QIC Group reports net profit of QR205m for Q1

30/04/2025 09:02 AST

Qatar Insurance Group, the leading insurer in Qatar and the MENA region, has announced a robust net profit of QR205m for the first quarter of 2025, up from QR194m in Q1 2024. The results were approved during the Board of Directors meeting held on 29th April 2025, presided over by Sheikh Hamad bin Faisal bin Thani Jassim Al Thani, Chairman of QIC Group.

Commenting on the results, Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, stated: "QIC's Q1 2025 results continue to reflect our consistent and stable bottom line focused growth with net profits of QR205m at a 6 % overall growth."

"While our direct MENA Gross Written Premiums continued to grow at 17% Q2Q, our disciplined risk selection and exit from low-margin international portfolios have strengthened our capital base and underpinned selective growth. As market conditions normalise, we are fully committed to accelerating our digital transformation and expanding customer-centric innovations to sustain our leadership position across the region.

Group Chief Executive Officer, Salem Khalaf Al Mannai, said: "Q1 2025 results are once again the testament of QIC Group's successful execution of its set strategy to build up a well-diversified and balanced risk portfolio focussed in short tail risks which will deliver consistent and stable bottom-line driven growth. Operational excellence remains at the core of our strategy. In Q1 2025, we delivered Insurance Service Results of QR76m, net investment and other income of QR229m, and consolidated net profit of QR205m. The consolidated net profit attributable to shareholders of the parent stood at QR201m. These results demonstrate robust momentum across our core business lines."

As the global insurance rates continue to soften and decline, we continue to maintain our growth momentum and our Gross written premium growth as per plan.

The regional Gross Written Premiums increased to QR1.7bn in Q1 2025 up 17% quarter on quarter - and now account for more than half (59%), of the Group's total Premiums, compared to less than 20% in 2021.

The Peninsula