QLM Life & Medical Insurance Company posts QR20.03mn net profit in Q1

QLM Life & Medical Insurance Company posted a net profit of QR20.03mn in the first quarter of this year.The insurance revenue for the three-month period stood at QR245.2mn compared to QR272.3mn in Q1, 2022.The earnings per share in Q1, 2023 was QR0.06 per share as compared to QR0.08 in Q1,2022.Net investment and other income in Q1, 2023 stood at QR10.6mn compared with QR15.7mn in Q1,2022."Market conditions continue to pose a challenging environment in terms of pricing and competition. However, QLM with all its in-house capabilities, robust infrastructure coupled with professionally experienced team is uniquely positioned to weather such conditions successfully and deliver strong performance in line with the expectations of all the stakeholders” said Sheikh Saoud bin Khalid bin Hamad al-Thani, QLM chairman.QLM CEO, Fahad al-Suwaidi stated: "The company has a diverse and increasing range of product offerings in both health and life segment. This is further enhanced through our meaningful partnership with an extensive range of value-based healthcare providers to meet the needs of the members thus making QLM the preferred and trusted partner for life and health insurance plans.”In accordance with the guidelines of QCB and IASB (International Accounting Standards Board) QLM (with effect from January 1, 2023) successfully implemented for its consolidated financial statements, IFRS 17 - the new insurance reporting standard for insurance companies.IFRS 17, which is a principle-based standard, is a major departure from current insurance accounting practice and involves measuring insurance liabilities based on expected cash flows adjusted for the compensation an insurer requires for bearing uncertainty about the amount and timing of these cash flows as it fulfils the contract.QLM is a public listed company specialising in life and medical insurance solutions and aim at providing best-in-class service to its clients, with a unique value proposition.The company’s vision is to continuously provide outstanding healthcare services, by becoming the most trusted healthcare partner in Qatar and beyond, following a path of continued success in health insurance.