allowed us to navigate global uncertainties with confidence.
“By strategically rebalancing our portfolio toward high-growth markets in Qatar and the MENA region, and leveraging our international operations, including Lloyd’s London, we continue to deliver sustainable, profitable growth. Our investment portfolio, managed with discipline and precision, further reinforces QIC’s position as a resilient industry leader."
QIC Group CEO Mr Salem Al Mannai, CEO of QIC Group, said, "Throughout 2025, QIC has reinforced its leadership in insurance innovation and digital transformation, delivering products and services that anticipate the evolving needs of our clients. From launching Qatar’s first-ever personal lines school fee protection and cyber insurance products, to expanding our InsurTech investments and enhancing our award-winning QIC App, we are shaping the future of insurance in the region.
“Our strategic expansion into international markets, targeted growth in Asia and Africa, and relentless focus on operational excellence ensure that we remain at the forefront of the industry while driving sustainable, value-accretive growth for our shareholders."
Growth
The MENA region is projected to grow by 2.6% in 2025, demonstrating resilience amid regional challenges. GCC growth is forecast at 4.1% in 2025 and 4.6% in 2026, driven by energy sector recovery, economic diversification, and limited exposure to global tariffs.
QIC has capitalised on this resilient regional growth by rebalancing its underwriting portfolio toward profitable markets in Qatar and MENA. Domestic and regional GWPs now constitute 60% of total GWPs, up from 54% year-on-year, while international operations have been streamlined to 40%, reinforcing profitability and risk-adjusted growth.
Expanding underwriting portfolio and digital innovation
The Group continues to diversify its portfolio across personal lines, health, marine, and energy sectors. Insurance service results of QAR353m underscore the success of QIC’s short-tail premium strategies, technology-driven offerings, and portfolio rebalancing initiatives.
QIC has led innovation in personal lines, launching Qatar’s first school fee protection insurance to safeguard parents against unforeseen events such as involuntary job loss, permanent disability, or accidental death, and to reimburse examination fees when necessary. Similarly, Qatar’s first personal lines cyber insurance protects clients from online fraud, cyberattacks, and digital risks. Enhancements to car insurance services now enable on-the-spot coverage via inspection centres or the QIC App, while the “QIC Reads” platform provides clients with guidance on vehicle registration regulations.
Strong investment performance and consistent earnings growth
QIC?s high-quality and well diversified investment portfolio generated a robust return on investment of 5% for the first three quarters, compared to 4.9% for the corresponding period in 2024.
Overall, QIC achieved a net profit for the first nine months of 2025 of QAR 588 million, representing a 12% year-on-year increase. Net profit attributable to Shareholders of the Parent (excluding minority share) was QAR573m.
Strategic expansion into Saudi Arabia
Aligned with its GCC growth strategy, QIC has proposed establishing a branch in Saudi Arabia, a market projected to reach SAR105.3bn in GWPs by 2029, growing at a CAGR of 8.9%. Leveraging regulatory reforms, infrastructure, and regional expertise, the branch will serve as a key growth engine in alignment with Saudi Vision 2030.
* Pillar II
Qatar has adopted the Pillar II Global Minimum Tax for multinational corporations, which introduces a global minimum tax rate of 15%, ensuring parity between local businesses and multinational enterprises. Pillar II applies exclusively to global multinational companies and enterprises with foreign branches that generate annual revenues exceeding QAR3bn. This includes both Qatari companies with branches abroad and international companies with branches in Qatar.
The Pillar II Income Inclusion Rule (IIR), effective since 1 January 2025, is implemented via a law (No.22 of 2024) published in the Official Gazette on 27 March 2025.