Qatar Insurance Posts 14% Revenue Rise Amid Conflict
Qatar Insurance Company (QIC), the country’s top insurer and a major player in the Middle East and North Africa region, posted steady financial results for the first nine months of 2026, achieving a net profit of QR 562 million. Despite operating through three quarters of an ongoing regional geopolitical crisis, the company maintained earnings closely aligned with the same period last year while managing increased claims and reserving costs linked to the conflict.
The results demonstrate QIC’s robust underwriting strategy, diversified business mix, and solid financial reserves, all reinforced by a risk-management approach specifically designed to handle such disruptions. Revenue from insurance operations grew by 14%, reaching QR 7.4 billion, while investment income climbed 5.6% to QR 749 million. These gains helped counterbalance the financial strain imposed by the conflict on its insurance operations.
Financial Performance
The company’s insurance service result stood at QR 336 million, slightly below the comparable period in 2025, due to conflict-related claims and reserving adjustments. However, growth in core markets helped sustain overall revenue. The year-over-year decline in both the insurance service result and net profit was less pronounced in the nine-month period than it was at the halfway mark.
Shareholders received net profits of QR 550 million. Sheikh Hamad bin Faisal Al Thani, Chairman of the Board, commented: “These figures show QIC’s reliability and stability. Over nine months of an extraordinary and unresolved situation, the company has preserved earnings, protected shareholder interests, upheld a strong capital position, and adhered to its long-term strategic objectives.”
The Board expressed confidence that QIC’s diversified operations, disciplined risk management, and clear strategic direction will continue delivering sustainable value for investors. The company’s financial strength also supports its credit ratings and ability to underwrite during periods of heightened geopolitical and market volatility.
Earnings per share for the period amounted to QR 0.104, demonstrating the company’s capacity to generate returns for shareholders despite difficult market conditions.
Business and Strategic Highlights
QIC expanded its integrated digital platform, the first in the region to merge insurance with daily lifestyle services. In the third quarter, the company introduced QIC Market, a vehicle marketplace operated by its subsidiary Anoud Technologies LLC, accessible via the QIC App and at qic.market.
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The platform was recognized as the “Digital Insurance Initiative of the Year in Qatar” at the Insurance Asia Awards 2026 and is among the region’s highest-rated apps on both the App Store and Google Play. Additionally, QIC reinforced its collaboration with Africa Speciality Risks (ASR) in September to broaden its presence in Africa and emerging markets, further expanding its global footprint.
QIC’s performance occurred amid a global insurance market handling its fourth major supply shock in six years, with forecasts indicating a slowdown in non-life premium growth to cyclical lows in 2026. Against this backdrop, QIC’s double-digit revenue growth in insurance stands out. Meanwhile, global reinsurance pricing softened during the January and mid-year renewals.
As 2026’s final quarter approaches, QIC maintains intact capital and balance sheet strength, consistent performance through the conflict, and ongoing growth in premiums and digital services. While monitoring the conflict’s trajectory, shifting reinsurance conditions, and rising claims costs, the company’s disciplined underwriting, diversified portfolio, and capital reserves position it to finish the year on stable ground.
Investment income increased 5.6% to QR 749 million, including proceeds from selling 13.75% of its stake in Beema. Excluding this transaction, investment income remained stable year-over-year, as fixed-income returns balanced weaker performance from regional equities.
Gross written premiums—an indicator of underwriting volume—rose 9% to QR 8.5 billion, driven by targeted growth across domestic, regional, and international markets while maintaining underwriting discipline amid softer global reinsurance pricing. The insurance service result decreased 4.7% year-over-year to QR 336 million.
The QIC Market platform incorporates AI-based valuation tools, connects users with certified dealers, and offers bundled insurance, repair, and detailing services. Additionally, the new Driving Test Simulator on qic.online provides interactive training to enhance road safety awareness among policyholders.
Established in 1964 and listed on the Qatar Stock Exchange (ticker: QATI), QIC remains Qatar’s dominant insurer and a key player in the Middle East and North Africa. The company provides full insurance and reinsurance solutions across personal, commercial, and specialty sectors, serving customers in Qatar and international markets through subsidiaries and branches.
