QLM Life and Medical Insurance Company (QLM) posted a net profit of QR76.3mn and gross written premium of QR1.12bn in 2023.
On company's performance in 2023, Sheikh Saoud bin Khalid bin Hamad al-Thani, chairman, QLM Board of Directors, acknowledged the distinctive challenges encountered throughout the year within the evolving global economic landscape.
“Despite facing heightened claims activity and a decrease in premium rates during the initial months, the company remains steadfast in its commitment to innovation and progress. Looking ahead to 2024, there is a concerted effort to sustain momentum and foster the overall health and prosperity of all stakeholders served.”
Net investment and other income for the year stood at QR54.6mn compared to QR38.5mn in 2022.
Earnings per share was QR0.22 per share compared to QR0.21 per share in the previous year.
The board of directors recommended a dividend of QR0.125 per share (2022: QR0.125 per share), which shall be placed for approval in the forthcoming annual general meeting of shareholders.
Fahad al-Suwaidi, QLM chief executive officer, expressed enthusiasm about the significant strides made in digitizing the customer journey.
“This year we will be focusing on making the customer’s journey as seamless as possible when it comes to visiting our healthcare partners. We will be launching our new ‘QLM App 2.0’ later this year, in which we will have a whole host of new features. Additionally, we will continue to focus on the retail segment of the market with new product offerings for both life and medical lines of insurance.”