Qatar: QIC's net profit jumps by 16% to $144m for first three quarters of 2024
Source: Middle East Insurance Review | Dec 2024
Qatar Insurance Company (QIC) has reported a net profit of QAR525m ($144m) for the first nine months of 2024, around 16% higher compared to QAR453m over the corresponding period in 2023.
QIC Group chairman Hamad bin Faisal Al Thani said, “QIC’s strong momentum over the first nine months of 2024 has been reflected in another outstanding set of results. The company has focused intensively on strengthening its position in domestic and MENA markets – where GWPs have increased 43%, compared to the same period in 2023.”
He said, “The reduction in global inflation we have seen this year suggests that the outlook for the macroeconomic climate is becoming more encouraging, though challenges certainly persist. QIC’s long-term strategy of reducing exposure to underperforming international markets – augmented most recently by the strategic restructuring of its UK motor business – positions the group well to weather the impact of international economic volatility.” M