QLM’s net profit rises 12.8% to QR98 mn in 2020
QLM Life Medical Insurance Company (QLM) on Wednesday announced its financial results for the year 2020. The Gross Written Premium for the year remains stable at QR1 bn compared to 1.02 bn for 2019. QLM reported a net profit of QR98.05 million for 2020 as compared to QR86.87 million for 2019, achieving a growth of 12.8 percent.
The earnings per share (EPS) amounted to QR0.28 as against QR0.25 per share in 2019.
The financial results were approved by the board of directors in a meeting presided over by QLM Chairman Sheikh Saoud bin Khalid bin Hamad Al Thani.
Commenting on the financial results, QLM CEO Fahad Mohammed Al Suwaidi stated, “QLM benefits from its indigenous expertise in providing end to end health and life insurance solutions with unmatched in-house capabilities and an unrivalled provider network which provides a strong base for the company to offer best in class services. QLM is continuously innovating to leverage technology to automate processes and deliver a seamless experience to our insured members.”
“The company is well-positioned and has a robust capital base and recently has been rated A negative’ with a stable outlook by Standard &Poor’s, based on its stand-alone financial strength. We have a well carved out strategy and are confident of exceeding the expectation of all the stakeholders,” Suwaidi said.
To pursue its objectives of providing valuable and affordable insurance protection to residents and citizens as well as to generate new channels of revenue, the company has planned to enter the retail segment and shall soon be launching individual life and medical products.