QLM net profit rises 10% to QR27.6m in Q1

Qatar’s leading life and medical insurer, QLM Life & Medical Insurance Company (QLM), yesterday reported a strong first quarter 2022 results, with an impressive growth of 79 percent in gross written premium which stood at QR535m compared to QR300m in Q1 2021. This increase is mainly attributed to securing of some large and strategic accounts which have further bolstered the company’s dominant position in the health and life insurance sector. The net profit witnessed a growth of 10 percent for the three months period ended March 31, 2022 and stood at QR27.6m as against QR25m in the same period last year. The earning per share was QR0.08 per share as compared to QR0.07 for the same period in 2021. 
“Market conditions continue to pose a challenging environment in terms of pricing and competition. However, QLM, with all its in-house capabilities, robust infrastructure coupled with professionally experienced team is uniquely positioned to weather such conditions successfully and deliver strong performance in line with the expectations of all the stakeholders,” said Sheikh Saoud bin Khalid bin Hamad Al Thani, Chairman of QLM. 
Net investment and other income grew by 64 percent during Q1 2022 as compared with QR9.6m in Q1 2021. 
Commenting on this, Fahad Mohammed Al Suwaidi, CEO at QLM stated: “This year, we are focusing on scaling the retail infrastructure and operations in order to create awareness and penetrate the health and life insurance market and to capitalise on the untapped opportunities in this segment”. 
QLM is a public listed company specialising in life and medical insurance solutions and aimed at providing best-in-class service to its clients, with a unique value proposition. The Company’s vision is to continuously provide outstanding healthcare services, by becoming the most trusted healthcare partner in Qatar and beyond, following a path of continued success in health insurance.