Qatar: Listed takaful providers' profit outpaces conventional in 1Q

Source: Middle East Insurance Review | Jun 2024

Qatar’s listed insurance providers posted a combined net profit of QAR387.5m ($106.5m) for the first quarter of 2024, which represents an increase of 3.37% compared to the same period of the previous year, according to quarterly financial statements published by the companies.

The three listed takaful operators, however, have collectively achieved 21% increase in profit to QAR86.2m in 1Q2024 from QAR71.2m in 1Q2023. Qatar Islamic Insurance achieved the highest growth rate (46.8% increase to QAR43m) in profit among all listed insurers. Damaan Islamic Insurance generated profit of QAR16.15m, registering increase of 18.2% over the first quarter of 2023, the second highest growth rate compared to other listed insurers.

Al Khaleej Takaful Insurance’s profit, however, saw a drop of 4.2% in the first quarter of the year. The operator’s net profit reached QAR27m from QAR28.2m achieved in 1Q2023. M

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