Qatar Insurance Company back to profit in 2023

After recording a net loss of 1.183 million QAR (322.4 million USD) in 2022, Qatar Insurance Company (QIC) is back in profit in 2023. The insurer has closed the 2023 financial year with a net profit of 615 million QAR (167.6 million USD).

The turnover was down by 15.3%, standing at 8.5 billion QAR (2.3 billion USD) against 9.8 billion QAR (2.7 billion USD) a year earlier. Local market and MENA region premiums were up by 25% to 3.6 billion QAR (981.1 million USD).

During the reporting period, the net investment income amounted to 922 million QAR (251.3 million USD), up by 11.4% over one year.