DOHA, Qatar, May 9, 2024 /PRNewswire/ -- Qatar Insurance Company ("QIC Group", "QIC"), the leading insurer in Qatar and the Middle East North Africa (MENA) region, has reported a Net Profit of QAR 194 million for the first quarter of 2024, rising from QAR 175 million in Q1 2023.

Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, stated: "QIC begins 2024 in excellent financial health. The first quarter of the year saw the company consolidate and build upon the progress it made over the previous year – with a renewed focus on strengthening profitable domestic and regional businesses, extending its exceptional digital offering, and strategically improving its international operations while reducing exposure to underperforming markets. Despite a global macroeconomic environment that remains uncertain in the near term and geopolitical challenges, QIC continues to enjoy robust growth through its core business lines, strong financials, and stable sources of income."

Mr. Salem Khalaf Al Mannai, Chief Executive Officer of QIC Group, said, "QIC has delivered a very encouraging set of results in Q1 2024, with the highlights including major growth in its MENA direct business. Gross Written Premiums for the period stood at QAR 2.75 billion – a result underpinned by the company's strategy of increasing the proportion of its premiums generated in domestic and MENA markets."

Strategically focusing on domestic and regional insurance markets for growth

QIC's Q1 results show a focus on profitable markets in Qatar and MENA, exiting low-margin international businesses. Domestic and MENA operations' Gross Written Premiums contributed 52% of total GWP, hitting QAR 1.4 billion in Q1 2024, up from QAR 0.9 billion in 2023.

QIC is expanding its health & life insurance focus, up from 5% to 14% of GWP, and marine & aviation insurance from 10% to 14%. Motor insurance exposure decreased from 45% to 32% in 2023, particularly in the UK. However, MENA motor insurance remains a priority with best-in-class online services.

QIC's international operations saw strong performance – reinforcing the company's international turnaround story. Antares Lloyds Syndicate drove a premium volume of QAR 1.3 billion in Q1 2024, compared to QAR 1.8 billion last year.

Investment performance

QIC reported an investment income of 227 million for Q1 2024, compared to 223 million for the same period in 2023. Return on investment came in at 5.2%, compared to 5.1% last year.

For further information on QIC, please visit www.qic-group.com

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SOURCE Qatar Insurance Company