Qatar Insurance Company (QIC) recorded a net profit of QAR 205 million for the first quarter of 2025 (Q1 2025), reflecting a year-on-year increase from QAR 194 million in Q1 2024.
The figures were disclosed following a meeting of the company’s board of directors, chaired by Sheikh Hamad bin Faisal bin Thani Jassim Al Thani (pictured left).
According to QIC, the increase was driven by disciplined underwriting strategies and the company’s ongoing focus on its regional portfolio.
Gross written premiums (GWP) from the MENA region rose 17% over the same period last year to QAR 1.7 billion, now accounting for 59% of total premiums – a significant shift from 2021 when the region contributed under 20%.
Sheikh Hamad said the performance aligns with QIC’s strategy to reinforce its capital strength while reducing exposure to low-margin international lines
“QIC’s Q1 2025 results continue to reflect our consistent and stable bottom line focused growth with net profits of QAR 205 million at a 6% overall growth,” he said.
QIC group CEO Salem Khalaf Al Mannai (pictured right) said the Q1 results were underpinned by a balanced mix of insurance and investment performance. The company reported insurance service income of QAR 76 million and QAR 229 million in investment and other earnings. Shareholder net profit totalled QAR 201 million.
“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 focussed in shorttail risks which will deliver consistent and stable bottom-line driven growth,” he said.
Sheikh Hamad confirmed that QIC is preparing to establish a presence in the Kingdom of Saudi Arabia, pending regulatory approval.
Saudi Arabia’s insurance sector is projected to reach SAR 105.3 billion in premiums by 2029, supported by regulatory reforms and Vision 2030.
“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,” Sheikh Hamad said.
Al Mannai highlighted continued development of QIC’s digital ecosystem. Updates to the mobile application now allow users to request rental vehicles from authorised dealers, schedule repairs and detailing, and access real-time valuations through the Price Checker feature. QIC’s presence at the Web Summit, along with its Digital Venture Partners’ masterclasses on insurtech in MENA, underlined the company’s tech-forward direction.
Al Mannai also outlined the group’s venture capital activity, with investments in three insurtech start-ups – Jaguar Transit, MIC Global, and Digital Petroleum – to expand innovation across Asia, Africa, and the GCC.
Additionally, QIC has partnered with Alfardan Automotive to deliver enhanced services for luxury car owners via its digital platforms. The company also saw increased travel insurance demand ahead of Eid.
On the sustainability front, QIC introduced a formal ESG framework and launched a Sustainability Committee to embed environmental and governance practices into its operations. The framework supports Qatar’s national goal to reduce emissions by 25% by 2030.
The company capped the quarter by honouring 83 employees for long-term service at its annual awards, including two with over three decades of tenure. The milestone also marked 20 years of operations at QIC’s Oman-based subsidiary, OQIC.
“Looking ahead, we are poised to expand our digital ecosystem, harness advanced data insights for smarter underwriting, and maintain rigorous portfolio discipline. QIC is well-positioned to capture new opportunities across Qatar and the broader MENA region, delivering sustainable value to all stakeholders,” Al Mannai said.
