QLM Life and Medical Insurance Company Reports Strong First Quarter 2022 Results
Doha, Qatar: Qatar’s leading life and medical insurer, QLM Life & Medical Insurance Company QPSC (QSE: QLMI), today announced strong results for the first quarter of 2022. The main highlight was impressive growth in 79% of gross written premiums, which stood at QAR 535 million, compared to QAR 300 million in the first quarter of 2021. This increase is mainly attributed to the securing of certain large strategic accounts which further strengthened the dominant position of the business in the health and life insurance industry. Net profit grew by 10% for the three-month period ended March 31, 2022 and stood at QAR27.6 million compared to QAR25 million at March 31, 2022 Earnings per share was QAR0.08 per share compared to QR 0.07 for the same period the previous year.
“Market conditions continue to create a difficult environment in terms of pricing and competition. However, QLM, with all of its in-house capabilities, robust infrastructure coupled with a professionally experienced team, is uniquely positioned to weather such conditions successfully and deliver strong performance in line with the expectations of all stakeholders,” said Sheikh Saud bin Khalid bin Hamad Al-Thani, the chairman of QLM.
Net investment and other income increased by 64% in Q1 2022 from QAR 9.6 million in Q1 2021.
Commenting on this, QLM CEO Fahad Mohammed Al-Suwaidi said, “This year we are focusing on scaling retail infrastructure and operations to raise awareness and penetrate the market. health and life insurance and to capitalize on untapped opportunities in this area. segment.”
QLM is a publicly listed company specializing in life and medical insurance solutions and aims to provide the best service to its customers, with a unique value proposition. The company’s vision is to continuously provide exceptional healthcare services, becoming the most trusted healthcare partner in Qatar and beyond, following a path of continued success in the health insurance business.