QLM 9-month net profit soars 31% to QR53.06mn

QLM Life & Medical Insurance Company has posted the nine-month net profit of QR53.06mn, up 31% on the same period last year.
The net profit translates into QR0.15 per share for the nine-month period (ending September 30 this year) compared with QR0.12 per share for the same period of 2022.
QLM chairman Sheikh Saoud bin Khalid bin Hamad al-Thani stated, "QLM has maintained a track record of consistent performance, showcasing its operational excellence and prowess in digital transformation.
“Our relentless commitment to innovation has led to enhanced efficiencies within our operations, resulting in robust bottom-line growth that aligns with the expectations of all our stakeholders."
Fahad al-Suwaidi, CEO, QLM, remarked, "As the global and regional economies make strides in their recovery, a pivotal focus is directed towards exploring the business opportunities within the retail sector.
“QLM offers a wide range of individual and family plans that can effectively address the varied demands of the market. This strategic approach will drive our expansion, enabling us to capture a broader market share and deliver distinctive solutions to our valued clients."
Insurance revenue for the nine-month period stood at QR813.05mn compared with QR891.6mn for the same period of 2022.
Net investment and other income witnessed a growth of 5% and stood at QR37.5mn compared with QR35.8mn for the same period in 2022.
QLM said its “vision is to continuously provide outstanding healthcare services, by becoming the most trusted healthcare partner in Qatar and beyond, following a path of continued success.”