QIC Group net profit jumps 400% to QR630m for 2021 – The Peninsula Qatar

QIC Group net profit jumps 400% to QR630m for 2021 – The Peninsula Qatar

Doha: Qatar Insurance Company (QIC), the leading insurer in Qatar and the Middle East North African (MENA) region, yesterday reported a net profit of QR630m for year 2021 witnessing a 400 percent rise compared to financial year 2020.

Following a meeting of the board of Directors yesterday, which was presided over by Khalifa Abdulla Turki Al Subaey, Chairman & Managing Director of QIC Group, the Board approved the financial results.

The Earnings per share (EPS) amounted to QR0.143 as of 31 December 2021 versus Earnings per share QR0.004 for the same period in 2020. The Board of Directors proposed a cash dividend distribution of 10 percent for the year ended 2021.

The COVID-19 pandemic has confronted the global insurance industry with enormous challenges that resulted in a global economic slowdown, shortages in supply and price volatility as well as a continued low negative interest rate environment, while inflation has been creeping up. Besides the organisational challenges caused by lockdown measures and movement restrictions, insurers have seen increased pricing and reduced capacity in many lines.

, stated “Within this challenging environment, QIC Group further progressed on its path of cementing its leadership in its domestic markets in Qatar and the MENA region, while reducing its