Qatar’s leading life and medical insurer, QLM Life & Medical Insurance Company QPSC (QSE: QLMI), today reported strong first quarter 2021 results. Net profit for first quarter 2021 was QAR 25.1 million or QAR 0.07 per share, compared with QAR 15.0 million, or QAR 0.04 per share, for first quarter 2020, representing a robust growth of 67%.
“Today, Qatar, the MENA region and the rest of the world are continuing to face the COVID-19 health crisis, and QLM is aware of the many challenges that our clients, members, and communities are tackling. QLM remains fully prepared to continue to meet the needs of our customers, members and partners during these challenging times,” said Sheikh Saoud bin Khalid bin Hamad Al-Thani, the Chairman of QLM. Our Q1 2021 results are the first quarterly results since our highly successful listing on the Qatar Stock Exchange in January 2021. We are proud to deliver an outstanding performance, despite ongoing economic headwinds. We remain confident to meet the expectations of our valued shareholders.”
Gross written premium for first quarter 2021 was QAR 299.8 million, compared with QAR 396.1 million for first quarter 2020. The drop in gross written was due to multiple factors, including, delayed renewals by some existing clients, reductions in benefits to members on a few policies and a drop in member counts as a result of job layoffs.
Net investment income for first quarter 2021 was QAR 9.6 million, compared with QAR 1.1 million for first quarter 2020. The turnaround in net investment income was a result of the ongoing recovery in regional and global capital markets.
QLM is pleased to declare an interim dividend of QAR 0.04 per share, which corresponds to an annualized dividend yield of 5.1% of the Company’s IPO price of QAR 3.15 per share. The interim dividend will be paid out of the healthy first quarter 2021 net profit and is subject to the regulatory approval of the Qatar Central Bank. The final dividend for FY 2021 will be take into consideration the payment of the interim dividend for first quarter 2021.