Gross written premiums (GWP) amounted to QR7.2bn with domestic and Mena operations contributing QR3.9bn. Insurance service results increased by 62% year-on-year to QR414mn in 9M-2024.
QIC currently has a balanced and well diversified portfolio with 54% of its insurance business written by the Mena entities and 46% of business underwritten by international operations.
It continues to show its considerable resilience, reporting an investment income of QR712mn for 9M 2024 against QR743mn the same period last year. The return on investment stood at 5% on annualised basis.
As of the end of 9M-2024, the composition of QIC’s investment portfolio continues to remain “stable and consistent” with the previous year.
“QIC’s strong momentum over the first nine months of 2024 has been reflected in another outstanding set of results. The company has focused intensively on strengthening its position in domestic and Mena markets – where GWP have increased 43% compared with the same period in 2023,” Sheikh Hamad bin Faisal al-Thani, chairman of QIC Group said, adding this is evident in the growth coming from its direct GCC business, arising from health and personal lines business.
Highlighting that the reduction in global inflation this year suggests that the outlook for the macroeconomic climate is becoming more encouraging, though challenges certainly persist; he said QIC’s long-term strategy of reducing exposure to underperforming international markets – augmented most recently by the strategic restructuring of its UK motor business – positions the group well to weather the impact of international economic volatility.
Salem Khalaf al-Mannai, chief executive officer of QIC Group, said QIC enters the final quarter of the year in excellent shape, having reported robust, consistent and stable consolidated net profits over the past nine months.
“Once again, the company’s continued endeavours towards maximising the benefits of AI (artificial intelligence) technologies in business decision making, process efficiencies and automation have bolstered its already exceptional operational efficiency, and cemented QIC’s position as a market leader in digital innovations,” he said.
The strategic restructuring of its international business is in line with QIC Group’s strategy to streamline loss-making and low margin businesses and to bring the international operations of the group back to profitability, he said, adding this restructuring now positions the group for greater stability and profitability with controlled exposure to UK Motor as a public reinsurer instead of a direct insurer.
“By successfully completing this restructuring, the group is confident that it will have a well-diversified and balanced portfolio between its Mena and international business. We are pleased with the outcome of consistent and stable underwriting income with improving combined ratio,” said al-Mannai.
