Doha, 27 February 2025 – Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region, convened its Annual General Assembly Meeting, yesterday, Wednesday, 26th February 2025, at the Ritz Carlton Hotel in Doha. The company presented its Annual Report highlighting outstanding financial performance and strategic growth across the business. 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 31/12/2024, 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 2024, the Corporate Governance Report, and the company’s remuneration policy for the year 2025.

Chairman’s Statement on Strong Profits and Strategic Growth

Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of the Board of Directors of Qatar Insurance Group, remarked: “QIC’s net profit for the year reached QAR 735 million, marking a 19% year-on-year increase, as the company demonstrated remarkable resilience amidst global market challenges. This growth reflects the successful implementation of our strategic priorities. Our focus on profitable regional growth, particularly through personal lines and health segments, has paid off, with our domestic and regional Gross Written Premiums increasing by 39% to QAR 4.8 billion. This shift, along with our exit from underperforming and high risk international markets, has further strengthened QIC’s position as the region’s largest insurance group.

“The results for 2024 are a testament to our ability to adapt and execute our strategic goals. With a solid capital base, a reinvigorated portfolio, and a clear focus on high margin, low volatility segments, QIC is well positioned for sustainable growth in the coming decade. We are confident that QIC’s continued emphasis on innovation, including our AI driven insurance solutions and digital transformation, will maintain our leadership in the MENA region and beyond.”

CEO’s Statement on Strategic Direction and Future Outlook

Salem Al Mannai, QIC Group CEO, said: “2024 has been a transformative year for QIC. We’ve successfully realigned our business, exiting loss making international operations and focusing on profitable, high growth MENA markets. This strategic pivot has significantly enhanced the stability and profitability of our business, allowing us to deliver a 19% increase in net profit and a strengthened market position. Our investments in digital platforms and AI technologies, such as the launch of our new personalized online portal and mobile app, will continue to set QIC apart in an increasingly competitive insurance landscape.

“As we move into 2025, QIC is well positioned to capitalize on the opportunities emerging in MENA, with a focus on personal lines and health, as well as leveraging our cutting-edge technology to enhance customer experience. Our performance and strategy for the coming year will enable us to take full advantage of the positive macroeconomic outlook, particularly in terms of easing inflation and favorable interest rates.”

Key Highlights of QIC’s 2024 Performance

• QIC reported a net profit of QAR 735 million, marking a 19% increase year-on-year.

• Regional Growth: The company’s domestic and regional Gross Written Premiums surged by 39%, totaling QAR 4.8 billion, with strong growth in the UAE and Oman.

• International Restructuring: QIC successfully exited loss making, low margin international operations, focusing on profitable business through its subsidiary, Antares, at Lloyd’s in London.

• Investment Income Resilience: Despite global economic challenges, QIC’s investment subsidiary, Epicure Asset Management, generated QAR 973 million in net investment income.

• Recognition of excellence in digital transformation: QIC won multiple awards for its digital offerings, including ‘Best Digital Insurance Brand in Qatar’ and ‘Best Car Insurance Mobile App in Qatar’, further solidifying its leadership in digital innovation.

Other Meeting Outcomes

The Board of Directors approved 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. The meeting also saw the discharge of the members of the Board of Directors (subject to the approval of the Qatar Central Bank), approval of their remuneration, and the related party policy of the company for the year 2025. Additionally, the appointment of KPMG as auditors for the fiscal year 2025 was approved, along with their fee.

Looking Ahead to 2025: Confidence in Continued Growth

QIC enters 2025 with renewed confidence, having completed its strategic realignment to focus on regional markets, with a strong emphasis on digital innovation and AI driven insurance solutions. The company remains well positioned to benefit from growth opportunities in MENA and is optimistic about the improving macroeconomic environment, especially as inflationary pressures ease and interest rates are expected to fall.

Sheikh Hamad bin Faisal bin Thani Jasim Al Thani concluded: “As we reflect on 60 years of success, we are poised for continued leadership in the regional insurance market. Our strategy of focusing on profitable business and investing in digital transformation will allow QIC to maintain its dominance in the MENA region while adapting to the evolving global insurance landscape.”

About Qatar Insurance Group (QIC)

Qatar Insurance Company Q.S.P.C (QIC, QIC Group) is a publicly listed insurer with a consistent performance history of 60 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader and the first digital insurance company in Qatar and a dominant insurer in the GCC and MENA regions. QIC is one of the largest insurance companies in the MENA region in terms of written premium and total assets and is listed on the Qatar Stock Exchange and has a market capitalization in excess of QAR 7 billion.