Qatar Insurance Company (QIC Group) has announced a net profit of QAR 360 million for the first half of 2024, up 11% from QAR 325 million in the same period of 2023.
According to the statement, the Group’s focus remains on expanding its presence in domestic and regional markets, supported by continued investment in its digital services. This strategy has led to a 44% year-on-year increase in Gross Written Premiums (GWP) from domestic and MENA operations, reaching QAR 2.7 billion.
“The Group is focused primarily on growing its presence in domestic and regional markets – an approach which has been bolstered by continued investment in its already best-in-class digital services,” said Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group.
“The strategic restructuring of our UK motor business is in line with QIC Group’s strategy to streamline loss-making and low-margin businesses and to bring the international operations of the Group back to profitability,” explained Salem Al Mannai, Chief Executive Officer of QIC Group. “This restructuring positions the Group for greater stability and profitability with controlled exposure to UK Motor as a reinsurer instead of direct insurer.
As part of this decision, QIC Group will continue to own the Gibraltar-based subsidiaries, West Bay Insurance Plc and Markerstudy Insurance Co. Ltd. “By completing this restructuring, the Group is confident that it will have a well-balanced portfolio between its MENA and international business,” he added.
QIC’s balanced portfolio now comprises 57% of business from MENA entities and 43% from international operations. The Group has prioritised growth in personal lines, health insurance, and marine & energy insurance while intentionally reducing exposure to the international motor insurance market.
Despite challenges in the global macroeconomic environment in H1 2024, QIC posted Insurance Service Results of QAR 339 million, up from QAR 236 million in H1 2023. Investment income stood at QAR 465 million, with a return on investment of 5%.
