QLM nine-month net profit surges 7% to QR74.3mn

Qatar’s leading life and medical insurer QLM Life & Medical Insurance Company (QLM) posted a nine-month net profit of QR74.3mn, up 7% on the same period in 2020.

This represents QR0.21 per share, QLM said on Sunday. In the same period last year, the company had earned QR69.5mn net profit or QR0.20 per share.“QLM has consistently performed and demonstrated the strength of its operational excellence and digital transformation. Continuous innovation has helped build in efficiencies in its processes, thus delivering strong bottom line growth in line with the expectations of all the stakeholders,” said Sheikh Saoud bin Khalid bin Hamad al-Thani, QLM chairman.QLM CEO Fahad al-Suwaidi stated, “As the global and regional economies continue to recover, one of the focus area is towards tapping the business potential in the retail segment. In terms of its product offerings, QLM has an array of individual/family plans which can cater to the diverse needs of the market. This avenue will help fuel our growth as we encompass a larger market-base and provide our clientele with unique solutions.” Gross written premium (as on September 30) stood at QR750.1mn compared with QR784.9mn for the same period in 2020. The gap in GWP continues to further narrow down compared to previous quarters along with the strengthening of the bottom line as we progress towards the year end. Net investment income as of September 30, 2021, was QR29.2mn compared with QR30.3mn for the same period in 2020. QLM’s 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.