Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region, has reported a net profit of QAR 205 million for the first quarter of 2025, reflecting a 6% year-on-year growth compared to QAR 194 million in Q1 2024. The results were approved during the Board of Directors meeting held on April 29, 2025, under the chairmanship of Sheikh Hamad bin Faisal bin Thani Jassim Al Thani.
Financial Highlights – Q1 2025
- Net Profit: QAR 205 million (Q1 2024: QAR 194 million)
- Insurance Service Results: QAR 76 million
- Net Investment & Other Income: QAR 229 million
- Gross Written Premiums (GWP): QAR 1.7 billion – 17% quarter-on-quarter growth
- 59% of GWP now generated from the MENA region, up from under 20% in 2021
- Net profit attributable to shareholders: QAR 201 million
Chairman’s Perspective
Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, stated:
“QIC’s Q1 2025 results reflect our ongoing focus on sustainable, bottom-line-driven growth. Our strategic exit from low-margin international portfolios and disciplined risk selection have fortified our capital position. We remain committed to advancing digital innovation and customer-centric solutions that will sustain our leadership in Qatar and the broader MENA region.”
CEO’s Statement
Salem Khalaf Al Mannai, Group CEO, emphasised:
“QIC Group’s Q1 performance is a strong validation of our strategic focus on short-tail risk portfolios, digital transformation, and operational efficiency. The solid Insurance Service Results and growing contribution from the MENA business affirm our position as a regionally diversified and resilient insurer.”
Strategic Growth in Regional Markets
The Group’s focus on regional premium growth has continued to yield strong results, with MENA premiums now accounting for 59% of total GWP, compared to less than 20% just four years ago. As global reinsurance and insurance rates normalize, QIC’s strategy of geographic rebalancing and digital agility ensures it remains ahead of market trends.
About Qatar Insurance Group
Established in 1964, Qatar Insurance Group (QIC) is a publicly listed composite insurer with a presence across the Gulf and international markets. The Group offers a wide portfolio of personal, business, and reinsurance solutions. QIC is rated A (Excellent) by AM Best and is recognized for its strong financial performance, underwriting discipline, and leadership in digital innovation.
