The figure marks an extraordinary surge of 445% compared to the corresponding period in 2022.
QIC is a provider of general insurance products. The company offers a wide range of personal and business insurance products. It offers personal insurance products for car, travel, boat, life and medical, home, and motorcycle.
Despite facing a spectrum of challenges in the prevailing market dynamics, QIC also revealed robust net investment results, totaling QAR 681 million during the same period.
QIC also reported total gross written premiums of QAR 7 billion for the initial nine months of 2023. In comparison, the figure stood at QAR 7.8 billion during the same period in 2022.
Commenting on the results, Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, expressed satisfaction, saying, “Amidst macroeconomic and geopolitical challenges, QIC has continued to perform successfully, which is reflected in the bottom-line results for Q3 2023.”
“Profitability has continued to increase company-wide, with results outperforming both H1 2023 and Q3 2022, with substantial growth has been experienced in our core business activities in MENA. The company has strengthened its position despite sector challenges tied to international unrest and inflation by continuing to reduce its activity in low-margin and high-volatility markets.
He continued: “We continue to pride ourselves on what establishes us as insurance leaders in the region, which is our outstanding operational efficiency and central sustainable initiatives. As we enter Q4 2023, QIC is dedicated to supplying cutting-edge, innovative, and stable insurance products across several geographical markets, as well as continuing to provide first-class customer service.”
Salem Khalaf Al Mannai, Group Chief Executive Officer, attributes QIC’s successful strategy to a notable achievement, revealing a 14% growth in Domestic and MENA Operations Gross Written Premiums. The figures reached QAR 2.7 billion during the first nine months of 2023, compared to QAR 2.4 billion for the corresponding period last year.
He said: “Q3 2023 has marked a continuation of the strategy put in place to ensure QIC would carry on expanding its primary insurance business, as well as improving its already exceptional operational efficiency.
“Regarding risk mitigation in what is a challenging global climate, the company has continued to withdraw from low margin and volatile markets to ensure the business remains stable.”
He added: “Considering this, we maintain a positive outlook for the remaining quarter of 2023. In the months coming and beyond, we remain committed to expanding our direct insurance offer in the region and making significant advancements in process efficiencies and automation.”
Author: Joanna England
