QIC Group net profit rises 6% to QR383 million in H1
Doha
Qatar Insurance Group (QIC), the largest insurer in Qatar and one of the leading players in the MENA region, has reported a net profit of QR383 million for the first half (H1) of 2025, up 6 percent from QR360 million recorded in the same period of 2024. The results were approved at a meeting of the board of directors chaired by QIC Chairman Sheikh Hamad bin Faisal bin Thani Jasim Al Thani on Tuesday.
Gross written premiums (GWPs) rose 17 percent year-on-year to QR5.7 billion, with 60 percent generated from domestic and MENA markets and the remainder from international operations. The group posted an insurance service result of QR221 million, reflecting the success of its ongoing strategy to focus on profitable core markets while exiting low-margin business.
Investment and other income reached QR496 million, an increase of 7 percent year-on-year, delivering a return on investment of 5.2 percent compared to 4.7 percent in H1 2024. Earnings per share rose to QR0.089 from QR0.084 in the prior-year period. Assets under management remained stable at QR18.4 billion.
Commenting on the first half results, Sheikh Hamad said the strong H1 results reflected 'continued and consistent success' across all operations despite a challenging global backdrop of economic uncertainty and high insured catastrophe losses.
'QIC's underwriting portfolio continues to benefit from long-term strategic rebalancing in favour of profitable business from our core markets in Qatar and the MENA region,' he added, noting that international operations and high-quality investments also remain key earnings contributors.
In H1 2025, QIC launched Qatar's first-ever personal lines cyber insurance product, expanded its award-winning motor insurance offerings, and invested in Insurtech startups to reach new customer segments. It also submitted a proposal to establish a branch in Saudi Arabia, where the insurance market is forecast to grow strongly under Vision 2030.
QIC maintained its commitment to Environmental, Social, and Governance (ESG) principles, becoming the first company in Qatar — and the only insurer in MENA — to receive a provisional 'AAA' ESG rating from MSCI ESG Research. The group continued sponsorship of major national events, including the Katara International Arabian Horse Festival, the Build Your House Exhibition, and the Commercial Bank Qatar Masters.
During the first half, QIC was named Insurer of the Year in Qatar for the fourth consecutive year at the MENA Insurance Awards, ranked among Qatar's 10 Most Valuable and 10 Strongest Brands by Brand Finance, and received recognition for innovation at the Google Cloud Summit Doha 2025. The QIC App was also ranked among the top financial innovations in the Middle East by Global Financemagazine.
QIC CEO Salem Al Mannai said the company remains focused on profitable growth both regionally and internationally, while enhancing operational efficiency through digital transformation. 'Our differentiators — service excellence, ESG leadership, and advanced digital capabilities — allow us to grow selectively and resiliently in a volatile world,' he said.
Founded in 1964 as Qatar's first domestic insurance company, QIC today is the market leader in the GCC and MENA region, listed on the Qatar Stock Exchange with a market capitalisation exceedingQR7 billion.Gross Written Premiums (GWP) totalled QR5.7 billion, a 17% year-on-year increaseThe Group has posted
insurance service results of QAR 221 million in H1 2025Investment and other income amounted to QAR 496 mn, a 7% year-on-year increase.Earnings per share increased to QR0.089 per share from QR0.084 per share.
Despite global shocks and persistent uncertainty, QIC delivers strong financial results and builds resilience
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
ILoveQatar.net
3 days ago
- ILoveQatar.net
QIC Group reports QR 383 million net profit for the first half of 2025, plans Saudi Arabia expansion
Qatar Insurance Group (QIC Group, QIC, the Company), the leading insurer in Qatar and the Middle East and North Africa (MENA) region, today reported a Net Profit of QAR 383 million for the first half of 2025, a rise of 6% from QAR 360 million for the same period in 2024. Following a meeting of the Board of Directors dated 12 August 2025, which was presided over by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of QIC Group, the Board approved the financial results. Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, stated: 'QIC's excellent H1 2025 financial results reflects its continued and consistent success across all of the Company's operations. Against the challenging backdrop of global shocks and high uncertainty, QIC's underwriting portfolio continues to benefit from long-term strategic rebalancing in favour of profitable business from our core markets in Qatar and the MENA region. QIC's international business is also an important earnings contributor, and its high-quality investment portfolio continues to deliver solid returns. We are proud to excel in digital transformation, product innovation, operational efficiency and client-centricity, as evidenced by the investments, collaborations and initiatives implemented in H1 2025. QIC remains dedicated to excellence, sustainable growth and robust governance and risk management.' Mr. Salem Al Mannai, Chief Executive Officer of QIC Group, said: 'Through H1 2025, we expanded our products and services to customer segments across Qatar and the MENA region, whilst remaining committed to strategically seeking growth in international markets, including in emerging Asia and developing Africa, through our Antares Lloyds Syndicate, London. During this period, for example, we launched the first-ever personal lines cyber insurance in Qatar, invested in Insurtech startups to reach new customer segments in regional and international markets, presented a proposal to establish a branch office in the Kingdom of Saudi Arabia, and further enhanced our car insurance offerings for motorists in Qatar, including through an exclusive partnership that expands the service provider network of the award-winning QIC App. We also attended and hosted industry events to drive insurance innovation and cement Doha's position as a global centre for Insurtech and Fintech.' Mr. Mannai added: 'We are proud to support our core and international markets, and to differentiate through service excellence, dedicated ESG principles and by taking the lead in the digital transformation of the insurance industry. Combined with robust, astute risk management, these differentiators enable us to grow selectively and resiliently in a volatile world, and to operate at exceptional efficiency levels. And we are extremely proud to have received ongoing recognition for our operations - for example, in H1 2025, QIC was named Insurer of the Year in Qatar at the prestigious MENA II Awards, was recognised for driving innovation in the financial industry at the Google Cloud Summit Doha 2025, and became the first company in Qatar and only insurer in the MENA region to receive a provisional ESG 'AAA' ESG rating from MSCI ESG Research.' Underwriting portfolio delivers resilient growth Geopolitical tensions, tariff conflicts, tighter financial conditions and policy uncertainty continue to weigh on global GDP growth. Growth remained slow but stable through H1 2025, but is expected to fall further through the second half of the year, and thereafter to stabilise as supply chains shift and major economies respond to tariffs with increased support spending and monetary easing. In contrast to the slowing global growth trend, growth in MENA is expected to rise moderately to 2.6% in 2025, up from 1.9% in 2024 (OECD). The global insurance industry faces lower premium growth, with the added downside risks of competitive pressure and high insured catastrophe losses (forecast by Jefferies to reach USD 90 billion for H1 2025, the second-highest H1 loss on record and driven by non-peak perils including two major wildfires in California), countered by rising investment returns. Against this challenging backdrop, QIC continued to show excellence and build resilience through its long-term strategy of rebalancing its underwriting portfolio to focus on growth in profitable markets in Qatar and the MENA region, while exiting from loss making and lower margin international business. In H1 2025, 60% of the Group's GWPs derived from its domestic and MENA operations, with 40% from its international business. The Company also continued to enhance the risk diversification of its underwriting portfolio, growing its GWPs in Personal Lines, Health, Marine and Energy. Notably, QIC retail insurance demand surged ahead of the summer holidays, reflecting growing public confidence in QIC's digital offerings and expanding Personal Lines product suite. The Company's Motor exposure has already been strategically reduced – particularly in the UK due to supply chain challenges mainly relating to Brexit – although importantly, QIC has maintained the prioritisation of its award-winning Motor business in the MENA region. As a part of its underwriting portfolio restructuring strategy, the Company now limits its exposure to UK Motor only as a reinsurer. The success of these measures is evident in the H1 2025 Insurance Service Result of QAR 221 million. Strong investment performance QIC Group has a high-quality, well diversified investment portfolio with a stable year-on-year composition. At the end of H1 2025, Investment and Other Income rose by 7% year on year to QAR 496 million. The Company also reported a robust Return on Investment for the period of 5.2%, compared to 4.7% in H1 2024. Assets Under Management for the period remained stable year-on-year at QAR 18.4 billion. Consistent rise in earnings QIC achieved a Net Profit for H1 2025 of QAR 383 million, representing a 6% year-on-year increase. Net Profit Attributable to Shareholders of the Parent amounted to QAR 375 million. Earnings per Share for the period were QAR 0.089, a 6% increase compared to the same period in 2024. QIC launches Qatar's first-ever personal lines cyber insurance In Q2 2025, QIC introduced Qatar's first-ever personal lines cyber insurance to help individuals navigate their digital and online lives with greater confidence. This innovative product protects consumers against financial losses from cyber attacks, online shopping fraud, credit card fraud, phishing scams, cyber extortion, identity theft and damage to connected devices and wearables from cyber risks. Expansion into Saudi Arabia In alignment with QIC's long-term GCC growth strategy, QIC presented a comprehensive proposal to establish a branch operation in Saudi Arabia. Expansion into Saudi Arabia is a compelling opportunity – market GWPs are projected to grow at a five-year compound annual growth rate (CAGR) of 8.9%, reaching SAR 105.3 billion by 2029. QIC's proposed branch model – subject to regulatory approval - will leverage the Company's extensive technical infrastructure and regional expertise, while capitalising on supportive regulatory reforms, mandatory insurance frameworks and momentum from Saudi Vision 2030. Championing ESG Aligned with Qatar's national goal to reduce greenhouse gas emissions by 25% by 2030, QIC has a comprehensive Environmental, Social, and Governance (ESG) framework, formally endorsed by its Board of Directors, as well as a dedicated ESG and Sustainability Committee to integrate sustainability principles across its underwriting and investment operations. As of 22 May 2025, QIC was the first company in Qatar and only insurer in the MENA region to receive a provisional ESG 'AAA' ESG rating from MSCI ESG Research, the highest rating under MSCI's globally recognised ESG framework. This rating, which highlights QIC's outstanding performance across the key ESG pillars of Privacy & Data Security, Human Capital Development and Corporate Behaviour, places QIC amongst the world's top-performing Property and Casualty insurers for ESG excellence and governance resilience. Awards and recognition H1 2025 saw QIC honoured as Insurer of the Year in Qatar at the prestigious MENA II Awards for the fourth consecutive year, acknowledging QIC's outstanding achievements in establishing Qatar's first insurance-powered digital ecosystem. The Company also ranked among Qatar's 10 Most Valuable Brands and 10 Strongest Brands in 2025 by Brand Finance, the world's leading brand valuation consultancy, reflecting the Company's strong reputation, financial performance and strategic vision. Additionally, QIC App was acknowledged as one of the top financial innovations in the Middle East at Global Finance's Innovators Awards 2025 – QIC was the only insurance company from the MENA region to be included in this prestigious ranking. And marking a significant milestone in QIC's strategic journey to revolutionise insurance through advanced technologies and global partnerships, QIC was recognised at the Google Cloud Summit Doha 2025 for driving innovation in the financial industry - a recognition that highlighted QIC's bold adoption of cloud-native technologies and AI-driven solutions, as well as its role as a thought leader shaping the future of the insurance industry. Supporting Qatar's heritage and development QIC continued as official sponsor at the 5th edition of the Katara International Arabian Horse Festival, underscoring QIC's commitment to Qatar's broader development and to preserving Qatar's cultural heritage, guided by Qatar National Vision 2030. The Company was also proud to sponsor the Build Your House Exhibition 2025, reaffirming its commitment to resilient housing in Qatar, and continued its role as official sponsor of the 2025 Commercial Bank Qatar Masters.
Qatar Tribune
3 days ago
- Qatar Tribune
QIC Group net profit rises 6% to QR383 million in H1
Tribune News Network Doha Qatar Insurance Group (QIC), the largest insurer in Qatar and one of the leading players in the MENA region, has reported a net profit of QR383 million for the first half (H1) of 2025, up 6 percent from QR360 million recorded in the same period of 2024. The results were approved at a meeting of the board of directors chaired by QIC Chairman Sheikh Hamad bin Faisal bin Thani Jasim Al Thani on Tuesday. Gross written premiums (GWPs) rose 17 percent year-on-year to QR5.7 billion, with 60 percent generated from domestic and MENA markets and the remainder from international operations. The group posted an insurance service result of QR221 million, reflecting the success of its ongoing strategy to focus on profitable core markets while exiting low-margin business. Investment and other income reached QR496 million, an increase of 7 percent year-on-year, delivering a return on investment of 5.2 percent compared to 4.7 percent in H1 2024. Earnings per share rose to QR0.089 from QR0.084 in the prior-year period. Assets under management remained stable at QR18.4 billion. Commenting on the first half results, Sheikh Hamad said the strong H1 results reflected 'continued and consistent success' across all operations despite a challenging global backdrop of economic uncertainty and high insured catastrophe losses. 'QIC's underwriting portfolio continues to benefit from long-term strategic rebalancing in favour of profitable business from our core markets in Qatar and the MENA region,' he added, noting that international operations and high-quality investments also remain key earnings contributors. In H1 2025, QIC launched Qatar's first-ever personal lines cyber insurance product, expanded its award-winning motor insurance offerings, and invested in Insurtech startups to reach new customer segments. It also submitted a proposal to establish a branch in Saudi Arabia, where the insurance market is forecast to grow strongly under Vision 2030. QIC maintained its commitment to Environmental, Social, and Governance (ESG) principles, becoming the first company in Qatar — and the only insurer in MENA — to receive a provisional 'AAA' ESG rating from MSCI ESG Research. The group continued sponsorship of major national events, including the Katara International Arabian Horse Festival, the Build Your House Exhibition, and the Commercial Bank Qatar Masters. During the first half, QIC was named Insurer of the Year in Qatar for the fourth consecutive year at the MENA Insurance Awards, ranked among Qatar's 10 Most Valuable and 10 Strongest Brands by Brand Finance, and received recognition for innovation at the Google Cloud Summit Doha 2025. The QIC App was also ranked among the top financial innovations in the Middle East by Global Financemagazine. QIC CEO Salem Al Mannai said the company remains focused on profitable growth both regionally and internationally, while enhancing operational efficiency through digital transformation. 'Our differentiators — service excellence, ESG leadership, and advanced digital capabilities — allow us to grow selectively and resiliently in a volatile world,' he said. Founded in 1964 as Qatar's first domestic insurance company, QIC today is the market leader in the GCC and MENA region, listed on the Qatar Stock Exchange with a market capitalisation exceedingQR7 Written Premiums (GWP) totalled QR5.7 billion, a 17% year-on-year increaseThe Group has posted insurance service results of QAR 221 million in H1 2025Investment and other income amounted to QAR 496 mn, a 7% year-on-year per share increased to QR0.089 per share from QR0.084 per share. Despite global shocks and persistent uncertainty, QIC delivers strong financial results and builds resilience
Qatar Tribune
19-07-2025
- Qatar Tribune
talabat launches HBN Kitchen by Chef Hamad Al Hajri
Tribune News Network Doha talabat, the leading on-demand delivery platform in the MENA region, has officially launched HBN Kitchen by celebrated Qatari Chef and entrepreneur, Chef Hamad Al Hajri, available exclusively on the talabat app from August 1. To mark the occasion, talabat hosted an exclusive launch event on July 16, attended by key partners and guests. Guests were treated to a first taste of the restaurant's signature creations, personally prepared and presented by ChefHamad. Known for his bold interpretation of Qatari cuisine, Chef Hamad's latest venture blends traditional flavours with modern techniques. HBN Kitchen will feature a curated menu of dishes crafted for quality, consistency and convenience, delivered straight to customer's doors through talabat. Francisco Miguel De Sousa, managing Director of talabat Qatar, commented: 'We are proud to partner with Chef Hamad on this exciting new concept. At talabat, we are committed to championing local talent and creating meaningful partnerships that deliver value to our customers. HBN Kitchen is a true celebration of Qatari culinary identity.' Chef Hamad Al Hajri of HBN Kitchen said, 'HBN Kitchen is more than just a culinary brand — it is my vision and my discipline. It reflects my deep commitment to showcasing Qatari culture through food, while creatively blending it with global flavours such as Polish, Mediterranean, Latin American, and Turkish. 'This journey has brought me international recognition and invitations, and I'm proud to continue sharing the rich story of Qatari cuisine with the world through this exclusive partnership with talabat.' Chef Hamad will be available to order from August 1 exclusively on talabat, offering customers a fresh and modern take on Qatari fusion cuisine. Customers can download the talabat app via the IOS App Store, Google Play Store, or Huawei App Gallery.
