QLM Life and Medical Insurance Company (QPSC), Qatar’s leading life and medical insurer, said on Sunday its net profit for the nine months ended Sept. 30 was QAR 74.3 million ($20.4 million), compared with QAR 69.5 million for the same period in 2020.
The company said the gross written premium as of September 30 was QAR 750.1 million as compared with QAR 784.9 million for the same period of 2020.
The gap in GWP continues to further narrow down as compared to previous quarters along with the strengthening of the bottom line as we progress towards the year end, the company said.
The net investment income by September was QAR 29.2 million, compared with QAR 30.3 million for the same period in 2020.
“Continuous innovation has helped build efficiencies in its processes thus delivering strong bottom-line growth in line with the expectations of all the stakeholders,” said Sheikh Saoud bin Khalid bin Hamad Al-Thani, the Chairman of QLM.
Fahad Al Suwaidi, CEO of QLM, said one of the company’s focus areas is the retail segment.
“In terms of its product offerings, QLM has an array of individual/family plans which can cater to the diverse needs of the market. This avenue will help fuel our growth as we encompass a larger market base and provide our clientele with unique solutions,” he said.