The Qatar Stock Exchange-listed insurance companies have delivered stronger than expected top-line growth and their sub-100% net combined ratio indicates sustained underwriting profitability in the medium term; even as external risks may exert pressure in the long term.
In its latest report, Insurance Monitor, a research and consulting publication in the subject, said listed insurers in Qatar delivered solid, broad-based top-line growth in 2025, with insurance revenue rising 8.3% to $4.46bn.
Overall net profit reached $0.46bn, supported by a strong contribution from investment income, averaging returns of 4.3% (weighted average return on investment) for the year.
The QSE-listed insurance companies’ net profit before tax growth was 21.8%; while net profit after tax was 14.6% in 2025. Insurance services (which include net finance income/expense from insurance/reinsurance contracts issued) constituted 20% of net profit and investment management contributed the remaining 80% in 2025.
Qatar Islamic Insurance and Beema displayed higher than average growth in net earnings after tax, reporting 19% and 13% growth respectively. Qatar Insurance saw 10% year-on-year growth, while Al Koot and QLM witnessed 1% each in the review period.
As for revenue earnings, five of the seven insurance companies reported higher than average growth in net insurance revenues. Doha Insurance saw 43% year-on-year growth, followed by Beema 28%, QLM 23%, Al Khaleej Takaful 20% and Al Koot 12%.
“The (8.3%) growth (in insurance revenues) reflects high-quality expansion. The stronger-than-trend expansion in revenue earnings has been due to rising demand and strong underlying economy,” an analyst with a leading investment house covering the sector told Gulf Times.
The listed insurance companies’ net combined ratio -- a measure of underwriting profitability after factoring claims -- stood at 95.9% in 2025 compared to 96.3% the previous year.
“The persistence of sub-100% combined ratios signals that insurers are likely to sustain underwriting profitability in the medium term,” the analyst said.
Qatar Insurance reported 100% net combined ratio, QLM 99%, Doha Insurance 89%, Al Koot 86%, Al Khaleej Takaful 86%, Beema 854%, Qatar General Insurance and Reinsurance 81% and Qatar Islamic Insurance 63% in 2025.
Highlighting that the sector appears “structurally resilient”, the analyst however, said going forward, external risks such as inflation, supply chain disruptions, and geopolitical uncertainty may exert pressure.
Overall, 2025 was a strong year for most listed GCC (Gulf Cooperation Council) insurers; however, its relevance has been overtaken by recent geopolitical developments since March 2026, which is expected to impact insurer balance sheets in the year ahead, said the report, which was prepared in association with Lux Actuaries and Consultants.
However, global credit rating agency Standard & Poor’s says that the direct impact of war-related claims would remain limited due to exclusions and reinsurance protections.