The net profit of the company stood at QR83.3mn last year compared with QR106.2mn in 2021.
Commenting on the company's performance in 2022, QLM Life and Medical Insurance Company chairman Sheikh Saoud bin Khalid bin Hamad al-Thani stated, “As the global economy completely emerged out of the shadows of Covid-19 pandemic, year 2022 was marked with its own unique challenges. The first half of the period witnessed an increase in claims activity coupled with softening of premium rates which pressured the bottom line.
“However, we continue to innovate and carry a strong positive momentum as we step into 2023 and work to improve the health and vitality of all the members we serve.”
Net investment and other income for 2022 stood at QR38.5mn compared with QR37.8mn in 2021. Earnings per share stood at QR0.24 per share in 2022 compared with QR0.30 per share in the previous year.
QLM Life and Medical Insurance Company Board of Directors recommended a dividend of QR0.125 per share in 2022 (2021: QR0.22 per share), which shall be placed for approval in the forthcoming Annual General Meeting of the shareholders.
QLM Life and Medical Insurance Company chief executive officer Fahad al-Suwaidi said, “We have made significant progress in digital transformation of the customer journey and with full operations capacity the company has implemented the MOPH’s recent initiative of launching the first phase in the mandatory health insurance scheme. This new requirement applies to all visitors arriving in Qatar effective February 1, 2023, an opportunity, which QLM has been long preparing and is all geared up to capitalise.
“The company has partnered with Hamad International Airport and put in place three dedicated kiosks, which are strategically located before immigration and are easily accessible to all visitors. The continued focus on the retail segment has now started showing constructive outcomes and with the help of digital transformation, it ensures a seamless customer experience and improved operational efficiency”.
QLM Life & Medical Insurance Company is a publicly listed company specialising in life and medical insurance solutions and is regulated by Qatar Central Bank.
“It provides best-in-class service to its clients, with a unique value proposition. The company's vision is to continuously provide outstanding medical and life coverage, by becoming a trusted healthcare partner.”
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