QIC Group reports robust net profit of QR230m in Q1 – The Peninsula

QIC Group reports robust net profit of QR230m in Q1 – The Peninsula

Qatar Insurance Company (QIC), the leading insurer in Qatar and the Middle East North African (MENA) region, has registered a robust net profit of QR230m for the first quarter of 2022. The company announced yesterday its financial results for the first quarter of 2022. 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 Group’s result was driven by the solid performance of its domestic and MENA operations, strong technical results across QIC’s franchise and the cost-leadership of its operations. Amid continued economical and political headwinds, the Group’s gross premium volume remained stable at QR3.2bn in the first quarter of 2022 on a like-for-like basis building on QIC’s strengths in personal lines and advanced online services.

While the economic impact from the COVID-19 pandemic was fading in Q1 (first quarter) 2022, global markets saw themselves confronted with rising interest rates as central banks sought to tame in an accelerating inflation. In addition, markets had to fight the impact from supply chain disruptions and, most importantly, had to digest the shock of the Russian-Ukraine war. Within this challenging environment, QIC