QIC Group posts net profit of QR615mn in 2023

Qatar Insurance Company (QIC Group) has reported a net profit of QR615mn in 2023, compared to a net loss of QR1,183mn in the previous year.
Following a meeting of the board of directors on Wednesday, which was presided over by Sheikh Hamad bin Faisal bin Thani Jasim al-Thani, chairman, QIC Group, the financial results were approved.
The board of directors proposed a cash dividend distribution of 10% for the year ended 2023.
Sheikh Hamad bin Faisal stated: “The past 12 months have overseen a key turnaround story at QIC. The company has continued to strengthen its position in profitable domestic market business in Qatar and the Mena region, with gross written premiums growing 25% year-on-year. Meanwhile, the effectiveness of our deliberate strategy over the past few years to exit our loss-making and low-margin international business has been clear, demonstrated by the Group’s return to healthy net profitability.
“While global macroeconomic headwinds persisted, particularly in early 2023, there were promising signs in the latter half of the year that inflation was easing, and interest rates had peaked. Having decisively cut our exposure to more volatile international risks, QIC is well positioned to take advantage of this improving economic environment in 2024, and to extend our market-leading levels of customer service and reputation for digital innovation in both domestic and international insurance markets.”
“QIC has moved confidently forward from a loss-making 2022 to a strong and stable 2023”, said Salem Khalaf al-Mannai,group chief executive officer.
“The company is delighted to report insurance service results of QR747mn in 2023, rising from loss of QR465mn over the same period in 2022. Strikingly, we saw major growth in UAE and Oman operations mainly in medical and personal line segments. In particular, the UAE business, which underwrote over AED1bn over the course of 2023 – is expected to continue to exhibit robust growth. In addition, QIC’s Mena and international insurance operations have delivered buyout results, in line with the company’s strategic plan.
Furthermore, QIC reported a strong investment income of QR922mn for 2023, compared to QR828mn in 2022. The return on investment came in at 5.2% compared to 4.8% last year.
“Our continued endeavour towards process efficiencies and automation showed strong results this year, as QIC further improved its already exceptional operational efficiency. Additionally, we continue to press ahead at the forefront of digital innovation in the region’s insurance sector.”