Doha: QLM Life and Medical Insurance Company (QLM), the leading life and medical insurer in Qatar, has reported a net profit of QR106m for the 12-month financial period ended December 31, 2021, recording an 8 percent increase compared to QR98m in 2020. The Company’s net underwriting income also grew by 16 percent to QR119.2m in 2021 from QR102.4m in 2020.
QLM’s gross written premium rose by 3 percent to QR1.03bn last year compared to QR1bn for the same period in 2020. Earnings per share stood at QR0.30 in 2021 compared to QR0.28 per share for the same period in the previous year.
Commenting on the Company’s results, Sheikh Saoud bin Khalid bin Hamad Al Thani, Chairman of the Board of Directors at QLM stated: “2021 has been a benchmark year in the Company’s journey so far, as this is the first year in which the net profits surpassed QR100m milestone coupled with the first year of being a publicly listed company. The core operations of the Company remain strong and efficiently managed as it continues to create shareholder value through its unbridled commitment to maintain best in class quality of service and in enhancing the overall productivity of the organisation. A long-term strategy is in place to grow the business which is in line with the Qatar National Vision 2030”.
The Company’s board has accordingly recommended a cash dividend of 22 percent (QR0.22 per share) which shall be placed for approval in the forthcoming Annual General Meeting of the shareholders and shall be subject to the approval of the regulator (Qatar Central Bank) and other statutory authorities.
Fahad Al Suwaidi, CEO of QLM said: “Looking ahead, we are confident in both, the fundamentals of the Company and the long-term growth prospects. We will continue to aim for increasing our market share by adding new clients, further penetration in the retail market, and exploring new tie ups with increased focus on productivity improvements. This will position the Company to deliver on shareholder expectations and meet its long-term revenue and earnings targets on a consistent basis”.
He added: “The Company is in advanced stages of digital transformation and will continue to innovate and leverage technology to minimise turn-around time and to enhance the overall customer service experience”.
On the latest business developments for 2022, the Company successfully emerged as the preferred insurance provider among its client-base and has been awarded the health insurance contract by two new large strategic customers.
In addition, QLM has launched from January 1, 2022 its long-term investment linked life products which offer a variety of benefits and are mainly focused towards securing child education and retirement planning.
The Company’s range of distinctive insurance solutions reflect its commitment to its clients, which stems from a thorough study of the customer needs and current market statistics.
