Qatar Insurance almost triples net profit in first half

Qatar Insurance Company, whose reinsurance subsidiaries Qatar Re and Antares have operations in Bermuda, announced a net profit for the first half of $89 million, a 181% increased in the same period in 2022.

QIC said gross written premiums were $1.5 billion.

The company had insurance revenues for the half year of $823 million and net investment service income of $151 million while investment income was $133 million.

Profit from continuing operations was $187 million, but the company took a charge of $97 million on discontinued operations, which relates to the pending sale of Gibraltar-based UK car insurance businesses West Bay Insurance and Markerstudy Insurance.

Sheikh Hamad bin Faisal Al Thani, chairman of QIC Group, said: “QIC’s bottom-line results demonstrate the success with which the company has navigated a challenging macroeconomic environment in the first half of 2023.

“In addition to broad increases in net profitability, we’ve seen double digit growth in our core MENA business activities. Though market challenges persist due to inflation and geopolitical unrest, the company has taken decisive steps to minimise its exposure to high severity and volatile international risks.

“Throughout the first half of this year, QIC has maintained its strategic focus on expanding its primary insurance business, mainly the profitable direct-line insurance markets throughout the GCC”, said Salem Khalaf Al Mannai, group chief executive officer. “Meanwhile, the company has mitigated risks by exiting high severity, low margin, and loss-making international markets. This strategy’s success has been demonstrated by 14% growth in Domestic and MENA Operations Gross Written Premiums to $520 million in the first half of 2023, compared to $470 million for the same period in 2022.”

*Qatari Riyal values have been converted to US dollars in this article.