QIC Group reports 19% rise in net profit to QR735m in 2024

Doha, Qatar: Qatar Insurance Company (“QIC Group”, “QIC”), the leading insurer in Qatar and the Middle East North Africa (MENA) region, has reported net profit of QR735m in 2024, a rise of 19% from QR615m in the previous year. Following a meeting of the Board of Directors, which was presided over by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of QIC Group, the board approved the financial results.

Commenting on QIC’s financial performance, Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, stated:“The year 2024 marked the landmark 60th anniversary for QIC, and the Group is poised to enter its seventh decade in robust health. Having demonstrated its resilience, QIC has consolidated and further built upon this progress over the past twelve months with excellent results which underlines the success of the Group’s commitment to its longer-term strategy: focusing on growth in profitable national and regional markets, while reducing exposure to international volatility by exiting loss making businesses. QIC continues to maintain its dominant position in the Middle East and North Africa region, as the largest insurance group, in terms of both total assets and total equity.”

Sheikh Hamad added: “With focus on bottom line driven growth, over the past years QIC had been able to optimize and stabilise its underwriting portfolio with a balanced and well diversified lines of business across the regional and international markets”.

Salem Khalaf Al Mannai, Group Chief Executive Officer stated,“The company has now delivered consistent and stable bottom-line driven growth for the past several quarters, supplemented by a focus onprocess efficiencies and automation which has bolstered its already outstandingoperational efficiency.”