Qatar: QIC Group posts first-quarter net profit of $56.31mln
Qatar - Qatar Insurance Group has posted a net profit of QR205mn for the first quarter of 2025, up from QR194mn in Q1, 2024.
The results were approved during the Board of Directors meeting presided over by QIC Group Chairman Sheikh Hamad bin Faisal bin Thani Jassim al-Thani here Tuesday.
Sheikh Hamad stated, 'QIC's Q1, 2025 results continue to reflect our consistent and stable bottom line focused growth with net profits of QR205mn at a 6% overall growth. While our direct Mena gross written premiums continued to grow at 17% quarter-on-quarter, our disciplined risk selection and exit from low‑margin international portfolios have strengthened our capital base and underpinned selective growth.
'As market conditions normalise, we are fully committed to accelerating our digital transformation and expanding customer-centric innovations to sustain our leadership position across the region.'
Sheikh Hamad added: 'Strategic investments in automation and data-driven decision-making have enhanced our operational efficiency and turnaround times. With the launch of our ESG framework and the establishment of our Sustainability Committee, we are embedding environmental and social responsibility into every aspect of our business.
'In 2025, we are focused on deepening market penetration, advancing digital leadership, and upholding the highest standards of governance. As part of our regional growth strategy, we are moving forward with plans to enter the Saudi market—subject to regulatory approvals—marking a significant step in expanding our footprint across the GCC.'
Group Chief Executive Officer Salem Khalaf al-Mannai said, 'Q1, 2025 results are once again the testament of QIC Group's successful execution of its set strategy to build up a well-diversified and balanced risk portfolio focused in short tail risks, which will deliver consistent and stable bottom-line driven growth. Operational excellence remains at the core of our strategy.
'In Q1, 2025, we delivered insurance service results of QR76mn, net investment and other income of QR229mn and consolidated net profit of QR205mn. The consolidated net profit attributable to shareholders of the parent stood at QR201mn. These results demonstrate robust momentum across our core business lines.'
While the global and regional markets were highly volatile and challenging, QIC Group has delivered a net profit of QR215mn with a 11% growth in bottom line for the period (before the impact of Pillar II, which is effective from 2025).
'As the global insurance rates continue to soften and decline, we continue to maintain our growth momentum and our Gross written premium growth as per plan, generated through our direct regional operations and international operations through Antares Lloyds Syndicate, London.'
Al-Mannai stated: 'Our relentless focus on process optimisation and automation is yielding tangible gains in cost efficiency and service speed. Enhancements to the QIC App, including seamless car rentals, repair services, car wash bookings, and real-time vehicle valuations, further cement our reputation as Qatar's most innovative insurer. Supported by a strong capital position and a Board-approved ESG framework, we are driving consistent, profitable growth while delivering exceptional customer experiences.'
The regional gross written premiums increased to QR1.7bn in Q1, 2025 up 17% quarter on quarter – and now account for more than half (59%), of the group's total premiums, compared to less than 20% in 2021.
While there is currently a great deal of uncertainty and confusion surrounding tariffs and trade tensions amongst leading global economies that has impacted the global financial markets like a storm cloud, QIC continued to report stable investment and other income of QR229mn for Q1, 2025, compared to QR245mn for the same period in 2024. The return on investment came in at 5%, compared to 5.3% last year.
QIC Group maintained a stable, well-diversified investment portfolio, aligned with its long-term strategic asset allocation.
© Gulf Times Newspaper 2022 Provided by SyndiGate Media Inc. (Syndigate.info).
Doha
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
7 hours ago
- Arabian Post
From petrostate to deal state: Gulf IPO markets mature
Maein Khalid Since the pandemic, IPO activity across GCC capital markets has surged – offering a sharp contrast to the stop-start pace on New York's Nasdaq and the near standstill on London's LSE. Nearly 300 IPOs have raised around $50 billion across the Gulf since 2021. ADVERTISEMENT Below I outline six key macro themes shaping this post-Covid IPO boom in the GCC. First, contrary to expectations, the number, size and aftermarket performance of IPOs in the GCC have shown little correlation with oil prices. Since 2021 Brent crude has swung wildly, yet IPO momentum has remained resilient, even in hydrocarbons-heavy markets like Saudi Arabia. Second, the sheer variety of sectors that contributed to regional IPO deals demonstrates that non-oil growth, industry deregulation, private sector entrepreneurship and e-commerce are powerful macro themes in the Gulf. The two largest IPOs in the GCC last year were the $2 billion food delivery app Talabat's IPO, listed in Dubai's DFM, and the $1.8 billion Lulu hypermarket, a 50-year-old family-owned grocery chain listed on Abu Dhabi's ADX. ADVERTISEMENT Last year saw 48 IPOs from sectors as varied as grocery chains, software and IT services, e-commerce, education, healthcare, financial services, remittance solutions, leisure, transportation and real estate. Third, Saudi Arabian deal flow both dominated the IPO pipeline and dramatically outperformed its GCC peers in aftermarket trading. For instance, 38 out of the 48 deals in the GCC that raised $12.06 billion in 2024 originated from the kingdom, and the average aftermarket performance in the week following the IPO was a spectacular 45 percent. The kingdom's first three IPOs on the main market this year all went 'limit up', surging on their first day of trading by the maximum 30 percent allowed. It is no mistake that the first aviation IPO in the region in almost two decades – Flynas is seeking to raise $1.1 billion – is taking place in the kingdom. This is a testament to both the vast liquidity available in the Saudi new issue market and the magnetic power of the kingdom's junior exchange, Nomu, which saw 27 companies listed in 2024 alone. New listings on Nomu are typically domestic Saudi firms operating in high-growth sectors tied to the kingdom's digital transformation – highlighting a clear link between rising tech literacy among its youthful population and a growing appetite for high-risk, high-reward IPOs. Fourth, the GCC IPO constellation is dominated by Saudi Arabia and the UAE, with Oman a distant third. Saudi Arabia's 38 IPOs in 2024 dwarfed seven from the UAE, two from Oman and a solitary flotation in Kuwait. This spectacular asymmetry in the national origin of IPOs reflects the vast differences in the capital markets milieu, investor ecosystems and liquidity preferences among the six GCC states. Fifth, the recent IPO boom has attracted global investor interest in the Gulf's emerging capital markets, as sovereign wealth funds from the region have become a significant force in Wall Street and Silicon Valley deal-making. This trend will both broaden and deepen the GCC capital markets, evidencing that they are no longer an illiquid sideshow in the emerging markets universe. Historically the GCC IPO landscape was dominated by state-led privatisations and secondary offerings, with governments selling minority stakes in national champions. The most iconic example remains the 2019 Saudi Aramco listing – still the largest IPO in history – which raised $25.6 billion by selling just 1.5 percent of the company on Riyadh's Tadawul exchange. But the market has since evolved, moving beyond oil giants and into broader, more diversified territory. Saudi Aramco subsequently raised $12 billion in a secondary offering last year. These mega deals played a crucial role in the development of the kingdom's capital markets infrastructure and set the stage for the current bullish IPO environment. The UAE's role as the most diversified, cosmopolitan and networked economy in the Arab world can be gauged by the fact that it contributed to the two largest IPOs of 2024 – both private sector businesses with no connection to oil and gas or the government. The 2025 IPO of Bahrain-based Investcorp Capital marked a milestone for the region – positioning Abu Dhabi where it listed not just as an oil-rich emirate, but as a rising power in global finance. By listing a world-class alternative investment manager on the Abu Dhabi Securities Exchange, the UAE has shown it is no longer just deploying capital abroad – it's building the infrastructure to manage it at home. As a growing nexus for hedge funds and private capital, Abu Dhabi is fast becoming a noodle point in the global alternatives ecosystem. Mixed IPO outlook I predict the Saudi Arabian sovereign wealth fund PIF will midwife the next generation of privatisation IPOs in the kingdom, as it did with Saudi Aramco in 2019. But while the IPO market outperformance and the sheer scale of domestic liquidity flows make mega privatisation listings viable, the same cannot be said for smaller GCC states like Oman and Bahrain. Facing tighter fiscal constraints, their private investor base tends to favour quasi-debt, high-yield instruments issued by state-owned blue-chips over equity exposure. The sale of a 25 percent stake in OQ Gas Networks by Oman's state energy company suggests that it is problematic to engineer an IPO or even a state-owned energy colossus when oil prices are mired in a bearish downtrend. While the IPO marked a milestone for the Muscat bourse, it also revealed the limitations of investor appetite when crude prices are under pressure. Unlike Saudi Arabia's liquidity-fuelled listings, Oman's experience shows that timing – and broader market sentiment – can still make or break even the most strategic flotations. Also published on Medium. Notice an issue? Arabian Post strives to deliver the most accurate and reliable information to its readers. If you believe you have identified an error or inconsistency in this article, please don't hesitate to contact our editorial team at editor[at]thearabianpost[dot]com. We are committed to promptly addressing any concerns and ensuring the highest level of journalistic integrity.
Arabian Post
2 days ago
- Arabian Post
Saudi Arabia Pushes for Larger OPEC+ Oil Output Increases
Arabian Post Staff -Dubai Saudi Arabia is advocating for accelerated increases in oil production within the OPEC+ coalition, aiming to reclaim market share lost during past output cuts. The kingdom is reportedly pressing the group to raise supplies by more than 400,000 barrels per day for August and possibly September, signalling a clear shift in strategy amid evolving global energy demands. The decision underscores Saudi Arabia's intent to capitalise on high seasonal demand in the northern hemisphere summer months. By scaling back production curbs more aggressively, Riyadh seeks to boost revenue and solidify its influence over global oil markets as supply dynamics shift. This approach reflects broader geopolitical and economic calculations, especially as global economies adjust to fluctuating energy needs and the ongoing transition to cleaner energy sources. ADVERTISEMENT OPEC+ has been managing oil supply carefully since 2020, following the severe demand shock caused by the pandemic and ensuing market volatility. Initial drastic cuts helped stabilise prices, but the alliance has gradually increased output to balance rising demand. Saudi Arabia, as the largest producer within OPEC+, holds substantial sway in determining the group's production policies and has been central to managing these supply adjustments. This move to hasten production hikes also coincides with concerns over emerging market demand and the possible impact of economic slowdowns in key economies such as China and Europe. Saudi officials appear confident that increased output will prevent rivals, including the US shale sector and other non-OPEC producers, from expanding their share amid tightening market conditions. Industry experts highlight that Saudi Arabia's push for faster supply growth may be aimed at pre-empting market share erosion by ensuring that OPEC+ remains the dominant supplier globally. Since mid-2022, the kingdom has carefully recalibrated its production to respond to volatile price trends and geopolitical uncertainties, including tensions in the Middle East and disruptions caused by sanctions on Russia. The timing of the proposed output rise is critical. Summer months traditionally bring peak consumption due to higher energy needs for cooling in developed markets, which can drive up prices. Saudi Arabia's intention to increase supply during this window suggests an effort to maximise returns while stabilising prices to avoid sharp fluctuations that could undermine consumer confidence and economic recovery. Global oil markets remain sensitive to a variety of factors including inflationary pressures, currency fluctuations, and shifting consumer behaviour. While demand for fossil fuels is under pressure from environmental policies and the accelerating transition to renewables, oil remains a crucial commodity in the global energy mix. Saudi Arabia's strategy to secure market share through supply management is thus seen as a pragmatic response to balancing short-term profitability with long-term market relevance. ADVERTISEMENT OPEC+ member countries have historically struggled to reach consensus on output levels, with diverse national interests shaping negotiations. Saudi Arabia's dominant position, reinforced by its vast production capacity and financial reserves, often allows it to influence group decisions. However, some members have expressed concerns about aggressive supply increases potentially undermining prices and fiscal stability. The broader geopolitical landscape also plays a role in shaping OPEC+ policies. Tensions involving key players such as Russia, which holds a significant share in the alliance, and ongoing conflicts in the Middle East add layers of complexity to supply decisions. Riyadh's leadership in pushing for larger hikes indicates confidence in managing these risks while maintaining its strategic goals. Market analysts note that US shale producers have responded to higher prices by increasing output, albeit with some operational constraints. Saudi Arabia's efforts to accelerate OPEC+ production are seen as a counterbalance to this trend, aiming to keep global supply within manageable limits and avoid price spikes that could trigger demand destruction or accelerate the shift to alternatives. Saudi Aramco, the kingdom's state-owned oil giant, plays a pivotal role in implementing the supply strategy. Its vast infrastructure, including refineries and export terminals, supports the planned output increases. Aramco's ability to ramp up production rapidly without incurring excessive costs provides Saudi Arabia with a competitive edge in the global energy market. Environmental considerations also influence production decisions. While the global push for net-zero emissions is intensifying, OPEC+ nations, led by Saudi Arabia, continue to argue for the essential role of oil in energy security and economic development. The kingdom is simultaneously investing in cleaner technologies and diversifying its economy to reduce dependence on hydrocarbons in the long term. The interaction between Saudi Arabia's production policy and global economic indicators remains closely monitored by investors and policymakers alike. Oil prices affect inflation rates, trade balances, and geopolitical stability, making OPEC+ decisions crucial beyond the energy sector. The kingdom's assertive stance on output could signal a more proactive approach to managing these broader economic impacts. Analysts emphasize that while Saudi Arabia seeks to regain market share, the volatility of global markets and uncertainties surrounding demand growth require cautious optimism. Supply increases must be balanced against potential oversupply risks, which could trigger price declines detrimental to all producers within OPEC+.
Zawya
3 days ago
- Zawya
MCDR achieves the highest annual profits since its establishment
Cairo: MCDR announces an exceptional financial performance for the year 2024, with net profits reaching 1.69 billion EGP. This achievement is supported by a 34% growth in revenue from operations, amounting to an increase of 153.7 million EGP compared to 2023, alongside a 78% rise in returns on investments, totaling to 685 million This strong performance reflects the company's robust growth and strategic initiatives aimed at enhancing market stability and investor confidence. Notably, a comprehensive overhaul of the digital infrastructure and the innovative market solutions have contributed significantly to accelerating daily processes, strengthening cybersecurity measures, and achieving high operational performance. MCDR has played a pivotal role in supporting the growth of financial markets by providing advanced financial services to all market participants in accordance with the highest international standards. This is part of a comprehensive vision developed by the current Board of Directors to improve institutional performance. The year 2024 also has also witnessed positive engagement from the company with regulatory decisions issued by the Financial Regulatory Authority, specifically the decision to regulate the Settlement Guarantee Fund. MCDR has implemented flexible and integrated risk management mechanisms in line with modern regulatory environments. In this context, Engineer Hesham Mabrouk, Managing Director, has stated: "Financial results for 2024 clearly attest to the success of the institutional development programs implemented by the company, whether through updating technological infrastructure, strengthening governance, or engaging with regulatory reforms. These results are particularly significant as they represent the highest annual profits since the company's establishment, reflecting the strength of its financial performance and reaffirming its position as a leading entity in the Egyptian financial market. Additionally, the company piloted the 'Egypt Clear' application for dividend disbursement, demonstrating our commitment to providing innovative digital solutions that enhance service efficiency and support our digital transformation and financial inclusion strategies." The company is scheduled to hold its ordinary general assembly this month to approve the previous year's financial statements and review the proposed profit distribution, amid positive indicators encouraging further expansion and sustainable growth. It is noteworthy that Misr for Central Clearing, Depository & Registry is an Egyptian Joint-Stock company established under the Capital Market Law No. 95 of 1992 and governed by Central Depository and Registry Law No. 93 of 2000. It is regarded as one of the main pillars in developing the Egyptian Capital Market, playing a vital role in establishing stability, reducing risks, and providing a safe and attractive investment environment.
