QLM Life & Medical Insurance Company has reported a "stable" gross written premium of QR1bn and a net profit of QR98.05mn for 2020.

The net profit earned by QLM in 2020 registered an increase of 12.8% compared to 2019.

The earnings per share (EPS) amounted to QR0.28 per share last year as against QR0.25 per share in 2019.

The financial results were approved by the company board of directors at a meeting presided over by the chairman Sheikh Saoud bin Khalid bin Hamad Al-Thani.

Fahad Mohamed al-Suwaidi, CEO, QLM Life & Medical Insurance Company, stated, “QLM benefits from its indigenous expertise in providing end to end health and life insurance solutions with unmatched in-house capabilities and an unrivalled provider network which provides a strong base for the company to offer best in class services. QLM is continuously innovating to leverage technology to automate processes and deliver a seamless experience to our insured members.

“The company is well positioned and has a robust capital base and recently has been rated A negative with stable outlook by Standard & Poor’s, based on its stand-alone financial strength. We have a well carved out strategy and are confident of exceeding the expectation of all the stakeholders.”

To pursue its objectives of providing valuable and affordable insurance protection to residents and citizens as well as to generate new channels of revenue, the company has planned to enter the retail segment and shall soon be launching individual life and medical products, QLM said.