QIC Group net profit rises to QR401m in H1 – The Peninsula

QIC Group net profit rises to QR401m in H1 – The Peninsula

Doha: Qatar Insurance Company (QIC), the leading insurer in Qatar and the Middle East North African (MENA) region, registered a strong net profit of QR401m for the first half (H1) of this year ending 30 June 2022. The Group’s robust 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 headwinds the Group’s gross premium volume remained stable at QR6.3bn in the 1st 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 continue 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 in many