QIC’s “Coins” Loyalty Program Surpasses 300 Million Points Earned in Its First Year
Qatar Insurance (QIC), the leading insurer in Qatar and the MENA region, announced that its “Coins” loyalty rewards program has surpassed 300 million points earned, marking a significant milestone achieved within just one year of its launch.
Active membership in the program exceeded 60,000 members during its first 12 months, reflecting the strong trust it has earned among QIC customers, as well as the value it delivers in enhancing their experience across the company’s digital platforms and insurance offerings.
Since its launch in early May 2025, QIC’s Coins loyalty program has successfully redefined the insurance experience in Qatar by transforming everyday transactions into rewarding interactions. Customers are able to earn and redeem Coins throughout their journey with Qatar’s largest and longest-established insurer. The experience begins with welcome Coins upon account creation on QIC App and extends to purchasing and renewing insurance policies, as well as booking a range of non-insurance services for daily life available through the application.
Over its first year, the program focused on expanding its partner ecosystem and diversifying redemption options. It successfully established new partnerships and significantly broadened the range of available redemption choices within a few months. Today, these options span dozens of institutions and companies, including travel agencies, car care centers, hotels, fitness centers, entertainment venues, electronics retailers, and more.
In terms of redemption activity, travel services ranked as the most popular choice among program members during the first year, followed by fuel vouchers in second place, and at-home car wash services in third.
Commenting on the program’s first anniversary, Salem Al Mannai, Group CEO of QIC, said: “The Coins loyalty program was established as a testament to our commitment to rewarding the trust our customers place in QIC. It has rapidly gained significant momentum among both clients and partners, a success clearly evidenced by robust membership growth, high engagement in earning and redemption, and the strategic expansion of our partner ecosystem. Looking ahead, we remain dedicated to evolving the program by diversifying redemption opportunities across lifestyle, travel, and mobility sectors, while delivering increasingly personalized experiences tailored to the unique needs of every member.”
It is worth noting that QIC’s success in delivering an integrated customer experience, combining exclusive insurance products, innovative digital solutions, and its Coins loyalty program, has earned it the title of “Insurer of the Year” in the region at the MENA II Awards 2026. The company has also been named “Motor Insurer of the Year” in the region, in addition to winning the “Insurer of the Year” in Qatar title for the fifth consecutive year.
QIC Group reports 6% Rise in Net Profit for H1 2025
Qatar Insurance Group (QIC Group, QIC, the Company), the leading insurer in Qatar and the Middle East and North Africa (MENA) region, has reported a Net Profit of QAR 383 million for the first half of 2025, a rise of 6% from QAR 360 million for the same period in 2024. Following a meeting of the Board of Directors dated 12 August 2025, which was presided over by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of QIC Group, the Board approved the financial results.
Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, stated: “QIC’s excellent H1 2025 financial results reflects its continued and consistent success across all of the Company’s operations. Against the challenging backdrop of global shocks and high uncertainty, QIC’s underwriting portfolio continues to benefit from long-term strategic rebalancing in favour of profitable business from our core markets in Qatar and the MENA region. QIC’s international business is also an important earnings contributor, and its high-quality investment portfolio continues to deliver solid returns. We are proud to excel in digital transformation, product innovation, operational efficiency and client-centricity, as evidenced by the investments, collaborations and initiatives implemented in H1 2025. QIC remains dedicated to excellence, sustainable growth and robust governance and risk management.”
Mr. Salem Al Mannai, Chief Executive Officer of QIC Group, said: “Through H1 2025, we expanded our products and services to customer segments across Qatar and the MENA region, whilst remaining committed to strategically seeking growth in international markets, including in emerging Asia and developing Africa, through our Antares Lloyds Syndicate, London. During this period, for example, we launched the first-ever personal lines cyber insurance in Qatar, invested in Insurtech startups to reach new customer segments in regional and international markets, presented a proposal to establish a branch office in the Kingdom of Saudi Arabia, and further enhanced our car insurance offerings for motorists in Qatar, including through an exclusive partnership that expands the service provider network of the award-winning QIC App. We also attended and hosted industry events to drive insurance innovation and cement Doha’s position as a global centre for Insurtech and Fintech.”
Mr. Mannai added: “We are proud to support our core and international markets, and to differentiate through service excellence, dedicated ESG principles and by taking the lead in the digital transformation of the insurance industry. Combined with robust, astute risk management, these differentiators enable us to grow selectively and resiliently in a volatile world, and to operate at exceptional efficiency levels. And we are extremely proud to have received ongoing recognition for our operations – for example, in H1 2025, QIC was named Insurer of the Year in Qatar at the prestigious MENA II Awards, was recognised for driving innovation in the financial industry at the Google Cloud Summit Doha 2025, and became the first company in Qatar and only insurer in the MENA region to receive a provisional ESG ‘AAA’ ESG rating from MSCI ESG Research.”
Underwriting portfolio delivers resilient growth
Geopolitical tensions, tariff conflicts, tighter financial conditions and policy uncertainty continue to weigh on global GDP growth. Growth remained slow but stable through H1 2025, but is expected to fall further through the second half of the year, and thereafter to stabilise as supply chains shift and major economies respond to tariffs with increased support spending and monetary easing. In contrast to the slowing global growth trend, growth in MENA is expected to rise moderately to 2.6% in 2025, up from 1.9% in 2024 (OECD). The global insurance industry faces lower premium growth, with the added downside risks of competitive pressure and high insured catastrophe losses (forecast by Jefferies to reach USD 90 billion for H1 2025, the second-highest H1 loss on record and driven by non-peak perils including two major wildfires in California), countered by rising investment returns.
Against this challenging backdrop, QIC continued to show excellence and build resilience through its long-term strategy of rebalancing its underwriting portfolio to focus on growth in profitable markets in Qatar and the MENA region, while exiting from loss making and lower margin international business. In H1 2025, 60% of the Group’s GWPs derived from its domestic and MENA operations, with 40% from its international business.
The Company also continued to enhance the risk diversification of its underwriting portfolio, growing its GWPs in Personal Lines, Health, Marine and Energy. Notably, QIC retail insurance demand surged ahead of the summer holidays, reflecting growing public confidence in QIC’s digital offerings and expanding Personal Lines product suite. The Company’s Motor exposure has already been strategically reduced – particularly in the UK due to supply chain challenges mainly relating to Brexit – although importantly, QIC has maintained the prioritisation of its award-winning Motor business in the MENA region. As a part of its underwriting portfolio restructuring strategy, the Company now limits its exposure to UK Motor only as a reinsurer.
The success of these measures is evident in the H1 2025 Insurance Service Result of QAR 221 million.
Strong investment performance
QIC Group has a high-quality, well diversified investment portfolio with a stable year-on-year composition. At the end of H1 2025, Investment and Other Income rose by 7% year on year to QAR 496 million. The Company also reported a robust Return on Investment for the period of 5.2%, compared to 4.7% in H1 2024. Assets Under Management for the period remained stable year-on-year at QAR 18.4 billion.
Consistent rise in earnings
QIC achieved a Net Profit for H1 2025 of QAR 383 million, representing a 6% year-on-year increase. Net Profit Attributable to Shareholders of the Parent amounted to QAR 375 million. Earnings per Share for the period were QAR 0.089, a 6% increase compared to the same period in 2024.
QIC launches Qatar’s first-ever personal lines cyber insurance
In Q2 2025, QIC introduced Qatar’s first-ever personal lines cyber insurance to help individuals navigate their digital and online lives with greater confidence. This innovative product protects consumers against financial losses from cyber attacks, online shopping fraud, credit card fraud, phishing scams, cyber extortion, identity theft and damage to connected devices and wearables from cyber risks.
Expansion into Saudi Arabia
In alignment with QIC’s long-term GCC growth strategy, QIC presented a comprehensive proposal to establish a branch operation in Saudi Arabia. Expansion into Saudi Arabia is a compelling opportunity – market GWPs are projected to grow at a five-year compound annual growth rate (CAGR) of 8.9%, reaching SAR 105.3 billion by 2029. QIC’s proposed branch model – subject to regulatory approval – will leverage the Company’s extensive technical infrastructure and regional expertise, while capitalising on supportive regulatory reforms, mandatory insurance frameworks and momentum from Saudi Vision 2030.
Championing ESG
Aligned with Qatar’s national goal to reduce greenhouse gas emissions by 25% by 2030, QIC has a comprehensive Environmental, Social, and Governance (ESG) framework, formally endorsed by its Board of Directors, as well as a dedicated ESG and Sustainability Committee to integrate sustainability principles across its underwriting and investment operations.
As of 22 May 2025, QIC was the first company in Qatar and only insurer in the MENA region to receive a provisional ESG ‘AAA’ ESG rating from MSCI ESG Research, the highest rating under MSCI’s globally recognised ESG framework. This rating, which highlights QIC’s outstanding performance across the key ESG pillars of Privacy & Data Security, Human Capital Development and Corporate Behaviour, places QIC amongst the world’s top-performing Property and Casualty insurers for ESG excellence and governance resilience.
Awards and recognition
H1 2025 saw QIC honoured as Insurer of the Year in Qatar at the prestigious MENA II Awards for the fourth consecutive year, acknowledging QIC’s outstanding achievements in establishing Qatar’s first insurance-powered digital ecosystem. The Company also ranked among Qatar’s 10 Most Valuable Brands and 10 Strongest Brands in 2025 by Brand Finance, the world’s leading brand valuation consultancy, reflecting the Company’s strong reputation, financial performance and strategic vision. Additionally, QIC App was acknowledged as one of the top financial innovations in the Middle East at Global Finance’s Innovators Awards 2025 – QIC was the only insurance company from the MENA region to be included in this prestigious ranking. And marking a significant milestone in QIC’s strategic journey to revolutionise insurance through advanced technologies and global partnerships, QIC was recognised at the Google Cloud Summit Doha 2025 for driving innovation in the financial industry – a recognition that highlighted QIC’s bold adoption of cloud-native technologies and AI-driven solutions, as well as its role as a thought leader shaping the future of the insurance industry.
Supporting Qatar’s heritage and development
QIC continued as official sponsor at the 5th edition of the Katara International Arabian Horse Festival, underscoring QIC’s commitment to Qatar’s broader development and to preserving Qatar’s cultural heritage, guided by Qatar National Vision 2030. The Company was also proud to sponsor the Build Your House Exhibition 2025, reaffirming its commitment to resilient housing in Qatar, and continued its role as official sponsor of the 2025 Commercial Bank Qatar Masters.
QIC Group Unites MENA Insurtech and Fintech Ecosystems Under One Strategic Platform in Doha
Qatar Insurance Group (QIC Group, QIC), the leading insurer in Qatar and the MENA region and a pioneer in digital innovation, today announced the launch of the 4th MENA Insurtech Summit and the inaugural MENA Fintech Summit, both of which will be held concurrently under one unified platform on May 11–12, 2025 at the Qatar National Convention Centre (QNCC).
Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, commented:
“At QIC Group, we recognize that innovation and digital transformation are vital to securing Qatar’s economic future. These summits reflect our commitment to advancing national strategies by creating meaningful platforms that connect talent, technology, and investment. By hosting both insurtech and fintech ecosystems under one roof, we aim to reinforce Qatar’s position as a leader in digital financial innovation for the region.”
Following the Chairman’s remarks, Mr. Salem Al Mannai, CEO of QIC Group, added:
“We are proud to lead this initiative as part of our commitment to national priorities and our ambition to position Qatar as a destination for innovation and capital. These summits are more than just events—they are strategic platforms designed to attract global players, empower startups, and connect decision-makers across the financial services value chain. By bringing the fintech and insurtech ecosystems together under one roof, we are unlocking powerful opportunities for dialogue, investment, and cross-sector collaboration that will serve Qatar and the region for years to come.”
The co-located summits represent a significant step in QIC Group’s vision to position Qatar as a regional hub for digital transformation. Aligned with Qatar National Vision 2030 and the Qatar Central Bank’s National Fintech Strategy, the dual event aims to accelerate cross-sector innovation, foster a robust digital ecosystem, and drive long-term economic diversification.
Over 1,500 participants are expected to attend, including global thought leaders, regulators, startup founders, venture capitalists, and C-level executives from the insurance and tech sectors. The summits will feature dedicated programming tracks for insurtech and fintech, with opportunities for convergence through joint sessions on emerging technologies and future trends.
The MENA Insurtech Summit will explore the theme: “The Impact of AI on the Insurance Value Chain,” offering deep insights into how artificial intelligence is reshaping underwriting, claims, distribution, and customer engagement. Meanwhile, the MENA Fintech Summit will convene financial innovators and disruptors to explore the future of digital finance, focusing on emerging products, AI-powered solutions, and digital transformation in banking and financial services.
The event will also feature:
Keynote speeches from senior officials and global experts
Interactive panels and hands-on workshops covering:
Artificial intelligence in finance and insurance
Embedded insurance models
Open banking frameworks and regulatory shifts
Data governance and cybersecurity
Cross-border fintech innovation and startup funding
A curated Demo Day for startups from the 2025 MENA Insurtech Accelerator
Immersive Innovation Zones spotlighting cutting-edge solutions from local and international startups
Strategic partnerships further amplify the summit’s national relevance. The Ministry of Communications and Information Technology (MCIT) joins as the lead strategic partner for both summits, while Commercial Bank of Qatar and Ooredoo Fintech serve as strategic partners of the MENA Fintech Summit—highlighting a unified public-private commitment to advancing Qatar’s digital future.
Continuing his remarks, Al Mannai added:
“Innovation has always been at the core of QIC’s business. These summits are a natural extension of that vision—bringing together government, enterprise, and entrepreneurs to build the infrastructure, talent, and trust needed for a vibrant digital economy. We see these platforms as catalysts that will strengthen Qatar’s position as a regional leader in fintech and insurtech innovation.”
As the founding and organizing entity, QIC Group reaffirms its role as a national enabler of innovation, ecosystem connector, and strategic contributor to the future of financial services across MENA.
Registration is now open on the official summit platforms: MENA Insurtech Summit 2025 Summit 2025 – MENA InsurTech
MENA Fintech Summit 2025 MENA Fintech Summit – MENA InsurTech
QIC Group Recognizes Longstanding Employees at Annual Service Awards Ceremony
Qatar Insurance Group (QIC), the leading in Qatar and the MENA region, recently recognized 83 employees for their outstanding dedication and contributions to the company’s success at its annual Long Service Award Ceremony. The event, held on Monday, during the company’s Ramadan Suhoor gathering at the Marsa Malaz Kempinski, The Pearl, Doha, celebrated staff members who have been with QIC for significant milestones of service.
The awards were presented by QIC’s executive management team to staff members from Qatar and the Group’s international operations. Employees were honored for their years of service, including those reaching five, ten, fifteen, twenty, twenty-five, and thirty-five years with the organization. Twenty-seven staff members received the award for five years of service, thirty-one for ten years, seventeen for fifteen years, four for twenty years, two staff members were honored for over twenty-five years, and two for thirty-five years of service.
Mr. Rashid Al Buainain, Group Chief Administrative Officer of QIC, expressed his appreciation for the honorees, saying: “Today, we celebrate the dedication and hard work of our employees who have been fundamental to QIC’s transformation from a national insurance company to one of the leading insurance providers in the MENA region and beyond. Our success has always been rooted in the talent, diversity, and commitment of our workforce. As we continue to strengthen our policies and workplace culture, we remain focused on fostering a dynamic, inclusive, and forward-thinking environment for our employees. Your invaluable contributions are what drive us forward, and we will continue to support and invest in our staff to ensure QIC’s continued success.”
The event highlighted QIC’s ongoing commitment to maintaining a positive work atmosphere that attracts top talent and fosters long term retention, both of which are critical to the company’s continued success in the global marketplace.
QIC Group reports a 19% rise in Net Profits to QAR 735 million for the year 2024
Qatar Insurance Company (“QIC Group”, “QIC”), the leading insurer in Qatar and the Middle East North Africa (MENA) region, has reported net profits of QAR 735 million for the year 2024, a rise of 19% from QAR 615 million in the previous year. Following a meeting of the Board of Directors, which was presided over by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of QIC Group, the board approved the financial results.
Commenting on QIC’s financial performance, Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, stated: “The year 2024 marked the landmark 60th anniversary for QIC, and the Group is poised to enter its seventh decade in robust health. Having demonstrated its resilience, QIC has consolidated and further built upon this progress over the past twelve months with excellent results which underlines the success of the Group’s commitment to its longer-term strategy: focusing on growth in profitable national and regional markets, while reducing exposure to international volatility by exiting loss making businesses. QIC continues to maintain its dominant position in the Middle East and North Africa region, as the largest insurance group, in terms of both total assets and total equity.”
Sheikh Hamad bin Faisal Al Thani added: “With focus on bottom line driven growth, over the past years QIC had been able to optimize and stabilise its underwriting portfolio with a balanced and well diversified lines of business across the regional and international markets”.
Mr. Salem Khalaf Al Mannai, Group Chief Executive Officer stated, “The company has now delivered consistent and stable bottom-line driven growth for the past several quarters, supplemented by a focus on process efficiencies and automation which has bolstered its already outstanding operational efficiency.”
Mr. Al Mannai added: “The key drivers for QIC’s performance in 2024, was its healthy bottom line driven growth both from our regional and international markets.
Domestic and Regional Gross Written Premiums increased to QAR 4.8 billion in 2024, up 39% year-on-year – and now account for more than half (52%), of the Group’s total Premiums, compared to less than 20% in 2021. Outside Qatar, the Group recorded impressive double-digit growth in its burgeoning operations in the UAE and Oman and expects the wider regional markets to present significant opportunities for further rapid growth in 2025 and beyond.
In terms of activities outside the Middle East, QIC’s international operations have been delivering consistent and healthy underwriting results over past several quarters. As of the close of 2024, majority of QIC’s international business is being written through its subsidiary Antares Syndicate, the independent Managing Agent operating at Lloyd’s in London.
Mr. Al Mannai further added: “In line with the enhanced underwriting strategy, QIC’s personal lines and health segment of non-volatile business has expanded significantly in terms of its percentage contribution to Gross Written Premiums. The Energy and Marine & Aviation businesses have also grown, while a stable proportion of premiums continue to be derived through the traditional property and casualty sectors.
During the year we have successfully completed the strategic restructuring of our international business by exiting from all loss-making and low margin businesses. This key restructuring now positions QIC Group, for greater stability and profitability, with controlled exposure as a reinsurer, to UK Motor, while successfully exiting from earlier exposure to direct UK motor.
The company is especially proud to have won some of the industry’s most respected accolades, including recognition for QIC’s exceptional innovation when it comes to embedding technology into our services. We continue to push boundaries at the forefront of our industry – including in our best-in-class digital and mobile offerings, leading the conversation about the impact of artificial intelligence on the future of insurance, and promoting financial literacy.”
Financial overview
An increasingly sanguine global macroeconomic environment in 2024 was characterised by inflation falling to almost moderate levels, leading to long-anticipated interest rate cuts by the world’s major central banks. The year saw resilient global GDP growth of around 3.2%, which is expected to remain steady over the next 12-24 months, according to projections by the IMF. There were also signs of the global insurance market beginning to soften in some lines, particularly in the latter part of the year.
However, hard reinsurance pricing persisted – especially in the MENA region – due to high claims from recent catastrophic events. In April 2024, severe flooding in the UAE resulted in multi-billion dollar insured motor and property losses, that were largely absorbed by the international reinsurance industry. The country’s heaviest recorded rainfall in 75 years underlines the growth of climate-related risks facing global insurers. Internationally, the collapse of the Baltimore bridge in March was expected to be one of the largest single marine insurance losses in history, while models forecast insured losses of tens of billions of dollars after back-to-back hurricanes Helene and Milton struck the US in September and October.
MENA focused strategy drives profitability and growth
Over recent years, QIC has strategically focused on increasing the proportion of the Group’s premiums generated in Qatar and the MENA region, momentum for which accelerated in 2024. Domestic and Regional Gross Written Premiums climbed to QAR 4.8 billion over the full year, up 39% compared to 2023. These now account for a majority of the Group’s total premiums, having jumped from less than 20% of total premiums three years ago. QIC’s businesses in the UAE and Oman witnessed substantial double-digit growth over the course of the year – and wider regional markets are expected to present significant opportunities for further rapid growth in 2025 and beyond.
In terms of activities outside the Middle East, QIC’s international operations have been delivering consistent and healthy underwriting results over the past several quarters. By the close of 2024, the Group had also exited from all loss making, low margin, high volatile and high severity international business – successfully executing an objective it has worked towards over recent years, given the uncertainty of risks posed by exposure to global markets. As of the year end, the majority of QIC’s international business is being written through its subsidiary Antares, and all of the company’s live international operations are now profitable.
With a focus on bottom-line-driven growth, over recent years QIC has been able to optimize and stabilize its underwriting portfolio with balanced and well diversified lines of business across regional and international markets. In the MENA region, growth has been driven by personal lines of insurance – which tend to be short tail in nature and less vulnerable to long term uncertainty.
Overall, QIC’s Gross Written Premiums for the year stood at QAR 9.1 billion. Over the course of the year, the Group has demonstrated healthy, stable, and improving combined ratios, in both its domestic and international operations. The Group posted Insurance Service Results of QAR 514 million in FY 2024, compared to QAR 300 million in FY2023, representing an increase of 71%.
Investment performance
In a macroeconomic climate that appears to be improving, with inflation trending downwards, but nevertheless faces challenges amid high geopolitical risk and elevated fixed income yields, QIC continue to deliver strong set of investment results. The Group reported investment income of QAR 973 million for FY 2024 with an investment yield of 5.3%. The investment portfolio’s composition has remained stable and consistent with the previous year, focusing both on sector balance and security of investments.
Overall, the Group’s net profit stood at QAR 735 million, compared to QAR 615 million in the same period last year. The parent’s share of net profit was QAR 725 million, compared to QAR 601 million in 2023.The Board of Directors proposed a cash dividend distribution of 10% for the year ended 2024.
2024 Highlights
Over the course of 2024, QIC achieved key milestones in its endeavor towards establishing the region’s first insurance-powered digital ecosystem. The company’s award-winning distribution channels in Qatar and other GCC markets – including QIC App, its mobile application, and qic.online, its web portal – were augmented with new innovative features centered around personalization, speed, and ease of use. Meanwhile, customer use of digital channels to fulfil their insurance needs rose to record highs, accompanied by rising digital sales across personal lines.
Multiple Awards and Industry Recognition
As in previous years, the company’s efforts were recognized at the industry’s most prestigious awards events in 2024. Prominently among these:
February: QIC named “Insurer of The Year in Qatar” at The MENA IR Awards 2024, the third consecutive year in which it has won this accolade.
April: QIC crowned “Best Travel Insurance Company” in The Middle East at the Global Banking & Finance Review Awards 2024, for the second consecutive year.
June: QIC received three titles at the Global Brands Magazine Awards 2024: “Best Digital Insurance Brand in Qatar”, “Best Insurance Website in Qatar”, and “Best Car Insurance Mobile App in Qatar.”
July: QIC awarded “Mobile App of The Year in Qatar” at the Insurance Asia Awards 2024
October: QIC named “General Insurance Company of The Year 2024” in Qatar by The Asset Triple A Private Capital Awards.
Promoting Insurance Literacy
As QIC continues to expand its services, the company recognizes the importance of promoting a responsible insurance culture in Qatar and beyond. To this end, it invested in various insurance literacy initiatives through 2024. Notably, it launched the QIC Blog, the first platform of its kind in Qatar. Offering regularly updated content in both English and Arabic, the blog covers a wide spectrum of subjects, from posts on motor insurance and licensing to tips about travel and healthcare. The aim is to help community members better understand their insurance needs, and therefore to empower them to make more informed decisions when choosing insurance products – encouraging financial prudence and peace of mind.
Younger generations in particular stand to benefit from financial education initiatives. In March 2024, QIC opened its ‘edutainment’ establishment at the KidzMondo theme park in Doha. Helping young people bolster their self-confidence in financial matters, the emphasis was on creating a fun environment where children could practice what they had learned through interactive experiences.
Sustainability and ESG
As the first insurer in the Middle East to have signed the United Nations Environment Programme-Finance Initiative’s ‘Principles for Sustainable Insurance’ (UNEP-FI PSI), QIC is committed to integrating industry-leading ESG standards across its business. The Group currently holds one of the highest ESG ratings in the insurance sector in the MENA region and is compliant with several global reporting standards.
Aiming to align the company’s sustainability and commercial goals, QIC’s areas of focus have included incorporating climate risks into exposure and loss assessment models, integrating ESG into investment decision-making, and establishing a performance-driven governance culture based on transparency. These efforts are being overseen by a Sustainability Committee to channel group-wide initiatives towards defined targets. Domestically, QIC has set out a long-term ESG strategy to support Qatar’s ESG commitments, including to cut the country’s greenhouse gas emissions by 25 percent by 2030.
QIC convenes AI leaders at the Region’s Premier Insurance event
In May 2024, QIC held the third edition of its annual MENA Insurtech Summitt, under the theme: ‘AI Impact on the Insurance Value Chain’. Attracting 1,500 participants, the three-day summit brought together entrepreneurs, regulators and technology partners from across the region to explore the ways in which artificial intelligence is poised to transform the industry and how customers interact with insurance at every stage. QIC was also an active participant at Web Summit Qatar 2024, the world’s largest tech conference, with a dedicated QIC Digital Hub booth displaying the company’s latest offerings.
QIC Group Corporate Social Responsibility Initiatives: Advancing Sports, Health, Environmental Sustainability and National Development
QIC Group’s CSR activities in 2024 have made a meaningful impact across sports, health, the environment, and national capacity building. In sports, QIC sponsored key events like the Katara International Arabian Horse Festival, the Commercial Bank Masters, the Ooredoo Marathon, and the Samla Race, fostering athletic excellence and promoting a healthy, active lifestyle. The Group also supported cultural heritage through its sponsorship of S’hail 2024, a premier falconry exhibition. On the health front, QIC emphasized awareness by promoting early breast cancer detection and organizing an annual blood donation campaign in collaboration with Hamad Medical Corporation. Environmental sustainability took centre stage with QIC’s collaboration with the Ministry of Environment and Climate Change to combat desertification and protect Qatar’s biodiversity. Furthermore, QIC supported national capacity development through initiatives such as the Kawader Malia Program, which enhances the skills of young Qatari professionals, and its summer internship program, providing hands-on industry experience for students. Additionally, QIC contributed to Qatar’s Vision 2030 by sponsoring events like the Qatar Energy Industry Seminar and entering partnerships with national corporations focusing on the digital economy.
QIC Group Promotes Early Breast Cancer Detection and Prevention Among Female Workforce
Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region, commemorated Breast Cancer Awareness month with an initiative aimed at increasing medical awareness of breast cancer and emphasizing the critical importance of early detection among the company’s female workforce.
The initiative featured comprehensive presentations by the Qatar Cancer Society and Qatar Biomedical Research Institute. These presentations educated female staff on risk factors, prevention strategies, early screening methods that can save lives, answered frequently asked questions. Additionally, a flower workshop provided a therapeutic and engaging activity for participants while reinforcing the significance of mental well-being as part of a holistic approach to wellness.
“Qatar Insurance Group is committed to supporting awareness initiatives that enhance the well-being of our community,” said Mr. Rashid Al-Buainain, QIC Group Chief Administrative Officer. “This campaign underscores our dedication to raising awareness about health issues and showcases our unwavering support for those affected by breast cancer.”
As the leading insurer, QIC is steadfast in promoting medical awareness and encouraging the adoption of a healthy lifestyle to mitigate the risks of developing critical diseases. This endeavor is an integral part of QIC Group’s Corporate Social Responsibility (CSR) activities, reflecting ongoing efforts to provide value and benefit the community.
QIC Group Honors Staff at Long Service Award Ceremony
Qatar Insurance Group (“QIC Group”, “QIC”), presented 125 employees in Qatar and across the Group’s regional and international operations with long service awards in recognition of their dedication and invaluable contribution to the leading insurer in Qatar and the Middle East North Africa (MENA) region.
The ceremony was held during the yearly Ramadan suhoor event hosted by QIC for its staff at the St. Regis hotel in Doha where honorees were presented with the awards by members of the Group’s Chief Administrative Officer, Mr. Rashid Al Buainain. 65 staff members received the award for five years of service, 19 for 10 years, 30 for 15 years, six for 20 years and five staff members were honored for over 25 years of service. The event also coincided with the Group’s 60th anniversary, a momentous milestone that reflects collective achievement and resilience.
Group Chief Administrative Officer, Mr. Rashid Al Buainain, thanked the staff for their many years of dedicated service saying, “Today we celebrate your individual and collective achievements that have contributed to QIC’s journey which began as a national insurance company to now becoming the largest insurance group in the MENA region with a strong presence across the globe.”
“We continue to be driven by a commitment to delivering innovative products and an unparalleled standard of customer experience while contributing to the growth of Qatar’s economy, none of which is possible without each and every staff member’s commitment, whom we recognize as the backbone of the Group. We also recognize QIC’s position as an employer of choice, demonstrated in the high levels of employee retention ra¬tes. As we navigate the ever-evolving marketplace, we will continue our emphasis on staff training and development while offering one of the best-in-class compensation in the industry.” Added Al Buainain.
QIC Group consistently updates its policies and practices to ensure a positive, flexible and forward-thinking work environment that brings together people from diverse backgrounds and nationalities to maintain its position as one of Qatar’s top preferred employers.
QIC Group reports Net Profits of QAR 615 million for the year 2023
Qatar Insurance Company (“QIC Group”, “QIC”), the leading insurer in Qatar and the Middle East North Africa (MENA) region, has reported net profits of QAR 615 million for the year 2023, compared to a net loss of QAR 1,183 million for the previous year. Following a meeting of the Board of Directors yesterday, which was presided over by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of QIC Group, the Board approved the financial results.
Commenting on QIC’s financial performance, Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, stated: “The past 12 months have overseen a key turnaround story at QIC. The company has continued to strengthen its position in profitable domestic market business in Qatar and the MENA region, with Gross Written Premiums growing 25% year-on-year. Meanwhile, the effectiveness of our deliberate strategy over the past few years to exit our loss making and low margin international business has been clear, demonstrated by the Group’s return to healthy net profitability.
While global macroeconomic headwinds persisted, particularly in early 2023, there were promising signs in the latter half of the year that inflation is easing, and interest rates have peaked. Having decisively cut our exposure to more volatile international risks, QIC is well positioned to take advantage of this improving economic environment in 2024 – and to extend our market-leading levels of customer service and reputation for digital innovation in both domestic and international insurance markets.
“QIC has moved confidently forward from a loss-making 2022 to a strong and stable 2023”, said Mr. Salem Khalaf Al Mannai, Group Chief Executive Officer. “The company is delighted to report Insurance Service results of QAR 747 million in 2023, rising from loss of QAR 465 million over the same period in 2022. Strikingly, we saw major growth in UAE and Oman operations mainly in medical and personal line segments. In particular, the UAE business – which underwrote over AED 1 billion over the course of 2023 – is expected to continue to exhibit robust growth. In addition, QIC’s MENA and international insurance operations have delivered buyout results, in line with the company’s strategic plan.
Furthermore, QIC reported a strong investment income of QAR 922 million for FY 2023, compared to QAR 828 million for the same period in 2022. The return on investment came in at 5.2% compared to 4.8% last year.
Our continued endeavor towards process efficiencies and automation showed strong results this year, as QIC further improved its already exceptional operational efficiency. Additionally, we continue to press ahead at the forefront of digital innovation in the region’s insurance sector. In 2023, QIC received industry-wide recognition for its digital insurance products, its online services and website, and its revolutionary Insurtech subsidiary, Anoud Tech. We’re also shaping the future of technology in the sector with our annual Insurtech summit, leading the discussion on how insurers can harness innovation and fresh thinking to respond to the needs of the modern customer.
The Board of Directors proposed a cash dividend distribution of 10% for the year ended 2023.
Financial Overview
The global macroeconomic environment showed some signs of improvement over the course of 2023 – particularly in the later months – though economic and financial uncertainties have persisted. Global labour markets began to normalize in the first half of the year, while high levels of concern about inflation as 2023 began have eased somewhat as the year progressed. This has resulted in the stabilization of interest rates in the US and UK – and the expectation that rates will begin to come down in 2024. However, insurance markets have continued to harden in select lines of business.
Perhaps the biggest challenge that faced QIC’s key areas of operation in 2023 has been the UK motor insurance market, which was adversely affected by supply chain difficulties influenced by Brexit. The company plans to reduce its exposure to this sector – reflecting a wider strategy of distancing itself from markets with higher volatility and levels of risk, particularly during periods of rising capital costs. Domestically, QIC continues its robust growth story in Qatar, with QIC being the market leader in the insurance industry.
Against this backdrop, QIC reported Group Gross written premiums of QAR 8.5 billion over FY2023, compared to QAR 9.8 billion in 2022. Domestic and MENA Gross written premiums grew from QAR 2.8 billion to QAR 3.6 billion, continuing to drive underwriting profitability. As well as the company’s strong domestic performance, all international operations performed well during the year, with healthy combined ratios. Antares Global – which includes the brands Antares Re, Antares Lloyds Syndicate and QIC Europe Ltd – continues to be the major engine for international operations, delivering a premium volume of QAR 4.9 billion.
Investment performance
In 2023, the wholly owned QIC subsidiary Epicure Asset Management once again demonstrated its calibre as the MENA region’s leading investment house, with its highly experienced investment team focusing on both sector balance and security of investments. Global financial markets faced turbulence in the first half of the year, particularly amid concerns about the global banking crisis. The investment environment improved in H2 as inflation eased somewhat and it became likely that interest rates had peaked, though the geopolitical climate remains volatile.
Furthermore, QIC reported a strong investment income of QAR 922 million for FY 2023, compared to QAR 828 million for the same period in 2022. The return on investment came in at 5.2% compared to 4.8% last year.
Key milestones
Leading the sector’s digital transformation
QIC’s reputation as a digital pioneer in the region’s insurance industry has continued grow in 2023. In personal lines insurance, customers are managing their services with unmatched speed – from onboarding to claims – amid record levels of online services penetration. QIC’s fully digital Mandatory Visitors’ Health Insurance product is enabling thousands of international visitors to obtain insurance policies in less than two minutes, while its award-winning car insurance website has introduced several new features that are highly valued by customers.
The company’s pre-eminence in the digital arena was recognised in October when QIC received three prestigious accolades at Global Brands Magazine Awards 2023: ‘Best Insurance Website in The Middle East’, ‘Best Digital Insurance Company in Qatar’, and ‘Best Insurance Website in Qatar’. Another significant accolade came in November, when Anoud Technologies LLC (Anoud Tech), a wholly owned IT subsidiary of QIC Group, won the prestigious ‘InsurTech of the Year 2023’ award at the 10th Middle East Insurance Industry Awards. In addition to this achievement, Anoud Technologies also won ‘Fastest Growing Integrated InsurTech Platform GCC 2023’ at the Annual International Finance Awards 2023. With the goal of revolutionizing insurance administration across the world, Anoud Tech provides software solutions to the insurance industry that enable access to state-of-the-art risk modelling and reinsurance tools, with little to no additional IT expenditure.
Sustainability and ESG: making international and domestic commitments
In 2023, QIC became the first insurer in the Middle East to sign the United Nations Environment Programme-Finance Initiative’s ‘Principles for Sustainable Insurance’ (UNEP-FI PSI). A global network of insurers committed to integrating sustainability, signatories of the UNEP-FI PSI adopt more comprehensive Principles than are established by the financial metrics typically used in the industry.
Domestically, QIC is committed to supporting Qatar’s endeavour to reduce the country’s greenhouse gas emissions by 25 percent by 2030. The company has taken a multi-dimensional approach to underpin its sustainability endeavours: developing a Board-approved ESG framework; setting out a long-term strategy to support Qatar’s ESG commitments with the objective of adopting ESG policies into its underwriting and asset management philosophy; and by channelling group-wide efforts through an ESG Sustainability Committee to help ensure goals are reached.
Mobilising partnerships for the future of Insurtech
One of the highlights of 2023 for the region’s Insurtech industry came in May, under the auspices of the second edition of QIC’s annual InsurTech summit, this year called: “MENA Insurtech Rising”. Centred around the question of how to create products and services that respond to the needs of the modern customer – while catalysing transformations across entire systems – the summit explored a variety of pertinent topics, from digital innovation to the VC investment climate. It brought together more than 300 in-person representatives from the industry – including 88 C-level regional and international insurers, startup founders, investors, and key players – as well as 1,100 virtual attendees. During more than 600 meetings over its three days, insights were shared on the latest industry trends, innovation, investment, and digital transformation, with the goal of fostering learning and collaboration across the MENA Insurtech ecosystem.
Recognition for QIC’s strong leadership team
QIC continues to be on the forefront of the insurance market, underpinned by the expertise and guidance of its leadership, who were recognised in February with the award of ‘Best Insurance Leadership in GCC 2023’for a second consecutive year by Capital Finance International (Cfi.co).
Backing programs that highlight Qatar’s cultural wealth and promote Qatari wellbeing
QIC has a long history of supporting activities that showcase Qatar’s rich culture and promote Qataris’ connection to their environment and heritage, and 2023 marks a continuation of this commitment. For instance, the year began well in January with QIC sponsoring the ‘Doha Marathon by Ooredoo 2023’, continuing to highlight Qatar’s prominent role in international sports.
In February, QIC celebrated Qatar National Sports Day with an event hosted at the Katara Cultural Village. Additionally, QIC were again platinum sponsors of the Katara International Arabian Horse Festival in 2023, organised by the Cultural Village Foundation in collaboration with the Qatar Equestrian Federation and Qatar Racing & Equestrian Club under the patronage of His Highness the Emir.
Initiatives continued into March, where QIC were official sponsors of the Samla race, and Education Above All’s (EAA) ‘Goals4Good’ tournament. Both represent dimensions of the Qatari youth, with the former focused on the ability to push past physical and mental limits, and the latter on the access to quality education in unlocking potential.
QIC takes pride in nurturing the upcoming generation of business leaders, showcased by its mentored summer internship program in 2023. Designed to help qualified high school and undergraduate students explore their career paths with first-hand experience, the program culminated with an award ceremony in August.
In September, QIC were also the official insurance sponsor for S’hail 2023 – Katara International Hunting & Falcons Exhibition, the largest international exhibitions that specializes in exhibiting Falcons and is dedicated to preserve and promote the art of hunting and falconry.
November marked QIC sponsoring Qatar Travel Mart (QTM) 2023. While an opportunity to showcase innovative travel insurance products and solutions, the sponsorship also further demonstrates QIC’s commitment to further establish Qatar as a major regional hub for inbound tourism.
Brand awareness campaign “Confidence at every turn!”
Following its recent rebranding and turnaround success, QIC launched its brand awareness campaign, “Confidence at every turn!” in 2023. The campaign promotes the Company’s brand and commitment to innovate and lead by example, while also looking to inspire and boost self confidence among the community in Qatar.
January: Named “Insurer of The Year in Qatar” at The MENA IR Awards 2023, for the second consecutive year. Additionally, named “Best Motor Insurance Company in Qatar” and “Best Travel Insurance Company in Qatar” by the International Finance Awards 2023. In addition to this, Anoud Technologies LLC, a wholly owned IT subsidiary of QIC Group, won “Fastest Growing Integrated InsurTech Platform GCC 2023” at the Annual International Finance Awards.
February: Named “Best Insurance Leadership in GCC”, for a second consecutive year by Capital Finance International (Cfi.co).
March: Named “Motor Insurer of The Year” at the InsurTek Golden Shield Excellence Awards 2023, for the second consecutive year; and ‘Most Trusted Insurance Company’ and ‘Most Sustainable Insurance Company’ by World Business Outlook. Also named “Best Insurance Website in Qatar”, “Best Online Travel Insurance Provider in Qatar”, and “Best Motor Insurance Provider in Qatar” by World Economic Magazine Award 2023.
May: Honoured at the graduation ceremony of the eighth cohort of the “Kawader Malia” program, for outstanding contribution to supporting the development of young Qataris and to shaping the country’s future workforce and developing Qatar’s human capital.
July: Named “Domestic General Insurer of The Year in Qatar” at the Insurance Asia Awards 2023.
October: Named ‘Best Insurance Website in The Middle East’, ‘Best Digital Insurance Company in Qatar’, and ‘Best Insurance Website in Qatar’ at Global Brands Magazine Awards 2023. Furthermore, QIC was named “Best Travel Insurance Company in The Middle East” at The Global Banking & Finance Review Awards 2023.
November: Named “Best Digital Insurer in Qatar” at the Global Business Outlook Awards 2023. Also named “Best General Insurance Company in Qatar” and “Leading Digital Insurance Company in Qatar” by the International Business Magazine Awards 2023. Additionally, QIC was named “Most Sustainable Insurance Company Qatar 2023” and “Most Trusted Insurance Company Qatae 2023” at the World Business Outlook Awards. Anoud Technologies LLC also won the ‘InsurTech of the Year 2023’ award at the 10th Middle East Insurance Industry Awards.
December: Named “Best Domestic General Insurance Company” by the Finance Derivative Magazine Awards 2023.
QIC holds its General and Extraordinary General Assembly Meetings
QIC Group, the leading insurer in Qatar and the MENA region, held on Sunday, 19th March, the General and Extraordinary General Assembly Meetings at its headquarters in Al-Dafna.
The meetings were chaired by Sheikh Hamad bin Faisal bin Thani Al Thani – Member of the Board of Directors – and were attended by members of the executive management, shareholders, and representatives of regulatory authorities.
The meeting discussed the Board of Directors’ report on the company’s activities and financial position during the year ended 31/12/2022 and the company’s future plans. Additionally, the meeting approved the auditors’ report on the company’s financial statements; the company’s balance sheet and profit and loss account for the year 2022; and the non-distribution of dividends for the year 2022.
Moreover, the meeting approved the discharging of the members of the Board of Directors and approved the Corporate Governance Report for 2022; the company’s remuneration policy for the year 2023; and the appointment of KPMG as auditors for the year (2023) and their fee.
During the meeting, three (3) members were also elected for the category of independents: H.E. Mr. Khalifa Abdullah Turki Al-Subaie, H.E. Sheikh Abdulrahman bin Saud Fahad Al-Thani, and H.E. Mr. Ibrahim Jassim Abdulrahman Al-Othman Fakhroo, while the remaining (8) eight members won by acclamation for the period (2023-2025): Sheikh Hamad bin Faisal bin Thani Al Thani of the Retirement and Social Security Authority (Civil Pension Fund), H.E. Sheikh Faisal bin Thani bin Faisal Al Thani of Brouq Trading Company, H.E. Sheikh Saud bin Khalid bin Hamad Al Thani, and H.E. Mr. Ali Yousef Hussain Kamal of Al-Kamal International Group, H.E. Mr. Mohammed Jassim Mohammed Jaidah of Jaidah Motors & Trading Company, H.E. Mr. Ali Hussain Ibrahim Alfardan for Alfardan Investment Company, H.E. Sheikh Tamim bin Hamad bin Jassim Jabor Al Thani of Al Mirqab Capital Company, and H.E. Mr. Abdulrahman bin Essa Al-Mannai for Al Ghariya Real Estate Investment Company.
His Excellency Sheikh Hamad bin Faisal bin Thani Jasim Al-Thani affirmed that: the Group’s gross written premiums for the year was QAR 9.84 billion, compared to QAR 9.92 billion in 2021. Currently 45% of the Group’s gross written premiums emanate from personal lines insurance written in the Middle East, U.K. and Continental Europe. Meanwhile, the Group’s domestic business in Qatar and MENA recorded a further growth in gross written premiums to QAR 2.8 billion, compared to QAR 2.4 billion in 2021, representing 18% growth in 2022. The Group’s domestic business continues to remain highly attractive, contributing both to its top and bottom-line results. The Group’s net underwriting profit for 2022 was QAR 25.4 million as against a net underwriting profit of QAR 643 million in 2021. Despite financial market turmoil, declining equity markets and tumbling fixed-income securities, the company’s own portfolio performed strongly, generating a net investment and other income of QAR 834 million for 2022. On a year-to-year basis, the investment yield came in at 4.8%.
His Excellency, also noted that QIC further improved its already exceptional operational efficiency, achieving a healthy expense ratio for its core operations of 5.3%, a further reduction from 5.9% in 2021. He further noted that Standard & Poor’s (S&P) confirmed an A- issuer credit and financial strength rating for QIC, with a stable outlook. In December, AM Best also confirmed the Company’s Financial Strength Rating to A- (Excellent), with a stable outlook. The ratings reflect QIC’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
In response to shareholders’ questions about this year’s loss, H.E. Sheikh Hamad bin Faisal bin Thani Al Thani stated that 2022 bore the bulk of the losses resulting from the suspended operations, in addition to the loss resulting from some international business and the challenges witnessed that year. Global markets were affected by the Russia-Ukraine war, the increase in inflation in the United Kingdom and its withdrawal from the European Union. His Excellency also stressed that the members of the Board of Directors refused to have the company bear membership bonuses for this year, in which it was not possible to distribute dividends to shareholders due to the loss achieved.
The Extraordinary General Meeting approved: the ratification of the amendment of the first paragraph of the Articles of Association of the Company which allows non-Qatari investors to own up to (100%) one hundred percent of the company’s shares, pending the issuance of the legislation that allows this; the amendment of the text of condition (3) of the conditions of membership in the Board of Directors of the Company stipulated in Article (37) of the amended Articles of Association of the Company to read: 3. The membership candidate must be a shareholder and owner of (20) million shares of the company’s capital and the authorization of His Excellency the Chairman of the Board of Directors or his Deputy to sign individually all the documents necessary to amend the Company’s Articles of Association with the aforementioned.
Following the adjournment of the General Assembly meeting, the Board of Directors held a meeting where H.E. Sheikh Hamad bin Faisal bin Thani Al Thani was elected as Chairman and H.E. Mr. Abdulrahman bin Essa Al Mannai as Vice Chairman, and the committees emanating from the Board of Directors were formed.
Once again QIC Group is the Official Insurance Sponsor of S’hail
Qatar Insurance Group, the leading insurer in Qatar and the MENA region is the Official Insurance Sponsor of the 6th edition of S’hail 2022 – Katara International Hunting & Falcons Exhibition. S’hail is regarded as the largest international exhibitions that specializes in exhibiting Falcons and is dedicated to preserve and promote the art of hunting and falconry.
Over the last few years, the event has made its mark in the industry as the leading destination of choice for falconry, hunting, and heritage lovers and became a dedicated platform for displaying the latest types of weapons, hunting rifles, equipment, supplies and equipment for trips, in addition to a huge selection of rare falcons highly skilled in hunting.
Commenting on the sponsorship, Mr. Ahmed Al jarboey, chief operating officer QIC, Qatar operations said, “As the leading insurer in Qatar, we have a long standing commitment to acting as a trusted and ethical partner with the Qatari community and to playing a vital role in the sustainability of Qatar’s social fabric.”
He further added, “We have ensured that the core values of our business and operating principles align with our objectives for CSR. Contribution to and participation in S’hail demonstrates our relentless efforts in highlighting the culture and traditions of the Nation. It also underpins our keenness towards maintaining and reviving the legacy of Falconry for our future generation.”
Qatar Insurance Group has long demonstrated its eagerness towards supporting activities that showcase Qatar’s rich culture and enhance the Qatari individual’s connection with his environment and heritage.
Qatar Insurance Company (QIC) is a publicly listed composite insurer with a consistent performance history of over 50 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 in Qatar and a dominant insurer in the GCC and MENA regions. QIC is one of the highest rated insurers in the Gulf region with a rating of A/Stable from Standard & Poor’s and A (Excellent) from A.M. Best. QIC is also the first & best digital insurance company in Qatar and the largest insurance company in the MENA region by gross written premium, profitability and total assets. It is listed on the Qatar Stock Exchange and has a market capitalization in excess of QAR 7.8 billion.