Hamad bin Faisal: A focus on growth in the profitable national and regional markets
Salem Al -Mannai: We have successfully completed the strategic restructuring process for our international business
Qatar Insurance Company (Qatar Insurance Group, Qatar Insurance) announced its financial results for the year 2024, after the Board of Directors approved financial data during the meeting chaired by His Excellency Sheikh Hamad bin Faisal bin Thani Jassim Al Thani, Chairman of the Board of Directors, where it achieved a net profit of 735 One million riyals, an increase of 19% compared to 615 million riyals in the previous year. The Board of Directors recommended the distribution of cash profits of 10% for the fiscal year ending in 2024.
The financial statements showed the increase in the total insurance premiums of Qatar Insurance operations locally and in the Middle East and North Africa region by 39 % in 2024.
The total premiums of the Qatar Insurance Group during 2024 amounted to about 9.1 billion riyals, and during the year the group showed health, stable and developed subscription rates in both domestic and international operations. The group also recorded the results of insurance services worth 514 million riyals for the fiscal year 2024, compared to 300 million riyals in 2023, which represents an increase of 71%.
The group recorded investment revenues of 973 million riyals for the fiscal year 2024, with an investment return of 5.3%.
Commenting on the financial results of the group, His Excellency Sheikh Hamad bin Faisal Al Thani, Chairman of the Board of Directors, stressed that strengthening the return on the arrow and contributing effectively to the march of the growth of the national economy at all levels remains the first goal of the group, and that the company’s growth continues at a steady pace, through Its implementation of the strategy defined by the Board of Directors in line with the Qatar Vision 2030.
Implementing the strategy
“The year 2024 marks the 60th anniversary of the founding of Qatar Insurance, and the group is preparing to enter its seventh decade strongly,” Sahda said. After its flexibility proved, and the company has strengthened this progress and built it over the past twelve months with excellent results confirming the success of the group’s commitment to its long -term strategy: the focus on growth in the profitable national and regional markets, while reducing exposure to international fluctuations by leaving losing business. Qatar Insurance Company continues to maintain its dominant position in the Middle East and North Africa, as it is the largest insurance group, in terms of total assets and total property rights.
His Excellency added: “With a focus on the growth based on profit, Qatar Insurance has managed over the past years to improve its subscription portfolio through balanced and varied business lines in regional and international markets.”
Operating efficiency
In turn, Mr. Salem Khalaf Al -Mannai, CEO of the group, said: “The company has succeeded in achieving sustainable and fixed growth throughout the year, supported by a focus on the efficiency of operations and automation that has strengthened its operational efficiency.”
Al -Mannai added: “The main driver of Qatar Insurance Company in 2024 was the strong total growth that it achieved from profits in the regional and international markets. The total local and regional control premiums increased to 4.8 billion riyals in 2024, an increase of 39 % on an annual basis, now constitutes more than half (52 %) of the total group premiums, compared to less than 20 % in 2021. The group has recorded a strong growth of two numbers in its growing operations in the United Arab Emirates and the Sultanate of Oman, and it is expected that the broader regional markets will provide great opportunities for further rapid growth in 2025 and beyond.
International business
As for activities outside the Middle East, Qatar International Insurance Operations have achieved strong and stable results throughout the year. By the end of 2024, the majority of the international works of Qatar Insurance are written through its subsidiary “Antaris Centikit”, the independent agency that operates within the Lloyds market in London.
He continued: «In line with the improved subscription strategy, the personal and health insurance lines – as they are not volatile business sectors – have witnessed a great expansion in terms of their contribution to the total assigned premiums. The energy, maritime insurance and aviation sectors also witnessed remarkable growth, while a stable percentage of installments continued to distribute through other insurance sectors on property and insurance.
Restructuring
Al -Mannai said: «During the year, we have successfully completed the strategic restructuring of our international works by leaving all losing and low margin works. This structure is enhanced by the position of the group and profitability. The group has turned from the provider of direct insurance services on the UK into an insurance reaet. In particular, by winning many prestigious prizes in the sector, in several areas such as innovation, technology and services, leading the discussion on the impact of artificial intelligence on the future of insurance, and promoting financial culture in societies.
Achievements in 2024
During the year 2024, the group made major achievements as part of its efforts to create the first comprehensive digital system based on insurance in the region. The award -winning distribution channels in Qatar and the markets of the Gulf Cooperation Council states – including the QIC and the QIC.online website – have been strengthened with innovative new features that focus on allocation, speed and ease of use.
Meanwhile, customer use of digital channels to meet their insurance needs reached record levels, accompanied by a significant increase in digital sales within personal insurance lines.
Selected prizes
Qatar Insurance efforts were widely appreciated in the most prestigious awards in the insurance sector for the year 2024. Among the most prominent of these awards:
In February: Qatar Insurance Company won the title of “Best Insurance Company in Qatar” during the investor relations award ceremony in the Middle East and North Africa region 2024.
In April: Qatar Insurance Company won for the second year in a row the “Best Travel Insurance Company” award in the Middle East during the Global Pangeng & Finance Review Awards 2024.
In June: Qatar Insurance Company won three titles at the Global Brands Magazine Awards 2024: “The best brand for digital insurance in Qatar”, “The Best website for Insurance in Qatar”, and “The Best Auto Insurance Application in Qatar”.
In July: Qatar Insurance Company won the “Best mobile phone application in Qatar” award during the Asian Insurance Awards ceremony 2024
In October: Qatar Insurance Company was awarded the award for the “Best General Insurance Company for the year 2024 in Qatar” from the ASET TRIBLA Awards Awards.
Spread and promote insurance culture
As Qatar Insurance continues to expand its services, the company is aware of the importance of enhancing the responsible culture of insurance in Qatar and abroad. To this end, Qatar Insurance has invested in many insurance awareness initiatives during 2024. It is worth noting that it launched the QIC blog, the first platform of its kind in Qatar. The blog provides content that is updated regularly in English and Arabic, and covers a wide range of topics, from publications related to car insurance and licensing to tips on travel and health care.
Social responsibility
The social responsibility initiatives of the Qatar Insurance Group in 2024 had a tangible impact in the fields of sports, health, environment and national capacity building. In the field of sport, the Qatar Insurance Group has sponsored major activities such as the Katara International Festival of Arabian Horse, starring Qatar Master, Marathon Ooredoo, and Single race, contributing to strengthening Qatar’s position as a global sports center.
National capacity development
Qatar has supported the development of national capabilities through initiatives such as a financial cadres program, which aims to develop human capital in Qatar, and the summer training program that provides practical experience for school and university students. In addition, the Qatar Insurance Group has contributed to advancing the Qatar National Vision 2030 by sponsoring events such as the Qatar Energy Industry Symposium and entering partnerships with national companies that focus on the digital economy.