Qatar’s leading life and medical insurer, QLM Life & Medical Insurance Company Saturday announced its H1, 2022 results.
The gross written premium for the six-month period that ended on June 30 increased by 33% to QR742mn compared to QR556.4mn for the same period in the previous year.
Net profit for the period stood at QR44.7mn or QR0.13 per share, compared with QR55.4mn or QR0.16 per share for the same period of previous year.
QLM chairman Sheikh Saoud bin Khalid bin Hamad al-Thani said, “2022 marks an important year for Qatar, and the Mena region as a whole. The state is gearing up in preparation for the FIFA World Cup 2022, which will be held in the months of November and December.
“QLM is fully prepared to leverage and capitalise on the opportunity and has rolled out specific medical and life offerings to cater to the visitor’s requirements and has drawn up a strategic plan to effectively reach out to the potential clients through various distribution channels including our enhanced digital web-based solutions with simplified user interface. We intend to ensure that all visitors can get comprehensive coverage while travelling to Qatar for the event.”
Net investment and other income witnessed a growth of 19% and stood at QR24.8mn compared to QR20.8mn for the same period in the previous year.
“During the six months period, the company has witnessed strong organic customer growth and an increase in the market share. Although, the claims volume have been rising as we emerge out of pandemic, coupled with challenging market conditions and rising inflation, QLM is uniquely placed to successfully navigate its way through and stay focused towards driving growth and transformation and meet the expectations of the stakeholders,” said QLM chief executive officer Fahad Mohamed al-Suwaidi.
“QLM’s vision is to continuously improve its customer experience and deliver robust performance with a customer-centric approach. This is effectively demonstrated by our committed team, which ensures that timely access to quality healthcare is available to all our insured members.”