QLM Life & Medical Insurance Company Q.P.S.C. (QLMI) Earnings Call Transcript & Summary

Hello, and welcome to Qatar Life Medical Conference Call. Please note that this call is being recorded. [Operator Instructions] Now I would like to hand the call over to Shahan, you may begin.

Thank you, Angela. Hello, everyone. I want to welcome you to QLM's First Quarter 2021 Financial Results Conference Call. So on this call from management, we have Puneet Pakshi, VP Finance. As usual, we will conduct this call with first management reviewing the company's results followed by a Q&A session. I will turn the call over now to Puneet. Please go ahead.

Thank you, Shahan, and welcome, everyone, to quarter 1 2025 QLM Medical and Life Insurance Company, QPSC's Q1 '25 performance results. I'll just go over quick highlights, and then we'll open the session for question and answers. To start with, the insurance revenue stood at QAR 299.5 million, up 7% when we compare it to QAR 279.4 million in Q1 '24. Insurance service expense was QAR 287.6 million as compared to QAR 253 million in Q1 '24. It was 14% higher than Q1 '24, majorly because, again, we have been saying from last year that we are witnessing some increasing trends in the member utilization levels and member behaviors. And of course, there are some increased billings from the provider side as well, which we are trying to put in some mitigation measures to effectively monitor closely and control the claim cost. The net expenses from reinsurance contracts held was negative QAR 4.5 million as compared to negative QAR 14.4 million in Q1 '24. There, we witnessed a drop of almost QAR 10 million, almost 70% up majorly because this year, even though all the major accounts were renewed except for Qatar Gas, but still, our revenue was higher by 7% because we have to fill in the Qatar Gas void, we have -- I mean, we had some new arrangements on the reinsurance side done, particularly with UnitedHealthcare in Dubai, and also a part of the portfolio of QIC Dubai, which we are reinsuring. But however, we are taking control measures to ensure that our exposures are very limited and being monitored very closely. On the investment income, investment income witnessed an increase of 19% and stood at QAR 12 million as compared to QAR 10 million in Q1 '24. The net financial result, which is basically out of the discounting side, was higher by 32%, which stood at QAR 965,000 as compared to QAR 256,000 in Q1 '24. The net insurance and investment results were QAR 20.3 million, lower by 9% when compared to QAR 22.4 million in Q1 '24. The non-attributable expenses, the G&A and the depreciation, stood at QAR 5 million. Marginal drop there -- increase, sorry, 3% when compared to almost QAR 4.9 million in Q1 '24. The net profit after tax was QAR 15.2 million, 13% down as compared to QAR 17.4 million in Q1 ' 24. As far as the solvency was concerned, we are very adequately capitalized. It stood at 214% as on Q1 '25. On the portfolio size and in terms of the old GWP numbers, we stood at QAR 752 million, up 4% when we compare it with QAR 725 million in Q1 '24. And Life portfolio, if I was to give you a split in terms of the old gross written premiums, the Life portfolio grew by 14% in quarter 1 '25 as compared to Q1 '24. And the Medical portfolio overall grew marginally by 3% and in Q1 '25 when compared to Q1 '24. I think that was all about the performance highlights. Now I'll just open the session for question and answers.

[Operator Instructions] There are no questions. I would now like to hand the call back over to Shahan for some closing remarks.

If there are no questions, we can wrap this up. Thank you, Puneet, for giving us an update on the first quarter, and we will pick this up again in the second quarter. Thank you.

Thank you, Shahan. Thank you, everyone.

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.