QIC Group's Net Profit Soars To QAR 453M, Marking A 445% Increase In The First 9 Months

QIC Group's Net Profit Soars To QAR 453M, Marking A 445% Increase In The First 9 Months By Janeesha Sagin - October 29, 2023
QIC Groups net profit soars to QAR 453M marking a 445 Percent increase in the first 9 months

QIC Group's Net Profit Surges to QAR 453M (445% Increase in 9 Months)

Qatar Insurance Company (QIC Group), the prominent insurer in Qatar and the MENA region, announced a remarkable 445% increase in net profits, reaching QAR 453M for the first nine months of 2023 compared to the same period in 2022. The financial results were approved during a Board of Directors meeting presided over by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of QIC Group.

Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, remarked, 'Despite macroeconomic and geopolitical challenges, QIC has shown consistent success, evident in the Q3 2023 results. Profitability has surged across the company, surpassing figures from H1 2023 and Q3 2022. Our core business activities in MENA have experienced significant growth. Despite sector challenges related to international unrest and inflation, the company has fortified its position by strategically reducing involvement in low-margin and highly volatile markets.

We take pride in our position as regional insurance leaders, driven by exceptional operational efficiency and sustainable initiatives. Moving into Q4 2023, QIC remains committed to delivering innovative and reliable insurance products in various markets, while upholding top-notch customer service.

Salem Khalaf Al Mannai, Group Chief Executive Officer, highlighted QIC's strategic approach in Q3 2023, focusing on expanding the primary insurance business and enhancing operational efficiency. Despite global challenges, the company prioritized stability by withdrawing from low-margin and volatile markets, resulting in a 14% growth in Domestic and MENA Operations Gross Written Premiums to QAR 2.7Bn in the first nine months of 2023. Al Mannai expressed optimism for the remaining quarter, emphasizing QIC's commitment to expanding direct insurance offerings, improving process efficiencies, and supporting Qatar's sustainability goals, including a 25% reduction in greenhouse emissions by 2030. QIC has established a comprehensive Environment, Social, and Governance (ESG) strategy and formed an ESG & Sustainability Committee to ensure these efforts align with the company's overarching goals.

In the face of global economic uncertainty in 2023, QIC Group navigated challenges with resilience. Stabilized US and UK interest rates and slowing inflation offered some relief amid ongoing global economic challenges.

In QIC's key sectors, the UK motor insurance market faced difficulties due to inflation, energy price pressures, and Brexit-related supply chain issues. QIC reduced exposure in this sector and strategically moved away from high-risk markets, focusing on strengthening its position amid rising capital costs.

Despite market challenges, QIC reported gross written premiums of QAR 7Bn for the first nine months of 2023, compared to QAR 7.8Bn in 2022. Exceptional performance in the MENA region highlighted QIC's growth potential.

In the investment sphere, global markets showed signs of stability after early 2023 challenges. QIC reported net investment results of QAR 681M in the first nine months, contributing to a consolidated net profit of QAR 453M.

Sustainability and ESG remained integral to QIC's operations. QIC supported Qatar's goal of reducing greenhouse emissions by 25% by 2030, establishing an ESG framework and a committee to ensure ESG goals were met. Internationally, QIC joined the UNEP-FI PSI, underscoring its commitment to global ESG principles.

In September, QIC launched the "Confidence at every turn" awareness campaign, providing empowering content to the Qatari community, including educational videos and informative articles.

QIC's excellence was acknowledged with industry awards, including "Best Insurance Website in The Middle East," "Best Insurance Website in Qatar," and "Best Digital Insurance Company in Qatar" at the Global Brands Magazine Awards 2023. Additionally, QIC was honored at the "Kawader Malia" program for its support in developing young Qatari talents and shaping the nation's future workforce.

By Janeesha Sagin - October 29, 2023

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