Qatar Insurance Company Q.S.P.C. ($QATI)

Hello, everybody, and welcome to the Qatar Insurance Company Q1 '26 Earnings Conference Call. My name is Elliot, and I'll be your coordinator today. [Operator Instructions] I would now like to hand over to Vignesh, Investor Relations. Please go ahead.

Good afternoon, everyone. Welcome to the Q1, 2026, Investors Call. Our speakers for today are Mr. Chirag Doshi, the Group Chief Investment Officer; Mr. Mena Mounir, the Senior Vice President of Group Finance; and Mr. Ahmed Tabbakh, the Deputy CEO of International. As for today's call, we'll be providing a group overview of the financial results, and towards the end of the session, we can have a Q&A. Handing over the call to Mr. Chirag Doshi, the Group CEO, for his initial remarks.

Good afternoon, everyone. Welcome to QIC Group Investor Call for quarter 1 2026. Despite facing a turbulent first quarter characterized by heightened geopolitical tensions and ongoing conflicts in the Middle East, QIC Group managed to deliver a stable set of financial results. The gross written premium for the quarter reached QAR 3.2 billion, reflecting a 13% increase compared to the same period last year. This growth was primarily fueled by the Commercial Lines business originating from outside the GCC region. The profitable insurance business across GCC and the international markets contributed significantly to QIC's performance. As a result, the Insurance Service results surged 70% year-on-year, totaling QAR 130 million. QIC benefited from an active investment portfolio management, higher interest rates, robust equity market performance in Oman and Saudi Arabia particularly, and gains from its private equity portfolio. These factors led to a 10% year-on-year increase in Investment Income, reaching QAR 238 million. The company's net profit for the quarter amounted to QAR 217 million, marking a 6% increase compared to the previous year. The group has recorded a net impact of USD 25 million or QAR 91 million from the ongoing regional conflict based on the limited current information and claims reporting so far. Of this, USD 20 million is attributable to our international operations and USD 5 million is pertaining to our regional operations, illustrating weighted exposure and reinsurance arrangement. It is important to note that much of the impact has been offsetted by existing IBNR reserves for major events, resulting in an insignificant effect on the net P&L, profit and loss statement of QIC Group. The ultimate outcome is still uncertain and will depend on further developments as more information becomes available. QIC Group maintained a solid capital position as of 31st March 2026 with a total capital amounting to QAR 9.8 billion. Tier 2 callable notes account for 33% of this or QAR 3.24 billion, with the first call date for the next -- or the next call date scheduled for April 2028, allowing us enough time for capital management. The company's liquidity remains strong. Over 75% of its investment portfolio consists of cash, cash equivalents and high-quality liquid fixed income securities. Additionally, GIC Group's solvency ratio is healthy at 195% as of March 31, 2026. Let me take a pause here and allow for question and answers, if any.

[Operator Instructions] Ladies and gentlemen, we have no questions. So this concludes our Q&A and today's conference call. We'd like to thank you for your participation. You may now disconnect your lines.