Doha, Qatar: Damaan Islamic Insurance Company Q.P.S.C. (“Beema” or the “Company”), one of the leading Islamic insurance providers in the State of Qatar, announced today its financial results for the first quarter ended 31 March 2024.

Beema continued to demonstrate a strong financial performance, reporting a 18.2 percent growth in Shareholders’ net profit, increasing from QR13.7m in Q1 2023 to QR16.2m in Q1 2024.

In parallel with this increase, Shareholders’ Earnings Per Share (“EPS”) increased from QAR 0.07 in Q1 2023 to QR0.08 in Q1 2024, underpinning the Company’s aim to create sustainable shareholder value.

This result is underscored by Beema’s strong insurance underwriting capabilities amidst a challenging market environment, as demonstrated by the growth in its Gross Written Premiums, which increased by 14.0 percent from QR84.9m in Q1 2023 to QR96.7m in Q1 2024.

This growth was particularly driven by a 31.5 percent increase in Takaful and Health insurance underwriting from QR42.2m in Q1 2023 to QR55.5m in Q1 2024.

Beema maintained stable Net Investment Income, despite the maturing of Sukuk holdings, which led to a decline in investments held at fair value from QR920.4m as of Q1 2023 to QR743.9m as of Q1 2024. The decline in investments was attributable to Beema’s strategy of reducing financial leverage due to the inversion of the yield curve and the rapid increase in short term interest rates in Q4 2022. In line with this investment strategy, Beema utilised all maturity proceeds of its investments and some of its surplus cash to fully repay its Murabaha financing which stood at QR236.5m as of Q1 2023. The efficacy of Beema’s strategy is reflected in its maintenance of a A3 Long Term Insurance Financial Strength (IFSR) rating by Moody’s with a stable outlook, and the Financial Strength Rating (FSR) of A- (Excellent) and Long-Term Issuer Credit Rating (ICR) of “a-” (Excellent) by AM Best, both with stable outlooks.

Commenting on the financial results for the first quarter of 2024, Nasser Al Misnad, Beema’s Chief Executive Officer said: “In Q1 2024, Beema continued its strong financial and operational performance. The Company successfully increased its gross written premiums and shareholders’ net profit, whilst transitioning into a financially debt-free company.

Moreover, our performance within the Takaful & Health segment highlights the success of our strategic plan to further enhance this segment. Furthermore, our underwriting performance has been supported by the development of our digital distribution capabilities. Our strong credit ratings underscore our dedication to efficient financial management, and to delivering value to both policyholders and shareholders. Looking ahead, we remain focused on innovation, client-centric enhancements, and driving shareholder value to further solidify our leadership in the Qatari Islamic insurance market.”

© Dar Al Sharq Press, Printing and Distribution. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).