QLM Declares a Net Profit of QAR 98 Million for the Year 2020
United Arab Emirates - February 18, 2021: QLM Life & Medical Insurance Company QPSC has announced its financial results for the year 2020. The Gross Written Premium for the year remains stable at QAR 1 bn compared to 1.02 bn for the year 2019. QLM reported a net profit of QR98.05 million for the year as compared to QAR 86.87 million for the previous year 2019, achieving a growth of 12.8%. The Earnings Per Share amounted to QAR 0.28 per share as against QAR 0.25 per share in 2019.
The financial results were approved by the board of directors in a meeting presided over by the chairman Sheikh Saoud bin Khalid bin Hamad Al-Thani.
Mr. Fahad Mohammed Al Suwaidi, CEO of QLM Life & Medical Insurance Company, stated, “QLM benefits from its indigenous expertise in providing end to end health and life insurance solutions with unmatched in-house capabilities and an unrivalled provider network which provides a strong base for the company to offer best in class services. QLM is continuously innovating to leverage technology to automate processes and deliver a seamless experience to our insured members. The company is well positioned and has a robust capital base and recently has been rated A negative with stable outlook by Standard & Poor’s, based on its stand-alone financial strength. We have a well carved out strategy and are confident of exceeding the expectation of all the stakeholders.”
To pursue its objectives of providing valuable and affordable insurance protection to residents and citizens as well as to generate new channels of revenue, the company has planned to enter the retail segment and shall soon be launching individual life & medical products
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