Qatar Insurance (QIC) reported a 14% year-on-year (y-o-y) growth in insurance revenue to QR7.4bn in the first nine months of 2026, sustaining the double-digit growth reported at the half year and reflecting the earned growth of the group’s in-force portfolio.
Gross Written Premium, a measure of underwriting volume, increased 9% to QR8.5bn, underpinned by selective growth across QIC’s domestic, regional, and international portfolios, achieved while maintaining underwriting discipline in a softening global reinsurance market.
The insurance service result was QR336mn, down 4.7% on the prior-year period, with the rate of decline narrower than at the half year. The reduction reflects claims and reserving related to the regional geopolitical conflict, absorbed alongside higher claims costs. Excluding the conflict, QIC’s underlying underwriting performance remained resilient.
Investment income rose 5.6% to QR749mn. The result includes a one-off gain on the sale of 13.75% of QIC’s shareholding in Beema during the period. Excluding this item, investment income was broadly stable y-o-y, as income from the fixed-income portfolio offset softer returns on QIC’s regional equity holdings. The investment yield was 5.6%.
Net profit was QR562mn and net profit attributable to QIC shareholders was QR550mn, each slightly below the prior-year period, as the conflict-related pressure on underwriting was largely offset by growth in premium and investment income. Earnings per share were QR0.104.
Sheikh Hamad bin Faisal al-Thani, chairman, said: "These results confirm the strength and consistency that define QIC. Through nine months of an exceptional and continuing event, QIC has sustained its earnings, safeguarded shareholder value, maintained a strong capital position and stayed the course on its strategic priorities. The board is confident that QIC’s diversified franchise, prudent risk management and clear strategy will continue to deliver long-term value for our shareholders.”
Salem al-Mannai, Group CEO, said: "The first nine months of 2026 have tested our sector with an exceptional geopolitical event that is still unfolding, and QIC has met it with consistency, quarter after quarter.
"Disciplined underwriting and a high-quality investment portfolio have allowed us to absorb the impact on our insurance service result and higher claims costs while continuing to grow insurance revenue, Gross Written Premium and investment income. Our exposures are adequately reserved on an actuarial best-estimate basis, and we continue to monitor developments closely as the situation evolves.”
He added: "We remain well capitalised and we are advancing our strategic priorities as planned, from the launch of QIC Market and the continued expansion of our digital ecosystem to the strengthening of our partnership with ASR across Africa and developing markets. Our focus is unchanged: the quality and profitability of our book through the cycle.”