From left: QLM, Chairman Sheikh Saoud bin Khalid bin Hamad Al Thani and QLM, Chief Executive Officer Fahad Al Suwaidi.
Doha: QLM Life and Medical Insurance Company QPSC (QLMI), a leading medical and life insurance company in Qatar, revealed its financial results as at and for the twelve-month period ending December 31, 2022. The Company reported gross written premium (GWP) of QR1.05bn as against QR1.03bn for the same period in previous year.
The net profit of the Company stood at QR83.3m (2021: QR106.2m).
Commenting on the company’s performance results, Sheikh Saoud bin Khalid bin Hamad Al Thani, Chairman of the Board of Directors, stated, “ As the global economy completely emerged out of the shadows of Covid-19 pandemic, Year 2022 was marked with its own unique challenges. The first half of the period witnessed an increase in claims activity coupled with softening of premium rates which pressured the bottom line. However, we continue to innovate and carry a strong positive momentum as we step into the Year 2023 and work to improve the health and vitality of all the members we serve.”
Fahad Al Suwaidi, Chief Executive Officer mentioned, “We have made significant progress in digital transformation of the customer journey and with full operations capacity the company has implemented the MOPH’s recent initiative of launching the first phase in the mandatory health insurance scheme. This new requirement applies to all visitors arriving in Qatar effective 1st February’2023, an opportunity which QLM has been long preparing and is all geared up to capitalize. The Company has partnered with Hamad International Airport and put in place 3 dedicated kiosks which are strategically located before immigration and are easily accessible to all visitors. The continued focus on the retail segment has now started showing constructive outcomes and with the help of digital transformation, it ensures a seamless customer experience and improved operational efficiency”.
QLM Life & Medical Insurance Company is a publicly listed company specializing in life and medical insurance solutions and is regulated by 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.
