QLM Life & Medical Insurance Company Q.P.S.C (QSE: QLMI), Qatar’s leading Life and Medical Insurer, announced the Q3 2022 financial results. Net profit for the nine-month period ending September 30, 2022, was QAR 49.8 million or QAR 0.14 per share, compared with QAR 74.3 million, or QAR 0.21 per share, for the same period of 2021.
“The economic headwinds continue to hurl challenges which during the past nine months have been tumultuous marked with increase in elective treatments, rising healthcare inflation, over utilization of service and intense pricing pressures. However, QLM’s all in-house and differentiated business model have helped expand the client base, enlarge its market footprint, and continue to be the most preferred health and life insurer.” said Sheikh Saoud bin Khalid bin Hamad Al-Thani, the Chairman of QLM.
QLM has undertaken a host of initiatives to increase the revenue by introducing various retail products both in life and medical insurance lines. QLM has also launched its visitor insurance product to tap in the business potential on account of the upcoming FIFA World Cup. The company has tied up with Hamad International Airport to have 3 dedicated kiosks which will be operating 24/7 at the airport and will offer emergency and other health and life related insurance cover to all visitors arriving in Qatar for the event at a very optimal cost.
Mr. Fahad Al Suwaidi, CEO of QLM further stated, “As the global and regional economies continue to witness rising inflation and interest rates, and the return to normalcy after the Covid-19 pandemic restrictions. QLM is committed to strategically diversify its portfolio by tapping into the retail segment of the market and filling in the gaps with our unique product offerings.”
He further elaborated on the company’s commitment and drive to leverage technology through meaningful investment in development and enhancement of IT systems, infrastructure, and digital transformation. The company is already reaping fruits from these initiatives by its current deployment of claims adjudication system, in-part implementation of AI (Artificial Intelligence) and other system modules which add efficiency to the processes and effectively help manage and control all the operational areas.
Gross written premium as on September 30, 2022, stood at QAR 891 million as compared with QAR 750 million for the same period of 2021.
Net investment and other income witnessed a growth of 23% in Q3’2022 and stood at QAR 35.8 million, compared with QAR 29.2 million for the same period in 2021.
QLM’s vision is to continuously provide best in class services and help its members access timely healthcare at the best nearest facility. This accelerates our journey to become the most trusted healthcare partner in Qatar and beyond, following a path of continued success.