Latest news with #TribuneNewsNetworkDohaQatarInsuranceGroup
Qatar Tribune
4 days ago
- Business
- 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
07-05-2025
- Business
- Qatar Tribune
QIC Group launches twin MENA Insurtech and Fintech summits
Tribune News Network Doha Qatar Insurance Group announced the launch of the 4th MENA Insurtech Summit and the inaugural MENA Fintech Summit, both of which will be held concurrently under one unified platform on May 11–12, 2025 at the Qatar National Convention Centre (QNCC). Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, commented: 'At QIC Group, we recognize that innovation and digital transformation are vital to securing Qatar's economic future. These summits reflect our commitment to advancing national strategies by creating meaningful platforms that connect talent, technology, and investment. By hosting both insurtech and fintech ecosystems under one roof, we aim to reinforce Qatar's position as a leader in digital financial innovation for the region.' Following the Chairman's remarks, Salem Al Mannai, CEO of QIC Group, added: 'We are proud to lead this initiative as part of our commitment to national priorities and our ambition to position Qatar as a destination for innovation and capital. These summits are more than just events—they are strategic platforms designed to attract global players, empower startups, and connect decision-makers across the financial services value chain. By bringing the fintech and insurtech ecosystems together under one roof, we are unlocking powerful opportunities for dialogue, investment, and cross-sector collaboration that will serve Qatar and the region for years to come.' The co-located summits represent a significant step in QIC Group's vision to position Qatar as a regional hub for digital transformation. Aligned with Qatar National Vision 2030 and the Qatar Central Bank's National Fintech Strategy, the dual event aims to accelerate cross-sector innovation, foster a robust digital ecosystem, and drive long-term economic diversification. Over 1,500 participants are expected to attend, including global thought leaders, regulators, startup founders, venture capitalists, and C-level executives from the insurance and tech sectors. The summits will feature dedicated programming tracks for insurtech and fintech, with opportunities for convergence through joint sessions on emerging technologies and future trends. The MENA Insurtech Summit will explore the theme: 'The Impact of AI on the Insurance Value Chain,' offering deep insights into how artificial intelligence is reshaping underwriting, claims, distribution, and customer engagement. Meanwhile, the MENA Fintech Summit will convene financial innovators and disruptors to explore the future of digital finance, focusing on emerging products, AI-powered solutions, and digital transformation in banking and financial services. The event will feature keynote speeches from senior officials and global experts, along with interactive panels and hands-on workshops exploring topics such as artificial intelligence in finance and insurance, embedded insurance models, open banking frameworks and regulatory shifts, data governance and cybersecurity, and cross-border fintech innovation and startup funding. Attendees can also look forward to a curated Demo Day showcasing startups from the 2025 MENA Insurtech Accelerator, as well as immersive Innovation Zones that spotlight cutting-edge solutions from both local and international startups. Strategic partnerships further amplify the summit's national relevance. The Ministry of Communications and Information Technology (MCIT) joins as the lead strategic partner for both summits, while Commercial Bank of Qatar and Ooredoo Fintech serve as strategic partners of the MENA Fintech Summit—highlighting a unified public-private commitment to advancing Qatar's digital future. Continuing his remarks, Al Mannai added: 'Innovation has always been at the core of QIC's business. These summits are a natural extension of that vision—bringing together government, enterprise, and entrepreneurs to build the infrastructure, talent, and trust needed for a vibrant digital economy. We see these platforms as catalysts that will strengthen Qatar's position as a regional leader in fintech and insurtech innovation.' As the founding and organizing entity, QIC Group reaffirms its role as a national enabler of innovation, ecosystem connector, and strategic contributor to the future of financial services across MENA.
