Chairman of QLM, Sheikh Saoud bin Khalid bin Hamad Al Thani (right); and Group CEO of Qatar Insurance Group & authorised representatives of QLM Founders, Salem Khalaf Al Mannai, addressing a press conference at Four Seasons Hotel Doha, yesterday. Pic: Sal
QLM Life and Medical Insurance Company (QLM) has decided to list its shares on the Qatar Exchange through an IPO due to the fact that the Company has reached an operational maturity and is in excellent financial condition, said Sheikh Saoud bin Khalid bin Hamad Al Thani, Chairman of QLM.
The company enjoys strong profitability and high dividend paying capacity, he said while addressing a press conference held at Four Seasons Hotel Doha, yesterday. The IPO subscription period opens today and ends on December 23.
“The company’s offering comes as part of our responsibility to support the Qatari national economy and to achieve Qatar National Vision, 2030. The step of offering the company’s shares is considered the first step and the main pillar in executing company’s strategic goals to become the leading and largest national insurance company in medical and life insurance in the region,” said Sheikh Saoud bin Khalid bin Hamad Al Thani. “The IPO will give eligible investors the opportunity to invest in and share the future success of Qatar’s largest life and medical insurance company” he added.
QLM’s implied total market capitalisation at IPO is QR1.099bn. The company is offering 60 percent shares or 210 million to the public through to offering.
Sheikh Saoud bin Khalid bin Hamad Al Thani said that QLM has built a substantial brand value in Qatar and the wider GCC region.
“QLM is regarded as a trusted medical and life insurance provider for a wide variety of key clients, which places the company to be the best choice for any future programs offered by the state, for several reasons, including its largest network of medical service providers in Qatar and company’s experience and competence and also its proven track record in member satisfaction, among Qatari citizens and residents, in addition to the quality of the IT system; and its financial strength and capital base,” he said. “QLM has also successfully embraced digital transformation with an award-winning state-of-the-art in-house IT solutions to ensure seamless end-to-end customer experience,” Sheikh Saoud bin Khalid bin Hamad Al Thani added.
Salem Khalaf Al Mannai, Group CEO of Qatar Insurance Group & authorised representatives of QLM Founders also addressed the media. He said that since inception, QLM has strived to maximize its customer, member satisfaction level. To achieve this, the Company has followed a two-pronged strategy, namely; investing in IT platform to digitize member engagement and expanding its provider network.
Explaining the reasons for launching the IPO of QLM, Salem Khalaf Al Mannai said, “QLM’s major shareholder, QIC, has been evaluating the option to IPO QLM and believes now is the appropriate time for QLM from an operational and commercial standpoint. In addition, QLM is fulfilling the regulatory requirement to become publicly listed within a stipulated timeframe.”
“Global and local market sentiment has improved, with the QE Index currently trading at a positive year-to-date performance. QIC and QLM’s other founders will retain a significant shareholding of 40 percent post-IPO, believing in the continued success of QLM,” added Salem Khalaf Al Mannai.
He said that QLM is among the pioneering insurers in the MENA region to digitally transform its business model. The Company has an industry leading IT platform that comprehensively addresses the Company’s operational requirements.
QLM believes that its business is characterised by the competitive strengths and these competitive strengths will enable the Company to successfully implement its strategy of maximising shareholder value by capitalising on its position in the insurance industry.
“The Company has long-term relationships with its group medical and group, credit life insurance customers. Company’s historically strong financial performance provides it with a competitive advantage in winning new contracts, renewing existing policies and establishing and maintaining relationships with providers,” said Salem Khalaf Al Mannai.
“The Company’s solvency ratios have consistently been above statutory requirements. QLM’s operations have generated strong operating cash flow, which provides significant financial flexibility,” he added. He said that Company’s management team has extensive experience in the medical and life insurance sectors, averaging over 15 years and has an extensive network of healthcare providers in Qatar and abroad with over 75,000 medical service providers spanning 103 countries on 6 continents.
