The board of Qatar Insurance Company (QIC), the market leader in Qatar and the MENA region, has approved the establishment of a branch in Saudi Arabia, the insurer said in a statement filed with the Qatar Stock Exchange.
The setting up of the branch is subject to the approval of the relevant regulatory and supervisory authorities.
In a statement, QIC said, “As part of broader regional growth ambitions, QIC has taken a significant step toward entering the Kingdom of Saudi Arabia (KSA), one of the region’s most dynamic and underserved insurance markets. Management has presented a comprehensive proposal to establish a branch operation of Qatar Insurance Company in the KSA subject to regulatory approval — aimed at expanding the Group’s footprint in alignment with its long-term GCC strategy.”
The Saudi insurance market, projected to reach SAR105.3bn ($28bn) in gross written premiums by 2029 with a five-year compound annual growth rate (CAGR) of 8.9%, presents a compelling opportunity for QIC.
QIC said that the proposed branch model is designed to leverage the group’s extensive technical infrastructure and regional expertise while capitalising on supportive regulatory reforms, mandatory insurance frameworks, and strong momentum driven by Saudi Arabia’s Vision 2030.
1Q financial performance
Separately, QIC announced an increase of 3.3% to QAR201.04m ($55.17m) for 1Q2025, in consolidated net profits attributable to shareholders of the parent company compared to QAR194.56m for the corresponding quarter of 2024.
Other highlights of QIC’s 1Q2025 financial performance include:
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The regional Gross Written Premiums increased to QAR1.7bn, up by 17% quarter on quarter, accounting for more than half (59%), of the Group’s total premiums
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Gross written premiums totalled QAR2.8bn.
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Insurance service results reached QAR76.4m.
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Investment and other income was QAR229m.
Commenting on the results, QIC Group chairman Sheikh Hamad bin Faisal Al Thani, said that QIC’s 1Q2025 results reflect the group’s consistent and stable bottom-line focused growth.
He said, “While our direct MENA Gross Written Premiums continued to grow at 17% QoQ, 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.
He added, “In 2025, we are focussed on deepening market penetration, advancing digital leadership, and upholding the highest standards of governance. As part of our regional growth strategy, we are moving forward with plans to enter the Saudi market—subject to regulatory approvals—marking a significant step in expanding our footprint across the GCC.”
Group CEO, Mr Salem Khalaf Al Mannai, said. “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, generated through our direct regional operations and international operations through Antares Lloyds Syndicate, London.”
Commenting on the group’s investment performance, he said, “While there is currently a great deal of uncertainty and confusion surrounding tariffs and trade tensions amongst leading global economies which have impacted the global financial markets like a storm cloud, QIC continued to report stable investment and other income of QAR229m for 1Q2025, compared to QAR245m for the same period in 2024. The return on investment came in at 5%, compared to 5.3% last year.”