Qatar Insurance reports 12% growth in 9-month net profit to QR588mn

29/10/2025 04:24 AST

Qatar Insurance (QIC) reported a 12% increase in net profit to QR588mn in the first nine months of 2025 from QR525mn in 2024.

Net profit attributable to shareholders of the parent (excluding minority share) was QR573mn. Net profit before Pillar II global tax provision stood at QR645mn in the same period, a 23% increase from September 2024. Earnings per share increased to QR0.135 from QR0.118, while investment and other income rose 3% to QR746mn.

Gross written premiums reached QR7.9bn, up 9% year-on-year (y-o-y). QIC's high-quality and well-diversified investment portfolio generated a robust Return on Investment for the period of 5%, compared to 4.9% for the same period in 2024.

QIC Group chairman Sheikh Hamad bin Faisal al-Thani said, "The remarkable 23% increase in net profit before Pillar II tax demonstrates the enduring strength of QIC's strategy and the unwavering commitment of our teams across all business units. Our focus on innovation, client-centric solutions, and robust governance has allowed us to navigate global uncertainties with confidence.

"By strategically rebalancing our portfolio toward high-growth markets in Qatar and the MENA region, and leveraging our international operations, including Lloyd's London, we continue to deliver sustainable, profitable growth. Our investment portfolio, managed with discipline and precision, further reinforces QIC's position as a resilient industry leader."

QIC Group CEO Salem al-Mannai said, "Throughout 2025, QIC has reinforced its leadership in insurance innovation and digital transformation, delivering products and services that anticipate the evolving needs of our clients. From launching Qatar's first-ever personal lines school fee protection and cyber insurance products to expanding our Insurtech investments and enhancing our award-winning QIC app, we are shaping the future of insurance in the region.

"Our strategic expansion into international markets, targeted growth in Asia and Africa, and relentless focus on operational excellence ensure that we remain at the forefront of the industry while driving sustainable, value-accretive growth for our shareholders."

Global GDP growth for 2025 has been revised upward to 3.2%, supported by production and trade activities ahead of US-led tariff adjustments, AI investments in the US, and fiscal stimulus in China (OECD). While slightly below 2024's 3.3%, global growth faces further deceleration in 2026 due to policy uncertainties and fiscal risks.

In contrast, the MENA region is projected to grow by 2.6% in 2025, demonstrating resilience amid regional challenges. GCC growth is forecast at 4.1% in 2025 and 4.6% in 2026, driven by energy sector recovery, economic diversification, and limited exposure to global tariffs.

QIC has capitalised on this resilient regional growth by rebalancing its underwriting portfolio toward profitable markets in Qatar and MENA. Domestic and regional GWPs now constitute 60% of total GWPs, up from 54% year-on-year (y-o-y), while international operations have been streamlined to 40%, reinforcing profitability and risk-adjusted growth.

The group continues to diversify its portfolio across personal lines, health, marine, and energy sectors. The insurance service results of QR353mn underscore the success of QIC's short-tail premium strategies, technology-driven offerings, and portfolio rebalancing initiatives.

Aligned with its GCC growth strategy, QIC has proposed establishing a branch in Saudi Arabia, a market projected to reach SAR105.3bn in GWPs by 2029, growing at a CAGR of 8.9%. Leveraging regulatory reforms, infrastructure, and regional expertise, the branch will serve as a key growth engine in alignment with Saudi Vision 2030.

QIC's 2025 Summer Internship Programme nurtured high-achieving students, reflecting its commitment to developing future industry leaders. In May 2025, QIC became the first company in Qatar and the only insurer in MENA to receive a provisional 'AAA' ESG rating from MSCI, positioning the group among the world's top-performing property and casualty insurers for governance and sustainability.

QIC continues to receive international acclaim for its leadership, securing the 'Insurer of the Year' in Qatar title at the MENA IR Awards for the fourth year in a row. The QIC app garnered accolades, including Customer Experience Initiative of the Year (Insurance Asia Awards 2025), Most Innovative Mobile App in Qatar (Middle East Technology Excellence Awards 2025), and recognition in Global Finance's Innovators Awards 2025. QIC was also honoured at the Google Cloud Summit Doha 2025 for its pioneering adoption of cloud-native technologies and AI solutions.

Brand strength is further reflected in rankings among Qatar's 10 Most Valuable and 10 Strongest Brands by Brand Finance. QIC Asset Management was recognised for the eighth consecutive year as a top investment house in Asian G3 bonds, with two team members ranked first and second as 'Most Astute Investors'.

Gulf Times