Qatar Insurance Company to list shares of Daman Islamic Insurance

Gulf insurer Qatar Insurance Company (QIC) will list the shares of its affiliate, Daman Islamic Insurance Company (Beema), on the Qatari bourse, according to a disclosure on Monday. The company’s board has also approved the conversion of the Islamic insurance unit into a public shareholding company, QIC told the Qatar Stock Exchange.

QIC owns 25 percent of Beema’s capital, which is pegged at 2 million riyals ($549.3 million).

The insurer’s net profit for the first nine months of the year jumped 491 percent to 511 million riyals compared to the same period in 2020.

The company said it managed to achieve positive results after a successful implementation of its strategy that includes de-risking of international operations, expanding low-volatility activities, diversifying business portfolio and digitising operations in the Middle East and North Africa region.