Qatar Insurance Company reports 9-month net profit of $157mln

Qatar Insurance Company reports 9-month net profit of $157mln

Qatar Insurance Company (QIC), a leading insurer in Qatar and the Middle East North Africa (Mena) region, has announced a net profit of QR571 million ($157 million) for the first nine months of 2022.

The group’s gross written premiums amounted to QR7.8 billion, as QIC’s domestic and Mena operations continued to expand its gross written premiums by 14% to QR2.3 billion. In line with the strategy to restructure or exit from low margin or loss-making businesses, QIC group announced its intention to divest its Gibraltar-based direct insurance carriers.

Khalifa Abdulla Turki Al Subaey, Chairman and Managing Director of QIC Group, said: "QIC Group continued to deliver healthy results despite strong headwinds from soaring inflation, geo-political uncertainties, high natural catastrophe losses and financial market volatility. In this exceptional environment, our group further strengthened its leadership position in our home markets. We reduced our exposure to volatile severity risks and laid the foundations to further trim our portfolio and to divest those businesses that no longer fit our lean, yet well-diversified business strategy."

Major headwinds

In the first nine months of 2022 a yet unseen combination of major headwinds challenged the insurance industry. Geopolitical tensions, in particular the Russian war on Ukraine, and the outflow from