QIC Group half-yearly net profit rises to QR401mn

QIC Group half-yearly net profit rises to QR401mn

Doha

Qatar Insurance Company (QIC) registered a “strong” net profit of QR401mn for the first half (H1) of the year that ended on June 30.

In the same period last year, QIC had posted a net profit of QR351mn.

The Group’s “robust” results were 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 headwinds the Group’s gross premium volume remained stable at QR6.3bn in the first half of 2022, building on QIC’s strengths in personal lines and advanced online services.

In an environment of high volatility in the financial markets, where the economic growth estimates are showing a downward trend on account of the global inflation challenges and increased uncertainty due to the conflict in Ukraine and elsewhere, the outlook for business development and profitability of the global insurance industry, also cast a shadow in 2022.

The aftermath of Covid-19 pandemic continues to confront the global insurance industry with enormous challenges that resulted in shortages in supply and price volatility 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