Insurance Age

QIC’s profits surge after cull on loss-making business

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    • Saxon East

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Profits at Qatar Insurance Company (QIC) surged 181% to 325QARm (£70m) after it pulled back from challenging markets.

QIC’s profit surge in the first half of 2023, compared with the prior year, was also helped by a strong performance from the international operations, Antares Global.

QIC’s gross written premiums fell to 5.5bn Qatari riyals for H1 in 2023, compared with QR6.3bn in H1 of 2022.

The strong first-half year performance will come as boost following its downgrade by ratings agency AM Best at the end of last year. 

Pull back

As reported in Insurance Age, QIC announced its intention in the third

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