QIC posts 14% growth in 9-month insurance revenue to QR7.4bn

Qatar Insurance (QIC) has reported a 14% increase in insurance revenue to QR7.4bn in the first nine months of 2026, maintaining strong growth from the previous six months. The group's gross written premium, an indicator of underwriting volume, rose by 9% to QR8.5bn, driven by selective growth across domestic, regional, and international portfolios.

Despite a softening global reinsurance market, QIC managed underwriting discipline. The insurance service result was QR336mn, a 4.7% decrease from the same period last year, with the decline being less severe than in the previous half-year. This decline was primarily due to claims and reserving related to a regional geopolitical conflict, alongside higher claims costs.

Excluding the impact of the conflict, QIC's underlying underwriting performance remained robust. Investment income grew by 5.6% to QR749mn. The results also include a one-time gain from the sale of 13.75% of QIC's shareholding in Beema during the period. Excluding this one-off gain, investment income was stable year-on-year, as income from fixed-income assets offset weaker returns from regional equity investments.

Net profit was QR562mn, with net profit attributable to QIC shareholders being QR550mn, both slightly below the previous year's figures. Earnings per share were QR0.104. QIC's chairman, Sheikh Hamad bin Faisal al-Thani, noted that the results demonstrate the company's strength and consistency, sustaining earnings and shareholder value during a challenging period.

Group CEO, Salem al-Mannai, highlighted the company's ability to handle the impact of the geopolitical event through disciplined underwriting and a high-quality investment portfolio. He emphasized that QIC remains well-capitalized and committed to advancing its strategic priorities, including the launch of QIC Market, digital ecosystem expansion, and strengthening partnerships in Africa and developing markets.