Latest news with #QICGroup
Zawya
6 days ago
- Business
- Zawya
Qatar: QIC Group reports 6% rise in net profit for first half of 2025
Doha, Qatar: Qatar Insurance Group, the leading insurer in Qatar and the Middle East and North Africa (MENA) region, yesterday reported a net profit of QR383m for the first half of 2025, a rise of 6 percent from QR360m 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.' 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.' 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.' 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 percentin H1 2024. Assets Under Management for the period remained stable year-on-year at QR18.4bn. 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. © Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (
ILoveQatar.net
7 days ago
- Business
- 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
15-07-2025
- Automotive
- Qatar Tribune
QIC wins ‘Customer Experience Initiative of the Year' title at Insurance Asia Awards
Tribune News Network Doha Qatar Insurance Company (QIC), the leading insurer in Qatar and the MENA region, has been awarded the 'Customer Experience Initiative of the Year in Qatar' title at the 2025 Insurance Asia Awards. The accolade was announced during the programme's annual awards ceremony held last week in Singapore, attended by representatives from leading insurers across the continent. This prestigious recognition underscores QIC's success in delivering a seamless and innovative customer journey through its QIC App, the company's flagship platform. Designed to cover the daily digital needs of everyone in Qatar, the app has significantly simplified users' experiences, enabling them to instantly understand their coverage needs, purchase policies in just a few clicks, and conveniently access a suite of non-insurance services related to everyday life. Commenting on the award, QIC Group CEO Salem Al Mannai said, 'We are honored to be recognized once again by one of the most respected insurance award programmes in Asia, and to see our solutions acknowledged by a panel of renowned industry experts. This achievement affirms the strength of QIC's digital strategy, and our ongoing commitment to enhancing the customer journey with cutting-edge, user-centric solutions. 'Our investment in digital innovation over the past few years has allowed us to consistently deliver better access to the best coverage for everyone in Qatar, and we look forward to building on this momentum and setting new benchmarks for digital excellence at local and regional levels.' QIC App is the first and only platform of its kind in Qatar, offering integrated insurance and non-insurance features through a single interface. Whether it's purchasing or managing policies, paying installments, or submitting and tracking claims, the app offers a comprehensive digital ecosystem for all insurance needs. QIC App also includes value-added solutions such as a car marketplace, car rentals, repair and detailing services, and other features designed to enhance convenience and peace of mind for customers across the country. Insurance Asia Magazine is a biannual publication based in Singapore, providing in-depth insights into the Asian insurance sector through news, interviews, and expert analysis. The magazine's Insurance Asia Awards is one of the most prestigious award programmes continent-wide, recognizing insurers that have achieved outstanding milestones, introduced innovations, and set new industrybenchmarks.
ILoveQatar.net
01-07-2025
- Business
- ILoveQatar.net
Qatar Insurance Group achieves highest possible rating from MSCI ESG Research
Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region, has achieved the prestigious (p) 'AAA' ESG rating from MSCI ESG Research—the highest possible rating under MSCI's globally recognized environmental, social, and governance (ESG) framework. This exceptional milestone places QIC among the world's top-performing insurers for ESG excellence and governance resilience. It also solidifies QIC's position as the first company in Qatar and the only insurer in the MENA region to receive a provisional ESG 'AAA' rating from MSCI*, joining an elite group of property and casualty insurers worldwide to earn this distinction. A Testament to ESG Leadership Effective as of 22 May 2025, the rating highlights QIC's outstanding performance across key ESG pillars: Privacy & Data Security: Robust data protection measures, world-class cybersecurity infrastructure, and regulatory compliance. Human Capital Development: Strong employee engagement, inclusive talent strategies, and proactive feedback channels. Corporate Behavior: A well-established culture of ethical integrity, anti-corruption frameworks, and a governance track record free of controversies. Salem Al Mannai, QIC Group CEO, commented: The State of Qatar is a proud signatory to the Paris Agreement, and at QIC Group, we have aligned our sustainability strategy with the United Nations Sustainable Development Goals, the Qatar Stock Exchange's ESG reporting guidelines, and the Qatar Central Bank's directives to strengthen sustainable practices in the financial sector. We take great pride in being a model of excellence in sustainability and governance, both in Qatar and across the region. This national achievement is a testament to Qatar's advanced investment environment and a reflection of the professionalism and efficiency of the country's regulatory authorities—foremost among them the Qatar Central Bank, which has played a pivotal role in shaping the legislative and regulatory frameworks that empower institutions under its supervision to grow and thrive sustainably. Achieving MSCI's 'AAA' rating reaffirms our unwavering commitment to sustainability and robust governance. This recognition is a direct result of our clear strategy, disciplined operations, and the tireless efforts of our people to deliver world-class performance across all aspects of our business. In today's environment—shaped by climate risk, rising societal expectations, and increased investor focus—ESG excellence is no longer optional. It is a strategic priority that defines long-term value, resilience, and reputation. At QIC, we see ESG as more than a responsibility—it is an opportunity to lead with purpose, build trust, and contribute to the sustainable transformation of financial services in Qatar and across the region. MSCI's recognition further strengthens our resolve to set new benchmarks, continuously elevate our performance, and champion sustainable finance throughout MENA. Outperforming Regional and Global Peers With a weighted, industry-adjusted ESG score of 9.7, QIC significantly outperformed both regional and global industry averages, placing it among a select group of global peers that have achieved the 'AAA' rating. MSCI ESG Research specifically commended QIC for: Rigorous data privacy protocols aligned with global standards, complemented by regular security audits and employee training. Leadership in responsible investment, with transparent ESG policies covering the entire investment portfolio. A strong ethical framework, including anti-bribery, anti-money laundering, and whistleblower protections. Robust governance, with a highly independent board and dedicated audit, nomination, and compensation committees. Sustained Excellence Across ESG Priorities QIC's ESG success is built on long-term, integrated efforts across all areas of its business: Human Capital and Workplace Leadership 80% employee engagement score and a 90%+ retention rate. A diverse workforce representing 67 nationalities across six continents. Comprehensive benefits, regular performance reviews, and structured grievance mechanisms. Investment in talent development platforms that foster career growth and leadership visibility. Responsible Investment Pioneer The first insurer in MENA to publicly measure and disclose ESG risks across its entire investment portfolio. ESG investment scores nearly double the global industry average. Proactive targets for ESG ratings and carbon intensity reduction across key holdings. Data Protection and Cybersecurity Leadership The first regional insurer to voluntarily align with the EU's General Data Protection Regulation (GDPR). Advanced data classification, loss prevention technologies, and a proactive cybersecurity framework backed by regular internal and external audits. Leading Sustainable Insurance Practices The first insurer in MENA to sign the UNEP FI Principles for Sustainable Insurance (PSI), embedding sustainability into underwriting and risk management strategies. Meaningful Community and Environmental Action The first insurer in the region to launch a large-scale reforestation initiative, committing to plant one million trees across Qatar to support national climate goals and combat desertification. Active partnership with Qatar's Ministry of Environment and Climate Change (MoECC) to support the Third National Development Strategy (2024–2030), focusing on biodiversity preservation, carbon sequestration, and climate resilience. This forward-thinking project is expected to significantly enhance air quality, conserve water resources, protect local ecosystems, and contribute to Qatar's long-term environmental sustainability. This milestone is the result of a long-standing journey of commitment and dedicated work towards achieving the highest standards of sustainability. Qatar Insurance Group was the first insurance company in the Middle East to sign the Principles for Sustainable Insurance (PSI) under the United Nations Environment Programme Finance Initiative (UNEP-FI) last year, underscoring its leadership and pioneering role in this field. The Group remains firmly committed to supporting Qatar's national efforts to reduce greenhouse gas emissions by 25% by 2030, in line with the country's national strategy. QIC Group has also established a comprehensive ESG governance framework and developed a long-term strategy to embed sustainability principles into both its underwriting philosophy and asset management practices. To ensure these efforts are fully integrated across the Group, a dedicated Sustainability Committee has been established to lead this strategic direction and drive the achievement of its ambitious objectives. About MSCI ESG Ratings: MSCI is one of the world's leading ESG Ratings agencies. Its ESG Ratings aim to measure a company's management of financially relevant ESG risks and opportunities. The company uses a rules-based methodology to identify industry leaders and laggards according to their exposure to ESG risks and how well they manage those risks relative to peers. ESG Ratings range from leader (AAA, AA), average (A, BBB, BB) to laggard (B, CCC).
Khaleej Times
02-06-2025
- Business
- Khaleej Times
Qatar Insurance Company: A legacy of excellence and innovation
Qatar Insurance Company (QIC, QIC Group) is a publicly listed insurer with a consistent performance history spanning over 60 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC stands as the market leader in Qatar and a dominant insurer in the GCC and Mena regions. As one of the largest insurance companies in the Mena region in terms of written premium and total assets, QIC is listed on the Qatar Stock Exchange with a market capitalisation exceeding QR7 billion. In 1968, just four years after its inception, QIC expanded its operations to the UAE, establishing a branch fuelled by optimism and a long-term vision. Our modest operations, initially based in Deira (Dubai) and Abu Dhabi, have grown steadily over the past 57 years. Today, QIC is a prominent insurer in the UAE, offering comprehensive risk solutions across Property, Casualty, Engineering, Marine, Motor, and Health Insurance segments. Over the past six decades, we have built extensive knowledge and expertise to provide effective risk transfer solutions for our clients. We have faced and overcome numerous challenges, including the severe floods in the UAE in 2024, where we were at the forefront of delivering on our promises and proving our resilience. In this interconnected world, QIC is guided by the vision set by our board of directors and led by Salem Khalaf Al Mannai. Under his dynamic leadership, QIC Group has achieved numerous milestones and received prestigious awards and recognitions. QIC UAE operates under the vigilant oversight of the Central Bank of UAE, which celebrated its golden jubilee this year. The regulator is dedicated to ensuring the protection of the insuring public's interests, and QIC is fully aligned with this philosophy. We are proud to hold an A- (Excellent) credit rating from AM Best Europe and an A- rating from Standard & Poor's. Recognising that risk is an inherent aspect of any significant endeavour, QIC is well-positioned to serve the public with innovative and competitive solutions.
