Strong performance delivers a return to profitability at QAR 615 million for the year 2023

Doha, 07^th March 2024 - Qatar Insurance Group (QIC, QIC Group), the leading insurer in Qatar and the MENA region, held yesterday, Wednesday, 06 March, its General Assembly Meeting at the Ritz Carlton hotel in Doha, Qatar. The meeting was chaired by H.E. Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of the Board, and was attended by members of the executive management, shareholders and representatives of regulatory authorities.

The meeting discussed the Board of Directors' report on the Company's activities and financial position during the year ended 31/12/2023; the company’s future plans; balance sheet, and profit and loss account for the year. Additionally, the meeting approved the auditors' report on the company's financial statements for the year 2023; the Corporate Governance Report for 2023; and the company's remuneration policy for the year 2024.

His Excellency Sheikh Hamad bin Faisal bin Thani Jasim Al Thani affirmed: QIC with its robust and solid capital base and the effective execution of its set strategy returned to profitability, performing strongly across all its business verticals in 2023. For the full year 2023, the Group reported a net profit of QAR 601 million (excluding minority). Furthermore, all MENA and international insurance operations delivered profitable results reflecting the success of the change in strategy. Consequently, QIC has succeeded in reinforcing its position as a market leader through further expanding its profitable domestic market business in Qatar and the MENA region, as well as international markets while continuing to move away from volatile and high-risk international markets. The Group’s gross written premiums for the year was QAR 8.5 billion. Currently, 32% of the Group’s gross written premiums emanate from personal lines insurance written in the Middle East, UK, and Continental Europe. Meanwhile, the Group’s domestic business in Qatar and MENA recorded further growth in gross written premiums to QAR 3.6 billion, compared to QAR 2.8 billion in 2022, representing 25% growth in 2023. The domestic business continues to remain highly attractive, contributing both to top and bottom-line results, reflecting QIC’s position as the market leader in Qatar and the company’s profile as the most advanced digital insurer in the region. QIC experienced substantial growth in the UAE throughout the year, in total writing AED 1.3 billion. In Oman, the successful merger with Vision Insurance helped to accelerate QIC’s growth in the local market, particularly in medical and personal line segments. This domestic and regional success reflects 2023’s strong performance, laying a solid foundation for further success in the coming year.

Regarding international operations, Antares Managing Agency Ltd (“Antares”), the Lloyd’s specialist insurance and reinsurance subsidiary of QIC, continues to be the major engine for performance and growth. The Group’s Insurance Service results was a profit of QAR 747 million in 2023, compared to loss of QAR 465 million over the same period in 2022.

Despite challenging financial market conditions and rising interest rates resulting in a fall in value of fixed income securities, QIC’s own portfolio performed strongly, generating a net investment and other income of QAR 922 million for 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.

Other meeting outcomes included the approval of the distribution of dividends at the rate of (10%) ten percent of the nominal value of the share at the rate of (10) ten dirhams per share and date of disbursement; discharging of the members of the Board of Directors and approval of remuneration for each member for the year 2023; and appointment of KPMG as auditors for the fiscal year (2024) and their fee.

QIC looks with optimism over the year ahead – the Company remains well-positioned, thanks to its diversified business mix, strength of capital, and balanced geographic coverage, and will continue to take advantage of attractive business opportunities.