QIC Net Profit before Pillar II Tax increases by 23%

9M 2025 highlights

• Gross Written Premiums (GWP) totaled QAR 7.9 billion, a 10% year-on-year increase.
• The Group has posted insurance service results of QAR 353 million in 9M 2025.
• Net profit, after tax rose by 12% year-on-year to QAR 588 million.
• QIC's net profit before Pillar II global tax provision reached QAR 645 million, up by 23% from September 2024.
• Investment and other income amounted to QAR 746 million, a 3% year-on-year increase.
• Earnings per share increased to QAR 0.135 per share from QAR 0.118 per share.

Qatar Insurance Group (QIC Group, QIC, the Company), the leading insurer in Qatar and the Middle East and North Africa (MENA) region, today reported a Net Profit of QAR 588 million for the first nine months of 2025, a rise of 12% from QAR 525 million for the same period in 2024. Following a meeting of the Board of Directors dated 28 October 2025, which was presided over by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of QIC Group, the Board approved the financial results.

Commenting on the financial results, Mr. Sheikh Hamad bin Faisal Al Thani, Chairman of QIC Group, said: "The Company's financial results for the first nine months of 2025, culminating in a 23% year-on-year increase in Net Profit before the Pillar II impact, reflect the ongoing strategic success of all of QIC's business units. QIC is a thriving, astute industry leader, known for its product innovation, technological capabilities, client-centricity and robust governance. The Company's underwriting portfolio continues to benefit from long-term strategic rebalancing towards its core markets in Qatar and the MENA region, where economic growth is on a resilient, upward path at this time of persistent global uncertainty and slowing global growth. QIC's international business remains an important earnings contributor and diversifier, with our Lloyds London operations presenting exciting avenues for healthy bottom line focussed growth. QIC's high-quality, expertly managed investment portfolio has also continued to deliver solid returns, with 5% Return on Investment for the first nine months of 2025."

Mr. Salem Al Mannai, Chief Executive Officer of QIC Group, said: "Through 2025, QIC continued to expand its products and services to customers across Qatar and the MENA region. Through our Antares Lloyds Syndicate, we also sought targeted growth in international markets, including in emerging Asia and developing Africa. We are extremely proud to be a frontrunner in the digital transformation of the insurance industry, supporting clients with innovative financial protection products and world-class service standards that we constantly advance to meet fast-changing needs and expectations. Evidence of our growth-driving initiatives from this reporting period include the launches of Qatar's first-ever personal lines school fee protection and cyber insurance products, our Insurtech startup investments, and further enhancements made to our car insurance services and award-winning QIC App for Qatar motorists."

QIC achieves ongoing growth in its core markets

Global GDP growth forecasts for 2025 were revised slightly upward to 3.2% in September 2025 compared to 2.9% at mid-year, aided by production and trade front-loading ahead of US-led tariff hikes, AI investments in the US and fiscal support in China (OECD). However, this still represents a slight global economic growth slowdown from 3.3% in 2024. The 2026 global outlook is for further slowing - due to higher tariffs, ongoing policy uncertainty and the end of front-loading - with significant risks to the downside, including from fiscal and financial stability risks.

In contrast, as reported in QIC's H1 2025 financial press release, economic growth in MENA is expected to rise moderately to 2.6% in 2025, indicating resilience despite regional conflicts. Expectations for the GCC region are a two-fold year-on-year rate increase to 4.1% in 2025 and a further increase to 4.6% in 2026, driven by a strong regional energy sector growth (reversal of production cuts), non-oil diversification and the GCC's low vulnerability to tariff increases.

QIC continues to benefit from the economic resilience in its core markets, fostered by the Group's long-term strategic rebalancing of its underwriting portfolio to profitable markets in Qatar and the MENA region, and its exit from any loss-making and lower-margin international business. This strategic shift can be seen in QIC's share of gross written premiums (GWPs) for the period from domestic and MENA operations, which increased from 54% to 60% year on year, while international business reduced from 46% to 40% of GWPs.

Through the first nine months 2025, the Group also continued to enhance the risk diversification of its underwriting portfolio, further growing its GWPs in personal lines, health, marine and energy. The expansion of QIC's personal lines product suite and strong digital offerings continued to drive business and cement QIC's position as a lead insurer for the MENA region. As a part of its underwriting portfolio restructuring strategy, QIC's exposure to UK motor business remains limited to reinsurance.

During the quarter the effect of the higher pace of shorttail premium growth at the regional operations, which has impacted the revenue recognition and claims incurred along with, the success of QIC's strategic rebalancing measures and technology-led product and service proposition is evident in the period's Insurance Service Result of QAR 353 million.

QIC Group has a high-quality, well diversified investment portfolio with a stable year-on-year composition. As of 30 September 2025, Assets Under Management remained stable year on year at QAR 20.5 billion. Investment and Other Income for the first nine months of 2025 rose by 3% year on year to QAR 746 million. The Company also reported a robust Return on Investment for the period of 5%, compared to 4.9% for the same period in 2024.

QIC achieved a Net Profit for the first nine months of 2025 of QAR 588 million, representing a 12% year-on-year increase. Net Profit Attributable to Shareholders of the Parent was QAR 573 million. Earnings per Share for the period were QAR 0.135, a 14% increase compared to the same period in 2024.

In line with its commitment to support the objectives of the Third Financial Sector Strategic Plan launched by Qatar Central Bank, QIC launched Qatar's first-ever personal lines school fees protection insurance. This innovative coverage is provided to parents for specific unforeseen circumstances that prevent their ability to pay fees, such as involuntary loss of employment, permanent disability or accidental death, or that prevent the child from pursuing their studies. The insurance also reimburses examination fees if the student is unable to sit exams due, for example, to hospitalisation.

The period also saw QIC proudly launching Qatar's first-ever personal lines cyber insurance, a product that protects consumers against financial losses from cyber attack, online shopping fraud, credit card fraud, phishing scams, cyber extortion, identity theft and damage to connected devices and wearables from cyber risk.

In yet another initiative to better serve clients and streamline their insurance-buying experience, QIC further enhanced its car insurance services, adding the possibility to obtain on-the-spot insurance for vehicles that pass inspections at its inspection centre outlets or via the QIC App. The Company also expanded the content on its platform "QIC Reads" to help customers navigate regulations relating to vehicle registration.

In alignment with QIC's long-term GCC growth strategy, QIC presented a comprehensive proposal to establish a branch operation in Saudi Arabia, where market GWPs are projected to grow at a five-year compound annual growth rate (CAGR) of 8.9%, reaching SAR 105.3 billion by 2029. Subject to regulatory approval, QIC's branch model will leverage the Company's extensive technical infrastructure and regional expertise, while capitalising on supportive regulatory reforms, mandatory insurance frameworks and momentum from Saudi Vision 2030.

QIC successfully carried out its 2025 Summer Internship Programme, providing a structured business learning experience for select high-achieving school students from across Qatar.

Promoting the integration of advanced AI capabilities to amplify the QIC brand, reach new markets and strengthen stakeholder relationships, the Company held an intensive training programme on leveraging the power of to all senior management along with its Public Relations, Marketing and Business Development teams.

Aligned with Qatar's national goal to reduce greenhouse gas emissions by 25% by 2030, QIC has a comprehensive Environmental, Social, and Governance (ESG) framework, formally endorsed by its Board of Directors, as well as a dedicated ESG and Sustainability Committee to integrate sustainability principles across its underwriting and investment operations. As of 22 May 2025, QIC was the first company in Qatar and only insurer in the MENA region to receive a provisional ESG 'AAA' ESG rating from MSCI ESG Research, placing QIC amongst the world's top-performing Property and Casualty insurers for ESG excellence and governance resilience.

The period saw QIC honoured as "Insurer of the Year" in Qatar at the prestigious MENA II Awards for the fourth consecutive year, acknowledging QIC's outstanding achievements in establishing Qatar's first insurance-powered digital ecosystem.

QIC App, the Company's flagship platform, continued to receive high accolades. QIC was awarded the "Customer Experience Initiative of the Year in Qatar" title at the Insurance Asia Awards 2025 for the app's success in delivering a seamless and innovative customer journey. QIC App was named "Most Innovative Mobile App in Qatar" at the Middle East Technology Excellence Awards 2025, in the recognition that it had set of a new benchmark for excellence and customer-centricity. The app was also acknowledged as one of the top financial innovations in the Middle East at Global Finance's Innovators Awards 2025 - QIC was the only insurance company from the MENA region to be included in this prestigious ranking.

QIC was recognised at the Google Cloud Summit Doha 2025 for driving innovation in the financial industry - a recognition that highlighted QIC's bold adoption of cloud-native technologies and AI-driven solutions, and its role as an industry thought leader.

QIC also ranked among Qatar's "10 Most Valuable Brands" and "10 Strongest Brands" in 2025 by Brand Finance, the world's leading brand valuation consultancy, reflecting QIC's strong reputation, financial performance and strategic vision.

Recognising QIC's long-term expertise in global fixed-income investing, QIC Asset Management was recognised for the eighth consecutive year as one of the "Top Investment Houses (Asset Managers Category) in Asian G3 bonds from the Middle East & North Africa" by The Asset Magazine. In addition, two team members ranked in first and second place for "Most Astute Investors".

Underscoring QIC's commitment to Qatar's broader development and to preserving Qatar's cultural heritage, and guided by Qatar National Vision 2030, QIC continued as the official insurance partner of the 9th edition of the Katara International Hunting and Falcons Exhibition, S'hail 2025, as an official sponsor at the 5th edition of the Katara International Arabian Horse Festival and as official sponsor of the 2025 Commercial Bank Qatar Masters. The Company was also proud to sponsor the Build Your House Exhibition 2025, reaffirming its commitment to resilient housing in Qatar.

Qatar Insurance Company Q.S.P.C (QIC, QIC Group) is a publicly listed insurer with a consistent performance history of 60 years and a global underwriting footprint. Founded in 1964, QIC was the first domestic insurance company in the State of Qatar. Today, QIC is the market leader and the first digital insurance company in Qatar and a dominant insurer in the GCC and MENA regions. QIC is one of the largest insurance companies in the MENA region in terms of written premium and total assets, is listed on the Qatar Stock Exchange and has a market capitalisation in excess of QAR 6.8 billion.

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