Qatar Insurance Company (QIC Group or QIC) has announced a notable increase in net profit for the first quarter of 2024 (Q1 2024), reaching QAR 194 million compared to QAR 175 million in the same period last year.
The board of directors, led by Chairman Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, reviewed and approved these financial results during their meeting on April 29.
Chairman Sheikh Hamad bin Faisal Al Thani emphasized the company’s robust financial position, highlighting the progress made in 2023. QIC’s strategy for 2024 focuses on enhancing profitable operations in Qatar and the wider MENA region, strengthening digital services, and optimizing international activities.
CEO Salem Khalaf Al Mannai described the Q1 results as encouraging, particularly noting significant growth in the MENA direct insurance sector. Gross written premiums reached QAR 2.75 billion, reflecting a strategic expansion within domestic and regional markets.
Al Mannai emphasized QIC’s commitment to digital innovation, citing new features introduced in Q1 2024 that enhance customer convenience and engagement across online and mobile platforms.
Qatar Insurance Company was also recognized with prestigious awards, including “Insurer of the Year in Qatar” at the MENA IR Awards 2024 for the third consecutive year and “Best Travel Insurance Company in The Middle East” at the Global Banking & Finance Review Awards 2024 for the second consecutive year.
Despite global economic uncertainty and natural disasters affecting the sector, QIC achieved an investment income of QAR 227 million in Q1 2024, compared to QAR 223 million the previous year. The company’s strategy is focused on strengthening its presence in profitable markets in Qatar and the MENA region while reducing exposure to less profitable international markets.
Significantly, QIC has intensified efforts to enhance digital capabilities, introducing personalized onboarding streams and optimizing mobile and web platforms across Qatar, the UAE, and Oman. These initiatives have improved turnaround times and led to record levels of digital sales in key personal lines.
In summary, Qatar Insurance Company’s strong performance in Q1 2024 underscores its continued growth trajectory, strategic focus on profitable markets, and commitment to innovation and customer service excellence.
