QIC Group Reports Robust Net Profits of QAR 205 million for Q1 2025

Qatar Insurance Group (“QIC Group”, “QIC”), the leading insurer in Qatar and the MENA region, has announced a robust net profit of QAR 205 million for the first quarter of 2025, up from QAR 194 million in Q1 2024. The results were approved during the Board of Directors meeting held on 29th April 2025, presided over by Sheikh Hamad bin Faisal bin Thani Jassim Al Thani, Chairman of QIC Group.

Commenting on the results, Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, stated: “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. 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 are fully committed to accelerating our digital transformation and expanding customer-centric innovations to sustain our leadership position across the region.

Sheikh Hamad bin Faisal Al Thani 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, Mr. 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 focussed in shorttail 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 QAR 76 million, net investment and other income of QAR 229 million, and consolidated net profit of QAR 205 million. The consolidated net profit attributable to shareholders of the parent stood at QAR 201 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 QAR 215 million 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.

Mr. 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 are driving consistent, profitable growth while delivering exceptional customer experiences.”

The regional Gross Written Premiums increased to QAR 1.7 billion 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.

Mr. Al Mannai concluded: “We are 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 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.”

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 QAR 229 million for Q1 2025, compared to QAR 245 million 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 the Kingdom of Saudi Arabia (KSA), 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 (QIC) in the 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 SAR 105.3 billion 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

Advancing Digital Leadership

QIC continued enhancing 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. The expansion of QIC’s in-app service provider network further reinforces its commitment to quality, convenience, and innovation.

The Group also showcased future-facing insurance innovations at the Web Summit – the world’s largest technology conference – drawing global attention to its leadership in digital transformation. Moreover, QIC’s participation of its Digital Venture Partners unit (QIC DVP) including three masterclasses in cooperation with the Qatar Research Development and Innovation Council. The masterclasses covered the state and future of the insurtech ecosystem in the MENA region, and key trends related to building and investing in insurtechs regionwide.

Additionally, travel insurance demand surged ahead of Eid, reflecting growing public confidence in QIC’s digital offerings and expanding product suite.

Accelerating InsurTech and Global Partnerships

As part of its strategic expansion, QIC invested in three InsurTech startups – Jaguar Transit, MIC Global, and Digital Petroleum – to fuel future growth across the GCC, Asia, and Africa. These investments reflect QIC’s forward-looking strategy to harness emerging technologies and data-led models to transform insurance across diverse markets.

QIC also entered into a strategic partnership with Alfardan Automotive to integrate premium services into its digital journey, enhancing the experience for Qatar’s growing base of luxury car owners.

Community Engagement and Cultural Stewardship

QIC reaffirmed its role as a corporate citizen by sponsoring major national events, including the 5th Katara International Arabian Horse Festival and the Doha Marathon by Ooredoo. The Group also served as official insurer of the 2025 Commercial Bank Qatar Masters, underscoring its continued support for sport, heritage, and national wellness initiatives.

Celebrating People and Legacy

QIC celebrated 20 years of success with its Oman based subsidiary, OQIC, and concluded the quarter with its Annual Long Service Awards. The ceremony honored 83 long-serving employees – including two who have contributed over 35 years of service, reflecting the strength of QIC’s people-first culture and enduring legacy of excellence.

Sustainability and ESG

Aligned with Qatar’s national goal to reduce greenhouse gas emissions by 25% by 2030, QIC has developed a comprehensive Environmental, Social, and Governance (ESG) framework, formally endorsed by its Board of Directors.

The Group established a dedicated ESG and Sustainability Committee to integrate sustainability principles across its underwriting and investment operations. This framework not only supports Qatar’s ESG ambitions but reinforces QIC’s commitment to responsible business practices, transparency, and governance excellence. By embedding sustainability into its core activities, QIC continues to lead the regional insurance sector toward a greener, more resilient future.

About Qatar Insurance Group (QIC)

Qatar Insurance Company Q.S.P.C (QIC, QIC Group) is a publicly listed insurer with a consistent performance history of 60 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader and the first digital insurance company in Qatar and a dominant insurer in the GCC and MENA regions. QIC is one of the largest insurance companies in the MENA region in terms of written premium and total assets and is listed on the Qatar Stock Exchange and has a market capitalization in excess of QAR 7 billion.

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