Tribune News Network
Doha
QLM Life and Medical Insurance Company QPSC (QLMI), the leading medical & life insurance company in Qatar, revealed its financial results as at and for the twelve-month period ending December 31, 2023. The Company reported gross written premium of QAR 1.12 billion as against QAR 1.221 billion for the same period in previous year. The net profit of the Company stood at QAR 76.3 million (2022: QAR 73.2 million) .
Addressing the company’s performance in 2023, Sheikh Saoud bin Khalid bin Hamad Al Thani, Chairman of the Board of Directors, acknowledged the distinctive challenges encountered throughout the year within the evolving global economic landscape.
“Despite facing heightened claims activity and a decrease in premium rates during the initial months, the company remains steadfast in its commitment to innovation and progress. Looking ahead to 2024, there is a concerted effort to sustain momentum and foster the overall health and prosperity of all stakeholders served.”
Net investment and other income for the year stood at QAR 54.6 million as against QAR 38.5 million in 2022. Earnings per share was QAR 0.22 per share as compared with QAR 0.21 per share in the previous year.
The Board of Directors of the company have recommended a dividend of QAR 0.125 per share (2022: QAR 0.125 per share) which shall be placed for approval in the forthcoming Annual General Meeting of the shareholders.
Fahad Al-Suwaidi, Chief Executive Officer, expressed enthusiasm about the significant strides made in digitizing the customer journey.
“This year we will be focusing on making the customer’s journey as seamless as possible when it comes to visiting our healthcare partners. We will be launching our new QLM App 2.0 later this year, in which we will have a whole host of new features.
Additionally, we will continue to focus on the retail segment of the market with new product offerings for both life and medical lines of insurance.” QLM Life & Medical Insurance Company is a publicly listed company specializing in life and medical insurance solutions and is regulated by the Qatar Central Bank. It provides best-in-class service to its clients, with a unique value proposition. The Company’s vision is to continuously provide outstanding medical and life coverage, by becoming a trusted healthcare partner.
