Qatar Insurance Company: 2020 results

QICQatar Insurance Company (QIC) closed the 2020 financial year with a net profit of 126.1 million QAR (34.35 million USD), an 81.2% decline from the 670.9 million QAR (183.9 million USD) recorded as at 31 December 2019.

The Group posted a net technical loss of 594.9 million QAR (162 million USD) compared to a technical profit of 282.2 million QAR (77.35 million USD) a year earlier.

The technical result was heavily impacted by the losses related to the pandemic and to the catastrophic events.

The Qatari insurer's turnover remains almost stable and stands at 12.2 billion QAR (3.32 billion USD) against 12.06 billion QAR (3.3 billion USD) at the end of 2019.

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