Doha [Qatar], May 3: Qatar Insurance Company (QIC), a leading insurer in Qatar and the MENA region, has reported a net profit of QR217 million for the first quarter of 2026, marking a 6 percent increase compared to QR205 million in the same period last year, despite a turbulent geopolitical backdrop.
The results were approved by the company's board of directors at a meeting held on April 30, 2026, chaired by Sheikh Hamad bin Faisal bin Thani Jassim Al Thani.
QIC delivered a resilient performance during the quarter, which was impacted by heightened geopolitical tensions and conflict in the Middle East. Gross Written Premiums (GWP) rose by 13 percent year-on-year to QR3.2 billion, while the Insurance Service Result surged by 70 percent to QR130 million.
Investment income also showed steady growth, increasing by 10 percent to QR238 million, supported by a well-diversified and high-quality portfolio. The company's assets under management stood at QR18 billion as of March 31, 2026.
Commenting on the results, QIC Chairman Sheikh Hamad bin Faisal bin Thani Jassim Al Thani said the performance reflects QIC's resilience and strategic strength in navigating a highly volatile environment.
He noted that the company's diversified underwriting portfolio, spanning domestic, regional, and international markets, continued to generate stable returns. He added that QIC's advanced digital capabilities ensured uninterrupted service delivery to policyholders during a challenging period.
The chairman also highlighted that leading rating agencies, including AM Best and S&P Global Ratings, reaffirmed QIC's A- financial strength ratings with stable outlooks, underlining the company's strong balance sheet and diversified business model.
QIC Group Chief Executive Officer Salem Al Mannai said the first quarter witnessed a sharp shift in global and regional economic conditions due to escalating geopolitical tensions, including the conflict involving the US, Israel, and Iran, and disruptions to trade routes such as the Strait of Hormuz.
Despite these challenges, QIC continued to expand its footprint across Qatar and the MENA region, as well as internationally through its reinsurance and specialty lines," he said.
Al Mannai added that the company maintained strong growth across personal, commercial, and specialty lines, supported by its diversified portfolio and continued investment in technology. QIC's digital ecosystem and award-winning mobile application played a key role in ensuring seamless customer engagement during the period.
During Q1 2026, QIC generated 56 percent of its GWPs from domestic and MENA operations, while 44 percent came from international business, reflecting its balanced geographic exposure.
The company also reported earnings per share of QR0.030, with net profit attributable to shareholders of the parent reaching QR205 million.
QIC's investment portfolio delivered a return on investment of 5.3 percent, up from 4.9 percent in the first quarter of 2025, demonstrating resilience amid market volatility.
The insurer also continued to gain recognition for its innovation and leadership. It was named "Insurer of the Year" in Qatar at the MENA II Awards and received accolades including "Digital Insurer of the Year in Qatar" and "Best Insurance App in Qatar" at The Asset Triple A Digital Finance Awards 2026.
In addition, QIC played a prominent role at Web Summit Qatar 2026 as a Diamond Sponsor, where it showcased its vision for building the region's first insurance-powered digital ecosystem and signed multiple strategic partnerships to advance AI-driven financial solutions.
Looking ahead, QIC said it remains focused on disciplined growth, strengthening its diversified risk profile, and advancing its digital transformation strategy to navigate ongoing market uncertainties.
Source: Qatar Tribune
