Doha, August 15, 2024 — Qatar Insurance Company (QIC Group) has announced a net profit of QR360 million for the first half of 2024, marking an 11% increase from QR325 million in the same period last year. The results were approved by the Board of Directors, chaired by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, on August 14, 2024.
Chairman Sheikh Hamad attributed the strong performance to QIC’s strategic expansion in domestic and regional markets and improvements in digital services. CEO Salem Al Mannai noted that the company’s domestic and MENA premiums rose by 44% to QR2.7 billion.
The group’s UK motor business is undergoing restructuring to focus on reinsurance, aiming to enhance profitability. QIC’s Insurance Service Results for H1 2024 were QR339 million, up from QR236 million last year. Investment income was QR465 million, down from QR501 million, with a 5% return on investment.
QIC continues its commitment to sustainability, being the first Middle Eastern insurer to sign the UNEP-FI Principles for Sustainable Insurance.
