Qatar Insurance (QIC), the leading insurer in Qatar and one of the largest across the Middle East and North Africa, has reported a net profit of QAR562m ($154m) for the first nine months of this year, according to financial statements released by the company. The net result was lower by 4.3% compared to the corresponding period in 2025.
Net profit attributable to QIC shareholders amounted to QAR550m, down by 4% year on year.
QIC said that it sustained its earnings through three quarters of a continuing regional geopolitical conflict, an event without recent precedent for the sector, holding net profit broadly in line with the prior-year period while absorbing conflict-related claims and reserving and higher claims costs.
The insurance service result was QAR336m, 4.7% lower than in the first nine months of 2025, carrying the effect of claims and reserving associated with the regional conflict, while disciplined growth across the QIC’s core markets supported the top line. In %age terms, the year-on-year shortfall in both the insurance service result and net profit was narrower at nine months than at the half year.
Double-digit growth in insurance revenue, up by 14% to QAR7.4bn together with continued premium growth and higher investment income, up by 5.6% to QAR749m largely offset the pressure the regional conflict placed on the group’s insurance service result, underlining the consistency of the QIC’s diversified earnings base.
QIC said that its capital and balance sheet strength remained strong. Financial highlights: 9M 2026 (nine months ended 30 September 2026)
Sheikh Hamad bin Faisal Al Thani, QIC Chairman, said, “Through nine months of an exceptional and continuing event, QIC has sustained its earnings, safeguarded shareholder value, maintained a strong capital position and stayed the course on its strategic priorities.”
Mr Salem Al Mannai, Group CEO, said, “The first nine months of 2026 have tested our sector with an exceptional geopolitical event that is still unfolding, and QIC has met it with consistency, quarter after quarter. Disciplined underwriting and a high-quality investment portfolio have allowed us to absorb the impact on our insurance service result and higher claims costs while continuing to grow insurance revenue, Gross Written Premium and investment income.
“Our exposures are adequately reserved on an actuarial best-estimate basis, and we continue to monitor developments closely as the situation evolves. “We remain well capitalised and we are advancing our strategic priorities as planned, from the launch of QIC Market and the continued expansion of our digital ecosystem to the strengthening of our partnership with ASR across Africa and developing markets. Our focus is unchanged: the quality and profitability of our book through the cycle.”
In September, the Group strengthened its partnership with Africa Speciality Risks (ASR) to expand across Africa and developing markets, extending QIC’s international franchise. In QIC’s international specialty business, Antares Syndicate 1274 backed affirmative cyber war cover, extending the platform’s specialty underwriting capability.