Doha, Qatar, 14th February 2021: QLM Life and Medical Insurance Company Q.P.S.C, the leading life and medical insurer in Qatar, revealed its financial results for the twelve-months period ending December 31, 2021. The net underwriting income for the Year 2021 increased by 16% and stood at QAR 119.2 million (2020: QAR 102.4 million). The Company’s net profit for the Year 2021 is QAR 106.2 million (2020: QAR 98 million), recording a growth of 8%.
The Company’s gross written premium for FY 2021 increased by 3% and stood at QAR 1.03 billion as against QAR 1 billion for the same period in 2020. Earnings per share was QAR 0.30 compared with QAR 0.28 per share, for the same period of the previous year.
Commenting on the Company's results, H. E. Sheikh Saoud bin Khalid bin Hamad Al Thani, Chairman of the Board of Directors, stated: ' 2021 has been a benchmark year in the Company’s journey so far, as this is the first year in which the net profits surpassed QAR 100 million milestone coupled with the first year of being a publicly listed company. The core operations of the Company remain strong and efficiently managed as it continues to create shareholder value through its unbridled commitment to maintain best in class quality of service and in enhancing the overall productivity of the organization. A long-term strategy is in place to grow the business which is in line with the Qatar 2030 National Vision.”
The Company’s board has accordingly recommended a cash dividend of 22% (QAR 0.22 per share) which shall be placed for approval in the forthcoming Annual General Meeting of the shareholders and shall be subject to the approval of the regulator (Qatar Central Bank) and other statutory authorities.
Fahad Al-Suwaidi, CEO of QLM mentioned: “Looking ahead, we are confident in both, the fundamentals of the Company and the long-term growth prospects. We will continue to aim for increasing our market share by adding new clients, further penetration in the retail market, exploring new tie ups with increased focus on productivity improvements. This will position the Company to deliver on shareholder expectations and meet its long-term revenue and earnings targets on a consistent basis.' He further stated that “The Company is in advanced stages of digital transformation and will continue to innovate and leverage technology to minimize turn-around time and to enhance the overall customer service experience”.
On the latest business developments in FY 2022, the Company successfully emerged as the preferred insurance provider among its client-base and has been awarded the health insurance contract by two new large strategic customers. In addition, starting 1st January’2022, the Company launched its long-term investment linked life products which offer a variety of benefits and are mainly focused towards securing child education and retirement planning.
The Company’s range of distinctive insurance solutions reflect its commitment to its clients, which stems from a thorough study of the customer needs and current market statistics.
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