QIC Group Reports Net Profits of QAR 615 Million for the Year 2023
QIC Group reports Net Profits of QAR 615 million for the year 2023
Net Profit up by 152%
Highlights in FY 2023
• QIC Group consolidated net profits surge by 152% to QAR 615M.
• Gross written premiums of QAR 8.5Bn.
• QIC’s domestic and MENA operations gross written premiums grew by 25% in 2023.
• Insurance service results of QAR 747M in 2023, compared to loss of QAR 465M in 2022.
• Net investment results of QAR 922M during 2023, compared to QAR 828M in 2022.
Doha, 15 February 2023 - Qatar Insurance Company (“QIC Group”, “QIC”), the leading insurer in
Qatar and the Middle East North Africa (MENA) region, has reported net profits of QAR 615 million
(including minority) for the year 2023, compared to a net loss of QAR 1,183 million for the previous
year. Following a meeting of the Board of Directors yesterday, which was presided over by Sheikh
Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of QIC Group, the Board approved the financial
results.
Commenting on QIC’s financial performance, Sheikh Hamad bin Faisal Al Thani, Chairman of QIC
Group, stated: “The past 12 months have overseen a key turnaround story at QIC. The company has
continued to strengthen its position in profitable domestic market business in Qatar and the MENA
region, with Gross Written Premiums growing 25% year-on-year. Meanwhile, the effectiveness of our
deliberate strategy over the past few years to exit our loss making and low margin international
business has been clear, demonstrated by the Group’s return to healthy net profitability.
While global macroeconomic headwinds persisted, particularly in early 2023, there were promising
signs in the latter half of the year that inflation is easing, and interest rates have peaked. Having
decisively cut our exposure to more volatile international risks, QIC is well positioned to take
advantage of this improving economic environment in 2024 – and to extend our market-leading levels
of customer service and reputation for digital innovation in both domestic and international
insurance markets.
“QIC has moved confidently forward from a loss-making 2022 to a strong and stable 2023”, said Mr.
Salem Khalaf Al Mannai, Group Chief Executive Officer. “The company is delighted to report
Insurance Service results of QAR 747 million in 2023, rising from loss of QAR 465 million over the
same period in 2022. Strikingly, we saw major growth in UAE and Oman operations mainly in medical
and personal line segments. In particular, the UAE business – which underwrote over AED 1 billion
over the course of 2023 – is expected to continue to exhibit robust growth. In addition, QIC’s MENA
and international insurance operations have delivered buyout results, in line with the company’s
strategic plan.Furthermore, QIC reported a strong investment income of QAR 922 million for FY 2023, compared to
QAR 828 million for the same period in 2022. The return on investment came in at 5.2% compared to
4.8% last year.
Our continued endeavor towards process efficiencies and automation showed strong results this
year, as QIC further improved its already exceptional operational efficiency. Additionally, we continue
to press ahead at the forefront of digital innovation in the region’s insurance sector. In 2023, QIC
received industry-wide recognition for its digital insurance products, its online services and website,
and its revolutionary Insurtech subsidiary, Anoud Tech. We’re also shaping the future of technology
in the sector with our annual Insurtech summit, leading the discussion on how insurers can harness
innovation and fresh thinking to respond to the needs of the modern customer.
The Board of Directors proposed a cash dividend distribution of 10% for the year ended 2023.
Financial Overview
The global macroeconomic environment showed some signs of improvement over the course of
2023 – particularly in the later months – though economic and financial uncertainties have persisted.
Global labour markets began to normalize in the first half of the year, while high levels of concern
about inflation as 2023 began have eased somewhat as the year progressed. This has resulted in the
stabilization of interest rates in the US and UK – and the expectation that rates will begin to come
down in 2024. However, insurance markets have continued to harden in select lines of business.
Perhaps the biggest challenge that faced QIC’s key areas of operation in 2023 has been the UK motor
insurance market, which was adversely affected by supply chain difficulties influenced by Brexit. The
company plans to reduce its exposure to this sector – reflecting a wider strategy of distancing itself
from markets with higher volatility and levels of risk, particularly during periods of rising capital costs.
Domestically, QIC continues its robust growth story in Qatar, with QIC being the market leader in the
insurance industry.
Against this backdrop, QIC reported Group Gross written premiums of QAR 8.5 billion over FY2023,
compared to QAR 9.8 billion in 2022. Domestic and MENA Gross written premiums grew from QAR
2.8 billion to QAR 3.6 billion, continuing to drive underwriting profitability. As well as the company’s
strong domestic performance, all international operations performed well during the year, with
healthy combined ratios. Antares Global – which includes the brands Antares Re, Antares Lloyds
Syndicate and QIC Europe Ltd – continues to be the major engine for international operations,
delivering a premium volume of QAR 4.9 billion.