Qatar Insurance Group

Qatar Insurance Company - Qatar Named General Insurance Company of The Year 2024 in Qatar This prestigious accolade highlights QIC’s success in cementing its leadership position, and the company’s remarkable contribution to reshaping the general insurance landscape in Qatar over the past few months. The award also recognizes QIC’s excellence in digitizing its key general insurance products, namely motor, travel and home insurance, offering customers seamless journeys and the ability to be in full control of their insurance needs via web and mobile channels. “Our acknowledgement among the top-performing and innovative financial institutions of the year in Asia by The Asset is a testament to the success of QIC’s business strategy that combines customer-centricity, digital innovation, and operational growth. This recognition also reflects the ongoing trust customers have in the QIC brand as the insurer of choice in Qatar since 1964, which motivates us the most to remain committed to excellence and to offer everyone in Qatar the best financial protection that helps them live, travel and drive worry-free. “Said, Mr. Salem Al Mannai, Group CEO of QIC. #QIC #Qatar #Insurance #GeneralInsuranceCompanyofTheYear #TheAsset

Proud Sponsor of Samla 2024 We are excited to announce that Qatar Insurance Group (QIC Group) has signed an agreement with the Organizing Committee of the Samla Race to be the official insurance sponsor for the sixth edition of this prestigious endurance event. The Samla 2024 competition, taking place from December 5 to 7, will challenge participants over a 200 km course featuring swimming, running, shooting, kayaking, and mountain biking. Our commitment to Qatar’s sports sector and Qatar National Vision 2030 drives our support for this incredible event. We look forward to seeing athletes embody resilience and sportsmanship as they push their limits in the Samla Race. As highlighted by our Group CEO, Mr. Salem Al Mannai: "Samla reflects the endurance and determination of Qatari youth, and we are honored to continue our support of this national competition for the second consecutive year." Together, let's continue making the Samla Race a beacon of sportsmanship, resilience, and community spirit! #QIC #Samla2024 #QatarSports #Endurance #NationalVision2030 #Sportsmanship

Qatar Insurance Company - Qatar concludes another successful summer internship program. "We are very proud of our summer internship program, a yearly initiative that is part of our corporate social responsibility and our commitment to supporting the education and development of the youth in Qatar. We believe that the program offers a valuable opportunity for the students to discover the insurance industry and to enhance their skills and knowledge. We hope that the program will inspire them to join us in the future and to contribute to the growth and success of QIC and the country. “ said, Mr. Rashid Al-Buainain, QIC Group Chief Administrative Officer. #QIC #SummerInternship #BrillianceExcellenceSuccess #Insurance 

QIC Group reports 11% growth in Net Profits in H1 2024 Qatar Insurance Company - Qatar (“QIC Group”, “QIC”), the leading insurer in Qatar and the Middle East and North Africa (MENA) region, has reported a net profit of QAR 360 million for the first half of 2024, rising 11% from QAR 325 million over the same period in 2023. Following a meeting of the Board of Directors dated 14 August 2024, which was presided over by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of QIC Group, the Board approved the financial results. Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, stated: “QIC’s excellent H1 financial results reflect the strong momentum the company has built in the first six months of 2024. The Group is focused primarily on growing its presence in domestic and regional markets – an approach which has been bolstered by continued investment in its already best-in-class digital services.” “In a very promising set of results for H1 2024, the backbone of QIC’s robust financial performance continues to be the company’s exceptional operational efficiency, supplemented by a deliberate shift towards increasing the proportion of premiums generated in the MENA region. This is reflected in the fact that the domestic and MENA GWP increased by 44% year-on-year to QAR 2.7 billion. As we move into the second half of the year, QIC is proactively pursuing further opportunities to create process efficiencies and foster automation, while continuing to prioritise growth in its profitable business lines in Qatar and the Middle East.” said, Salem Almannai, Chief Executive Officer of QIC Group. Mr. Mannai added: “The strategic restructuring of our UK motor business is in line with QIC Group's strategy to streamline loss-making and low margin businesses and to bring the international operations of the Group back to profitability. This restructuring positions the Group for greater stability and profitability with controlled exposure to UK Motor as a reinsurer instead of direct insurer. As part of this decision, QIC Group will continue to own the Gibraltar-based subsidiaries, West Bay Insurance Plc and Markerstudy Insurance Co. Ltd. By successfully completing this restructuring, the Group is confident that it will have a well balanced portfolio between its MENA and international business. We are pleased with the outcome, and we look forward to further implementing our strategy, which has, so far, brought us significant success and improved consistent profitability.” #QIC #Insurance #FinancialResults #Profit #Growth #H1

Qatar Insurance Company (“QIC Group”, “QIC”), the leading insurer in Qatar and the MENA region, announces a strategic restructuring of its UK motor business. This restructuring is in line with QIC Group's strategy to streamline loss-making and low margin businesses and to bring the international operations of the Group back to profitability. By successfully completing this restructuring, the Group is confident that its international business will continue reporting consistent profitability by focusing on less volatile lines of businesses. This restructuring positions the Group for a greater stability and profitability with controlled exposure to UK Motor as a reinsurer instead of direct insurer. As part of this decision, QIC Group will continue to own the Gibraltar-based subsidiaries, West Bay Insurance Plc and Markerstudy Insurance Co. Ltd. These companies will continue to service their existing customers in the normal course of business. The Group will therefore no longer classify the companies as a disposal group held for sale and discontinued operation. #QIC #AntaresGlobal #WestBayInsurance #Markerstudy

QIC Wins “Mobile App of The Year in Qatar” Accolade at The Insurance Asia Awards 2024 Qatar Insurance Company - Qatar, the leading insurer in Qatar and the MENA region, received the “Mobile App of The Year in Qatar” accolade at the Insurance Asia Awards 2024, in recognition of QIC’s qd Drive mobile app and its significant contribution to taking the digital experience of motorists in Qatar to the next level. qd Drive is QIC’s newest mobile concept, designed to make drivers’ lives easier and their experiences on the roads safer. The application is innovatively built to be a one-stop shop for drivers’ comprehensive insurance needs, bringing a variety of digital features at their fingertips and allowing them to be in full control of their insurance journey. The app’s key features include buying and renewing policies in a few taps, payment of monthly insurance installments, accident claims management, insurance status tracking with live updates and other features that help every motorist drive worry-free. “We are pleased to be recognized at this year’s Insurance Asia Awards for our significant contribution to taking Qatar’s mobile insurance landscape to the next level, and for reshaping the digital insurance experience of motorists in the country. The launch of qd Drive was a key step in our ambitious strategy to build our own insurance-powered mobile ecosystem, and we look forward to continue bringing our customers more innovative features on the app and to constantly upgrading our digital offerings in Qatar and the region.” Said, Mr. Salem Almannai, QIC Group CEO. To download qd Drive mobile app visit www.qd.app #QIC #Qatar #Insurance #InsuranceAsiaAwards #MobileAppofTheYear

QIC Group is proud to have sponsored the “Kawader Malia” Program for the past three years. Congratulations to our talented Qatari graduates who have successfully completed this initiative launched by Qatar Finance and Business Academy - QFBA. #QIC #KawaderMalia #QatarFinance #FutureLeaders

MENA Insurtech Summit 2024 Concludes with Success The MENA Insurtech Summit 2024, the premier event for insurance and insurtech stakeholders in the Middle East and North Africa region, concluded on a high note, yesterday, on 13 May in Doha, Qatar. Powered by Qatar Insurance Group (QIC), the leading insurer in Qatar and the MENA region, and partners, the three-day summit, which was held under the theme ‘AI Impact on the Insurance Value Chain’, brought together 1,500 participants including 120 speakers, 40 insurance companies, 40 investors, 50 insurtechs, and an assembly of experts, entrepreneurs, regulators and technology partners from across the region and beyond to explore the latest trends and opportunities in the region's fast-growing insurtech ecosystem. The summit featured a rich and diverse agenda that covered a wide range of topics related to the impact of artificial intelligence (AI) on the insurance industry, such as: the insurtech investment landscape in MENA and globally, and how to attract and secure funding from different sources; how generative AI can accelerate the digital transformation of the insurance industry by creating personalized and dynamic products, services, and experiences for customers and stakeholders. Moreover the sessions discussed insights and tips for establishing and scaling insurance companies in the region; the challenges and opportunities faced by entrepreneurs and incumbents alike; and AI's role in shaping the careers and skills of the future workforce in the insurance industry, and how to foster a culture of learning, innovation, and collaboration among employees and teams. Additionally, the summit explored the journey of building a global insurtech company in MENA, and the lessons learned from successful exits, acquisitions, and IPOs; how deep tech is revolutionizing the insurance industry by enabling new business models, value propositions, and risk management strategies; the latest use cases and trends in embedded insurance, and how to leverage the power of platforms, ecosystems, and partnerships to create seamless and integrated customer journeys across different sectors and domains; as well as, leveraging AI in sales and distribution for the insurance industry, and how to optimize and automate processes, enhance customer engagement, and increase conversion and retention rates. Other sessions discussed insurtech life cycle from idea to exit, and the best practices and pitfalls to avoid along the way, from ideation, validation, and product development, to growth, scaling, and monetization. MENA InsurTech Association QIC Digital Venture Partners #QIC #Ai #QICDVP #MENAInsurTech #InsurTech

QIC Group holds its third annual InsurTech Summit to explore the future of insurance in the age of AI “We are delighted to host the MENA Insurtech Summit for the third year in a row, reflecting our commitment to innovation and excellence in the insurance sector. AI is not only a technological innovation, but also a strategic imperative for the insurance industry as it undergoes rapid and profound changes driven by technology. We believe that this summit will provide a valuable platform for dialogue, collaboration, and learning among the key stakeholders of the insurtech ecosystem, and we look forward to welcoming this global assembly of innovators, experts, entrepreneurs and industry leaders to Doha to discuss the latest priorities and developments. I hope that this conference will inspire us to embrace AI as a positive force for change, and to leverage its potential to create value for our customers, organizations, and the industry at large. More broadly, we aim to contribute to securing Qatar’s strategic future and a sustainable and viable economy that is globally competitive as envisioned in Qatar National Vision 2030.” said, Salem Almannai, Chief Executive Officer of QIC Group and Chairman of the MENA Insurtech Association. Al Mannai elaborated: “AI is transforming the insurance industry on two levels: by increasing personal productivity at the workplace and by enabling insurers to create faster, more accurate, and hyper personalized services. At the level of insurance products and services, AI can help insurers improve their efficiency, reduce costs, and enhance customer satisfaction across the value chain, from interacting differently with clients, to product development and claims management.  Some of the applications of AI in the insurance value chain could enable insurers to offer usage-based or on-demand insurance, where customers pay premiums based on their actual behavior and risk exposure, rather than fixed rates. AI can also enable insurers to provide preventive and proactive services, such as alerting customers to potential hazards, offering advice on how to reduce risks, and providing incentives for healthy and safe habits.  For employees, AI can enhance personal productivity by automating mundane and repetitive activities, providing insights and recommendations, and augmenting human capabilities and creativity. For example, AI can help workers manage their schedules, analyze data, generate reports, create presentations, and collaborate with others. AI can also enable workers to learn new skills, access relevant information, and solve complex problems. By leveraging AI, workers can focus on higher-value and more meaningful work, improve their efficiency and quality, and achieve their goals faster and easier.” For more information on the MENA Insurtech Summit 2024, please visit www.insurtech-mena.com #QIC #Ai #QICDVP #MENAInsurTechSUMMIT2024 #Insurtech

QIC Group reports 11 % growth in Net Profits at QAR 194 million. Qatar Insurance Group ("Qatar Insurance Company - Qatar", “QIC”), the leading insurer in Qatar and the Middle East North Africa (MENA) region, has reported a net profit of QR 194 million for the first quarter of 2024, rising from QAR 175 million over the same period in 2023 with a 11% growth. Following a meeting of the Board of Directors dated 29th April 2024, which was presided over by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of QIC Group, the Board approved the financial results. “QIC has delivered a very encouraging set of results in Q1 2024, with the highlights including major growth in its MENA direct business. Gross Written Premiums for the period stood at QAR 2.75 billion – a result underpinned by the company’s strategy of increasing the proportion of its premiums generated in domestic and MENA markets.” Said, Mr. Salem Almannai, Chief Executive Officer of QIC Group.   Mr. Mannai further added: “QIC’s digital innovation in particular continues to be a key point of competitive differentiation for the company. Through multiple new features introduced to the online and mobile platforms in Q1 2024, our customers in Qatar and across the GCC can expect unparalleled convenience when onboarding and fulfilling their digital needs, which is reflected in the record numbers of users that are now utilising these channels.  QIC is proud to once again have been named ‘Insurer of the Year in Qatar’ at the MENA IR Awards 2024, for the third consecutive year and “Best Travel Insurance Company in The Middle East” for the second consecutive year at the Global Banking & Finance Review Awards 2024. The company has also engaged in a number of exciting recent initiatives – from operating an innovation-focused booth at Web Summit Qatar 2024, the world’s largest tech conference, to promoting insurance literacy in Qatar through a new Edutainment establishment for young people.”   #QIC #Insurance #FinancialResults #Profit #Growth #Q1