Qatar Insurance Group (QIC Group), the leading insurer in Qatar and the MENA region, announced a robust net profit of QAR205m for the first quarter of 2025, up from QAR194 million in Q1 2024.

The results were approved during the Board of Directors meeting held on April 29, 2025, presided over by QIC Group Chairman Sheikh Hamad bin Faisal bin Thani Jassim Al Thani.

Commenting on the results, Sheikh Hamad stated: “QIC’s Q1 2025 results continue to reflect our consistent and stable bottom-line-focused growth, with net profits of QAR205m and a 6% overall growth.

“While our direct MENA Gross Written Premiums continued to grow at 17% Q2Q, our disciplined risk selection and exit from low‑margin international portfolios have strengthened our capital base and underpinned selective growth.

“As market conditions normalize, we’re 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’re embedding environmental and social responsibility into every aspect of our business.

“In 2025, we’re focused on deepening market penetration, advancing digital leadership, and upholding the highest standards of governance. As part of our regional growth strategy, we’re 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 on 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 QAR76 million, net investment and other income of QAR229 million, and consolidated net profit of QAR205 million. The consolidated net profit attributable to shareholders of the parent stood at QAR201 million. 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 QAR215m 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

Salem Khalaf Al Mannai further stated: “Our relentless focus on process optimization 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’re driving consistent, profitable growth while delivering exceptional customer experiences.”

The regional Gross Written Premiums increased to QAR1.7bn 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.

Al Mannai concluded: “We’re honored to have been recognized as ‘Insurer of the Year’ at the MENA II Awards 2025 for the fourth consecutive year. This achievement underscores the success of our strategic vision and operational excellence. Looking ahead, we’re 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,” he said.

INVESTMENT PERFORMANCE

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 QAR229m for Q1 2025, compared to QAR245m for the same period in 2024. The return on investment came in at 5%, compared to 5.3% last year.

The Group maintained a stable, well-diversified investment portfolio, aligned with its long-term strategic asset allocation.

STRATEGIC EXPANSION INTO SAUDI ARABIA

As part of its broader regional growth ambitions, QIC has taken a significant step toward entering Saudi Arabia, one of the region’s most dynamic and underserved insurance markets. Management has presented a comprehensive proposal to establish a branch operation of Qatar Insurance Company in KSA — subject to regulatory approval — aimed at expanding the Group’s footprint in alignment with its long-term GCC strategy.

The Saudi insurance market, projected to reach SAR105.3bn in gross written premiums by 2029 with a five-year compound annual growth rate (CAGR) of 8.9%, presents a compelling opportunity for QIC.

The proposed branch model is designed to leverage QIC’s extensive technical infrastructure and proven regional expertise, while capitalizing on supportive regulatory reforms, mandatory insurance frameworks, and strong momentum driven by Saudi Arabia’s Vision 2030.

The branch will operate under regulatory capital requirements and adopt a clearly defined organizational structure and profitability model consistent with QIC’s standards across the GCC. This move represents a natural extension of QIC’s market leadership, operational excellence, and commitment to sustainable growth throughout the region.

RECOGNITION FOR EXCELLENCE AND INNOVATION

In January 2025, QIC was honored as ‘Insurer of the Year in Qatar’ at the prestigious MENA II Awards (formerly MENA IR Awards), marking the fourth consecutive year of this distinguished recognition.

The award acknowledges QIC’s outstanding achievements in establishing Qatar’s first insurance-powered digital ecosystem, delivering innovative solutions across multiple platforms, including its award-winning mobile app, web portal, and other distribution channels.

QIC’s success in expanding its services to broader retail segments across Qatar and the GCC, while ensuring customer convenience, financial protection, and peace of mind, reinforces its leadership in both insurance and customer-centric innovation.

KEY FOCUS AREAS

QIC continued to enhance its digital ecosystem in Q1, with major upgrades to the QIC App. Motor insurance customers can now request rental cars directly from authorized dealerships, book car repairs, detailing and home wash services, and use the newly introduced Price Checker to assess real-time used car values.

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