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QLM Life & Medical Insurance Co. achieves QR55.4mn in H1

QLM Life & Medical Insurance Co.

Qatari QLM Life & Medical Insurance Co. achieved profits estimated at QR55.4 million in the first half of the year.

The company announced its satisfaction with the profits.

Saud bin Khalid bin Hamad Al Thani, Chairman of the Board of Directors of QLM, said that the company achieved a profit of 10%. It recorded in the same period of last year QR50.4 million.

According to Al Thani, earnings per share in the first half of this year amounted to 0.16 Qatari riyals, while it was 0.14 Qatari riyals in the same period last year.

QLM Life & Medical Insurance Co.

Meanwhile, Al Thani revealed that the first half of 2020 was negatively affected by the COVID-19 repercussions on global economies and financial markets.

Despite the difficult market conditions, the company has succeeded in providing its insured members with timely access to the required services and maintaining best-in-class standards of service in these difficult times.

This will allow the company to consolidate its dominant position and increase its market share.

Fahad Al-Suwaidi, CEO of the company, stated that during that period the company benefited from digital transformation to develop and enhance information technology and its systems.

He added that the company’s digital transformation is advanced compared to its peers.

This provides the company with a special advantage over its competitors in the market, ensuring faster response times and effectively meeting the expectations of all stakeholders, he added.

Operations efficiency

During the reporting period, the company continued to realize the benefits of its ongoing endeavors to increase the efficiency of operations. The gross written premiums of QLM improved further.

The gross written premiums (GWP) for the six-month period ending in June 2021 amounted to QR556.4 million, compared to QR604.6 million for the same period in 2020.

Whereas, markets are characterized by high volatility resulting in job losses, budget constraints, etc., which put pressure on renewals and securing new business.

However, the company’s performance in the second quarter of 2021 witnessed an improvement in gross written premiums on an annual basis to 8%, compared to 24% in the first quarter of 2021.

As part of its tireless pursuit, QLM launched medical products for families and individuals, which are available on its online platform.

Also, more products are expected to be launched this year.

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