Sheikh Hamad bin Faisal: Enhancing the capital base and exiting international portfolios of low margins
Salem Al -Manna
Qatar Insurance Group, the leading company in the insurance sector in the State of Qatar and the Middle East and North Africa region, announced that a net profit of 205 million riyals during the first quarter of 2025, compared to 194 million riyals for the same period in 2024. His Excellency Sheikh Hamad bin Faisal Al Thani, Chairman The company’s growth continues steadily by implementing the strategy approved by the Board of Directors, in line with the Qatar National Vision 2030.
The group’s board chairman said: “The results of the first quarter of the year reflect the continuation of our approach based on sustainable and profitable growth, as the net profit reached 205 million riyals, with a growth of 6%. The direct insurance premiums in the Middle East and North Africa also continued to record a strong growth of 17% on a quarterly basis. We have succeeded in strengthening the capital base by carefully selecting the risks, and leaving international portfolios of low margins, allowing us to selective and useful expansion. With the start of market recovery, we continue our commitment to accelerate digital transformation and enhance innovation based on customer needs, to maintain our pioneering site.
Operating efficiency
His Excellency added: “Our investments have contributed to automation and the adoption of a data -based approach to raising our operational efficiency and accelerating the pace of completion. We also launched the environmental, social and governance framework (ESG) and we formed a sustainable committee with the aim of consolidating these principles in all our operations. In 2025, we focus on deepening our presence in the markets, strengthening our digital leadership, and adhering to the highest institutions of institutional governance. The Board of Directors of the Qatar Insurance Group approved to move forward in the strategic expansion towards the Saudi market, in a move that embodies the group’s commitment to the studied regional growth, and reflects its long -term vision to consolidate its presence in one of the most vital insurance markets in the region. This expansion, which is subject to regulatory approvals from the regulatory authorities in Qatar and Saudi Arabia, is a natural extension of the digital group capabilities and operational experience, and in line with its aspirations to enhance the sustainable value of both shareholders and customers.
A successful strategy
For his part, Mr. Salem Khalaf Al -Mannai, CEO of Qatar Insurance Group, said: “The results of the first quarter of 2025 reaffirm the success of our strategy aimed at building a balanced risk portfolio that focuses on short -term dangers, which enhances the growth of stable and sustainable profits. We have recorded the results of insurance services amounting to 76 million riyals, the total investment revenues and other revenues worth 229 million riyals, and a net profit of 205 million riyals, and net profits of the parents of the parent company reached 201 million, in a clear confirmation of the consistency of the group’s profit performance and the sustainability of growth across our various basic business sectors ».
Concrete improvements
He added: «Despite the global and regional challenges, including market fluctuations and the decline in insurance prices, we were able to achieve a net profit of 215 million riyals, an increase of 11% over the same period last year, before calculating the impact of the requirements of the second pillar that began to be applied in 2025.
Al -Mannai continued: “Our continued focus on the efficiency of operations and automation has led to concrete improvements in reducing costs and speeding up the provision of services. The QIC application also witnessed a remarkable development, by adding services that include car rental, smart repair services, vehicle washing, and instantaneous evaluation of cars, which enhances our position as the most innovative insurance companies in Qatar.
Future growth opportunities
He pointed out that the premiums in the region amounted to 1.7 billion riyals in the first quarter, registered 17% on a quarterly basis, and it constituted 59% of the total installments of the group, compared to less than 20% in 2021.
Al -Mannai also noted that winning the “Insurance Company for General” at the MENA II Awards for the year 2025 for the fourth year in a row is a testimony for strategic and operational excellence. He said: “We continue to expand our digital platform and benefit from data analyzes to enhance subscription and financial discipline. We are in an excellent location to seize future growth opportunities in Qatar and the region, and provide added and sustainable value to all stakeholders. ”
Investment performance
Despite the continued state of global uncertainty resulting from geopolitical and commercial tensions between major economies, which cast a shadow over the financial markets, the Qatar Insurance Group succeeded in achieving a fixed income from investments and other sources of 229 million Qatari riyals in the first quarter of 2025, compared to 245 million Qatari riyals in the same period in 2024. The return on investment reached 5%, compared to 5.3% in the previous year, while it continued, while it continued, while it continued, while it continued The group maintains a varied and balanced investment portfolio, consistent with its long -term strategy in the distribution of assets.
Expanding the Saudi market
Within its ambitious vision of regional expansion, the group submitted a proposal to establish a branch of Qatar Insurance Company in the Kingdom of Saudi Arabia, one of the largest growing insurance markets in the region, after completing the regulatory requirements. It is expected that the size of the Saudi Insurance market will reach 105.3 billion Saudi riyals by 2029, with an annual growth rate of 8.9%.
The branch model aims to employ the advanced technical infrastructure of the group and its regional experience, in line with the supportive organizational environment, and the ongoing reforms within the framework of Saudi Arabia Vision 2030. The proposed branch will commit to the requirements of capital and organization, with a clear governance and profitable structure, which enhances the position of the group as a major player in the Gulf markets.
Enhancing digital leadership
The group continued to develop its digital platform in the first quarter of 2025, with qualitative updates on the QIC application, which included new services such as reserving alternative cars from approved agencies, scheduling vehicle repair, polishing, washing them at home, in addition to launching a “price exam” tool to evaluate used cars immediately. The service providers network also expanded within the application, to enhance quality and comfort.
In an international achievement, the group reviewed its future insurance solutions at the “Web Summit” – the largest global technology conference – where its digital projects unit participated in organizing workshops and seminars in cooperation with the Qatar Council for Research and Innovation, discussing the future of insurance technology, startups, and investment opportunities.
The demand for digital insurance products, especially on travel, has also increased before the Eid al -Fitr holiday, which reflects the increasing customer confidence in the advanced digital services of the group.
Digital transformation and global partnerships
The group has invested in three leading start -up companies in the field of digital insurance: Jaguar Transit, MIC Global, and Digital Petroleum, with the aim of accelerating growth in the markets of the Gulf, Asia and Africa.
It also held a strategic partnership with “Al -Fardan Motors”, to integrate its services into the digital platform, which enhances the experience of customers with luxury cars in Qatar.
Societal responsibility and heritage support
Qatar Insurance has strengthened its commitment to the institutional citizenship through supporting and sponsoring prominent national activities, including the Katara International Festival of Arabian Horse, and Marathon Ooredoo, as well as being the official insurance company for the Commercial Bank of Qatar Master 2025, which reflects its commitment to supporting sports, national heritage and community initiatives.