Qatar Insurance Company: H1 2023 results

Qatar Insurance Company (QIC) has ended the first half of 2023 with a 181% increase in its net profit.

This figure jumped from 116 million QAR (31.5 million USD) as at 30 June 2022 to 325.5 million QAR (88.7 million USD) one year later.

The net investment income was down by 3.2% from 475 million QAR (129.1 million USD) in the first half of 2022, to 460 million QAR (125.3 million USD).

During the period under consideration, the written premiums stood at 5.5 billion QAR (1.5 billion USD) against 6.3 billion QAR (1.7 billion USD) a year earlier, which represents a 12.7% drop.

QIC's half-year results have been calculated in accordance with the new IFRS 17 accounting standards.