QLM first quarter net profit up 10% to QR27.6 million

Qatar’s leading life and medical insurer, QLM Life & Medical Insurance Company on Tuesday reported strong first quarter 2022 results. The main highlight was an impressive growth of 79 percent in gross written premium which stood at QR535 million as compared to QR300 million in Q1 2021. This increase is mainly attributed to securing of some large and strategic accounts which have further bolstered the company’s dominant position in the health and life insurance sector. The net profit witnessed a growth of 10 percent for the three months period ended March 31, 2022, and stood at QR27.6 million as against QR25 million in March 31, 2022. The earnings per share amounted to QR0.08 as compared with QR0.07 for the same period in previous year.
“Market conditions continue to pose a challenging environment in terms of pricing and competition. However, QLM, with all its in-house capabilities, robust infrastructure coupled with professionally experienced team is uniquely positioned to weather such conditions successfully and deliver strong performance in line with the expectations of all the stakeholders” said Sheikh Saoud bin Khalid bin Hamad Al Thani, the Chairman of QLM.
Net investment and other income grew by an impressive 64 percent during Q1 2022 as compared with QR9.6 million in Q1’2021.
QLM CEO Fahad Mohammed Al Suwaidi said, “This year, we are focusing on scaling the retail infrastructure and operations in order to create awareness and penetrate the health and life insurance market and to capitalize on the untapped opportunities in this segment.”
QLM is a public listed company specializing in life and medical insurance solutions and aim at providing best-in-class service to its clients, with a unique value proposition. The Company’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 in health insurance.