En(qr)q1 – 2026 (qic fs mar 2026 eng)

FOR THE THREE MONTHS PERIOD ENDED 31 MARCH 2026

Qatar Insurance Company Q.S.P.C.

KPMG

Zone 25 C Ring Road Street 230, Building 246

P.O Box 4473, Doha State of Qatar

Telephone: +974 4457 6444

Fax: +974 4436 7411

Website: kpmg.com/qa

Independent auditor's report on review of interim condensed consolidated financial statements

We have reviewed the accompanying 31 March 2026 interim condensed consolidated financial statements of Qatar Insurance Company Q.S.P.C. (the "Company") and its subsidiaries (together the "Group"), which comprises:

• the interim condensed consolidated statement of financial position as at 31 March 2026;

• the interim condensed consolidated statement of profit or loss for the three-month period ended 31 March 2026;

• the interim condensed consolidated statement of comprehensive income for the three-month period ended 31 March 2026;

• the interim condensed consolidated statement of changes in equity for the three-month period ended 31 March 2026;

• the interim condensed consolidated statement of cash flows for the three-month period ended 31 March 2026; and

• notes to the interim condensed consolidated financial statements.

The Board of Directors of the Company is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with IAS 34, 'Interim Financial Reporting' as issued by the International Accounting Standards Board. Our responsibility is to express a conclusion on this interim condensed consolidated financial statement based on our review.

We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

KPMG, Qatar Branch is registered with the Ministry of Commerce and Industry, State of Qatar, and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. The KPMG name and logo are registered trademarks of KPMG International.

Independent auditor's report on review of Interim condensed consolidated interim financial statements (continued)

Based on our review, nothing has come to our attention that causes us to believe that the accompanying 31 March 2026 interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34, 'Interim Financial Reporting' as issued by the International Accounting Standards Board.

30 April 2026 Yacoub Hobeika

Doha KPMG

State of Qatar Qatar Auditor's Registry Number 289 Licensed by QFMA: External Auditor's License No. 120153

Qatar Insurance Company Q.S.P.C.

INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

At 31 March 2026

Hamad bin Faisal bin Thani Al Thani Chairman

Salem Al-Mannai

Group Chief Executive Officer

Qatar Insurance Company Q.S.P.C.

INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS

For the three months period ended 31 March 2026

For the three months

Qatar Insurance Company Q.S.P.C.

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the three months period ended 31 March 2026

For the three months period ended

The attached notes are an integral part of these interim condensed consolidated financial statements

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the three months period ended 31 March 2026

Attributable to shareholders of the Parent

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (CONTINUED)

For the three months period ended 31 March 2026

Attributable to shareholders of the Parent

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

For the three months period ended 31 March 2026

For three months period ended

The attached notes are an integral part of these interim condensed consolidated financial statements

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As at and for the three months period ended 31 March 2026

1. STATUS AND OPERATIONS

   Qatar Insurance Company Q.S.P.C. (the "Parent Company") is a public shareholding company incorporated in the State of Qatar in the year 1964 under Commercial Registration No. 20 and governed by the provisions of the Qatar Commercial Companies' Law and Qatar Central Bank's insurance regulations. The Parent Company and its subsidiaries (the "Group") are engaged in the business of insurance, reinsurance, real estate asset management and information technology related services. The head office of the Group is at QIC Building, Tamin Street, West Bay,

   P.O. Box 666, Doha, State of Qatar.

   The Parent Company's shares are listed on Qatar Stock Exchange.

   The Group operates in the State of Qatar, United Arab Emirates, Sultanate of Oman, State of Kuwait, United Kingdom, Switzerland, Bermuda, Singapore, Cayman Islands, Gibraltar, Jersey and Malta.

2. BASIS OF PREPARATION AND MATERIAL ACCOUNTING POLICIES

   1. Basis of accounting

      The interim condensed consolidated financial statements for the three months period ended 31 March 2026 have been prepared in accordance with IAS 34 - "Interim Financial Reporting" and the applicable provisions of the Qatar Central Bank regulations, under the historical cost convention except for certain financial instruments which are stated at fair value.

      The Group has prepared the financial statements on the basis that it will continue to operate as a going concern. The Directors consider that there are no material uncertainties that may cast significant doubt over this assumption. They have formed a judgment that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future and not less than 12 months from the end of the reporting period.

      The interim condensed consolidated financial statements should be read in conjunction with the Group's annual consolidated financial statements as at 31 December 2025 ('last annual financial statements'). These financial statements do not include all the information required in the annual financial statements prepared in accordance with IFRS Accounting Standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group's financial position and performance since the last annual financial statements. In addition, results for the three months period ended 31 March 2026 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2026.

      These interim condensed consolidated financial statements have been prepared in accordance with IFRS standards and were approved by the Board of Directors and signed on its behalf on 30th April 2026.

   2. Use of estimates and judgements

      The preparation of the interim condensed consolidated financial statements in conformity with International Financial Reporting Standards ("IFRS") requires management to make judgements, estimates and assumptions that affects the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

      Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.

      In preparing these interim condensed consolidated financial statements, the significant judgments made by management in applying the Group's accounting policies were the same as those described in the last annual financial statements.

      NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

      As at and for the three months period ended 31 March 2026

      2 BASIS OF PREPARATION AND MATERIAL ACCOUTING POLICIES (CONTINUED)

   3. New accounting standards and amendments

      The table below lists the recent changes to the IFRS Accounting Standards that are required to be applied by an entity with an annual reporting period beginning on 1 January 2026:

      Effective for the year beginning 1 January 2026

      • Classification and Measurement of Financial Instruments - Amendments to IFRS 9 and IFRS 7.

      • Annual Improvements to IFRS Accounting Standards - Volume 11

      • Contracts Referencing Nature-dependent Electricity - Amendments to IFRS 9 and IFRS 7

      Management does not expect that the adoption of the above amended Accounting Standards will have a significant impact on the interim condensed consolidated financial statements.

   4. Accounting standard issued but not yet effective

      The table below lists the recent changes to the Accounting Standards that are required to be applied for annual periods beginning after 1 January 2026 and that are available for early adoption in annual periods beginning on 1 January 2026:

      Effective for the year beginning 1 January 2027
      Available for optional adoption / effective date deferred indefinitely

      • IFRS 18 Presentation and Disclosure in Financial Statements

      • IFRS 19 Subsidiaries without Public Accountability: Disclosures

      • Translation to a Hyperinflationary Presentation Currency - Amendments to IAS 21

      • Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28)

      The Group is currently evaluating the impact of these amendments and does not expect that the adoption of the above amended Accounting Standards will have a significant impact on the financial statements.

   5. Functional and presentation currency

      These interim condensed consolidated financial statements are presented in Qatari Riyal (QR) which is the Company's functional currency. All amounts have been rounded to the nearest thousand (QR '000), unless otherwise indicated.

      The individual financial statements of the Group entities are presented in the currency of the primary economic environment in which they operate (functional currency). For the purpose of these interim condensed consolidated financial statements, the results and financial position of each subsidiary are expressed in the functional currency of the Parent Company.

   6. Global taxation

      On 27 March 2025, the State of Qatar published amendments to the Income Tax Law No. (24) of 2018 in the Official Gazette introducing an Income Inclusion Rule (IIR) and a Domestic Minimum Top-up Tax (DMTT) in accordance with the Base Erosion and Profit Shifting (BEPS) Pillar Two Anti-Global Erosion (GloBE) framework. The GloBE Rules ensure that qualifying multinational enterprises maintain a minimum effective tax rate of 15% and take effect for accounting periods beginning on 1 January 2025. On 12 February 2026, Qatar issued executive regulations providing further detail on the application of the IIR and DMTT. Additional regulations addressing compliance and administrative requirements are expected to be released in due course. The QIC Group is within the scope of the Pillar Two GloBE Model Rules.

      The Group has performed an assessment of its potential exposure to Pillar Two income taxes and evaluated the Transitional Country-by-Country Safe Harbour (TCSH) relief available under the GloBE Rules. The Group intends to elect for this relief in a significant number of jurisdictions where it operates, resulting in no expected Pillar Two income tax liability in those jurisdictions. The Group has recognised a tax expense arising in jurisdictions that do not meet the TCSH. The Group continues to refine its Pillar Two assessment and is closely monitoring Pillar Two legislative developments in impacted jurisdictions.

      NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

      As at and for the three months period ended 31 March 2026

3. CASH AND SHORT-TERM DEPOSITS

   	31 March	31 December
   	2026 QR '000 (Reviewed)	2025 QR '000 (Audited)
   Cash and bank balance	793,662	729,819
   Short-term deposits	3,127,658	3,745,600
   Total Cash and short-term deposits	3,921,320	4,475,419

   All deposits are subject to an average variable interest rate of 4.37% (2025: 4.51%). The expected credit losses relating to short-term deposits measured at amortised cost amounted to QR 30 thousand (2025: QR 61 thousand).

   All the short-term deposits measured at amortised cost are in stage 1.

4. FINANCIAL INVESTMENTS

   	31 March	31 December
   	2026	2025
   	QR '000	QR '000
   	(Reviewed)	(Audited)
   Financial investments at fair value through profit or loss (FVTPL)	4,467,200	4,333,826
   Financial investments at fair value through other comprehensive income (FVOCI)	10,164,930	10,223,076
   	14,632,130	14,556,902

   Investments classified as FVOCI are all stage 1. There have been no movements of investments classified as FVOCI from stage 1 to stage 2.

   The expected credit losses relating to debt securities measured at FVOCI amounted to QR 29,178 thousand at 31 March 2026 (2025: QR 24,516 thousand).

5. RELATED PARTY

Related parties represent major shareholders, directors, and key management personnel of the Group and entities controlled, jointly controlled or significantly influenced by such parties. Pricing policies and terms of these transactions are approved by the Group's management.

a) Transactions with related parties

These represent transactions with related parties, i.e., parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the other party in making financial and operating decisions and also, directors of the Group and companies of which they are key management personnel.

Pricing policies and terms of these transactions are approved by the Group's management and are negotiated under normal commercial terms.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As at and for the three months period ended 31 March 2026

5 RELATED PARTY (CONTINUED)

1. Transactions with related parties (continued)

   For the three months period ended

   31 March 2026 (Reviewed)

   	Insurance Revenue	Insurance Service expense	Net income from reinsurance contracts held	Other Income	Other Expense
   	QR '000	QR '000	QR '000	QR '000	QR '000
   Affiliate Company
   Al Fardan Group	6,269	2,852	12	-	-
   Joint Venture
   Massoun Insurance Services L.L.C.	139	(69)	-	-	-
   Associates
   QLM Life & Medical Insurance
   Company Q.P.S.C.	202,127	199,336	513	1,237	9
   Al Liwan Real Estate Company W.L.L.	22	2	-	-	-
   Others 1,197		15	(694)	- -
   Total 209,754		202,136	(169)	1,237 9

   For the three months period ended

   31 March 2025 (Reviewed)

   Net income

   	Insurance Revenue	Insurance Service expense	from reinsurance contracts held	Other Income	Other Expense
   Affiliate Companies	QR '000	QR '000	QR '000	QR '000	QR '000
   Al Fardan Group	6,052	4,609	-	-	-
   Al Jaidah Group	1,667	3,173	-	-	-
   Joint Venture Massoun Insurance Services L.L.C.	631	90	-	-	-
   Associates QLM Life & Medical Insurance Company Q.P.S.C.	27,247	12,601	4,409	3,246	117
   Al Liwan Real Estate Company W.L.L.	20	2	-	-	-
   Others 1,499		(54)	(573)	- -
   Total 37,116		20,421	3,836	3,246 117

   NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

   As at and for the three months period ended 31 March 2026

   5 RELATED PARTY (CONTINUED)

2. Related party balances

Balances of related parties included in the consolidated statement of financial position are as follows:

31 March 2026 (Reviewed)

31 December 2025 (Audited)

Insurance Contract

assets

Reinsurance Contract Assets

Insurance Contract liabilities

Reinsurance Contract Liabilities

QR '000 QR '000 QR '000 QR '000

Affiliate Companies

Al Fardan Group - - 20,045 -

Al Jaidah Group - - 11,350 -

Joint Venture

Massoun Insurance Services L.L.C. - - 27,854 -

Associates

QLM Life & Medical Insurance Company

Q.P.S.C. 11,978 (80,490) 323,833 15,400

Al Liwan Real Estate Company W.L.L. - - 29 -Others - 25,352 7,792 -

Total 11,978 (55,138) 390,903 15,400

All the related party receivable balances are payable on demand and in local currency. Outstanding related party balances at the reporting date are unsecured and interest free and no impairment losses relating to these balances were recognised during the current and comparative periods.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As at and for the three months period ended 31 March 2026

1. RELATED PARTY (CONTINUED)

   Compensation of key management personnel

   The remuneration of directors and other members of key management during the period were as follows:

   	31 March 2026 QR '000 (Reviewed)	31 March 2025 QR '000 (Reviewed)
   Board of Director's Remuneration	150	190
   Salaries and other short-term benefits	11,805	11,725
   End of service benefits	573	593
   	12,528	12,508

   NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

   As at and for the three months period ended 31 March 2026

2. INSURANCE AND REINSURANCE CONTRACTS

   1. Insurance contracts

Analysis by remaining coverage and incurred claims:

31 March 2026 (Reviewed)

Liability for remaining coverage

Liability for incurred claims

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As at and for the three months period ended 31 March 2026

6 INSURANCE AND REINSURANCE CONTRACTS (CONTINUED)

1. Insurance contracts (continued)

   Analysis by remaining coverage and incurred claims:

   31 December 2025 (Audited)

   Liability for remaining coverage

   Liability for incurred claims Present

   	Excluding loss component	Loss component	value of future cash flows	Risk adj. for non-financial risk	Total
   	QR '000	QR '000	QR '000	QR '000	QR '000
   Insurance contract liabilities 1 January	(2,511,541)	29,309	16,203,247	652,573	14,373,588
   Insurance contract assets 1 January	(180,756)	-	71,992	2,396	(106,368)
   Net insurance contract liabilities at 1 January	(2,692,297)	29,309	16,275,239	654,969	14,267,220
   Total Insurance revenue	(8,861,046)	-	-	-	(8,861,046)
   Insurance service expenses
   Incurred claims and other directly attributable expenses	-	(52,749)	4,071,638	75,697	4,094,586
   Losses on onerous contracts and reversals of losses	-	103,764	-	-	103,764
   Changes that relate to past service - adjustments to the liability for incurred claims	-	-	863,135	(140,102)	723,033
   Amortisation of insurance acquisition cash flows	1,607,738	-	-	-	1,607,738
   Total insurance service expenses	1,607,738	51,015	4,934,773	(64,405)	6,529,121
   Insurance service results	(7,253,308)	51,015	4,934,773	(64,405)	(2,331,925)
   Insurance finance expenses	-	-	607,309	-	607,309
   Effect of changes in exchange rates	(274,427)	235	904,241	17,816	647,865
   Total amounts recognised in comprehensive income	(7,527,735)	51,250	6,446,323	(46,589)	(1,076,751)
   Cash flows
   Premiums received	9,966,141	-	-	-	9,966,141
   Incurred claims and other directly attributable
   expenses paid	-	-	(8,689,534)	-	(8,689,534)
   Insurance acquisition cashflows	(1,898,416)	-	-	-	(1,898,416)
   Total cash flows	8,067,725	-	(8,689,534)	-	(621,809)
   Insurance contract liabilities 31 December	(1,989,338)	80,559	13,951,157	606,057	12,648,435
   Insurance contract assets 31 December	(162,969)	-	80,871	2,323	(79,775)
   Net insurance contract liabilities at 31 December	(2,152,307)	80,559	14,032,028	608,380	12,568,660

   NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

   As at and for the three months period ended 31 March 2026

   6 INSURANCE AND REINSURANCE CONTRACTS (CONTINUED)

2. Reinsurance contracts

Analysis by remaining coverage and incurred claims:

31 March 2026 (Reviewed)

Asset for remaining coverage

Asset for incurred claims

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As at and for the three months period ended 31 March 2026

1. INSURANCE AND REINSURANCE CONTRACTS (CONTINUED)

   (b) Reinsurance contract (continued)

   Analysis by remaining coverage and incurred claims:

   31 December 2025 (Audited)

   Asset for remaining coverage Asset for incurred claims

   	Excluding loss recovery component	Loss recovery component	Present value of future cash flows	Risk adjustment for non-financial risk	Total
   	QR '000	QR '000	QR '000	QR '000	QR '000
   Reinsurance contract assets 1 January	(1,054,141)	(102,168)	5,984,063	98,045	4,925,799
   Reinsurance contract liabilities 1 January	(301,182)	-	92,998	3,568	(204,616)
   Net reinsurance contract assets at 1 January	(1,355,323)	(102,168)	6,077,061	101,613	4,721,183
   Reinsurance expenses	(1,594,615)	-	-	-	(1,594,615)
   Reinsurance service income
   Claims recovered net of reinsurance expenses	-	-	415,299	11,494	426,793
   Recoveries and reversals of recoveries of losses on onerous underlying contracts	-	15,667	-	-	15,667
   Changes that relate to past service - Adjustment to the Asset for incurred claims	-	-	(620,378)	(52,932)	(673,310)
   Total reinsurance service income	-	15,667	(205,079)	(41,438)	(230,850)
   Net (expenses) / income from reinsurance
   contracts held	(1,594,615)	15,667	(205,079)	(41,438)	(1,825,465)
   Reinsurance finance income	-	-	384,067	-	384,067
   Effect of changes in exchange rates	(12,962)	42	185,270	9,041	181,391
   Total amounts recognised in comprehensive
   income	(1,607,577)	15,709	364,258	(32,397)	(1,260,007)
   Cash flows
   Premium net of ceding commissions and other
   insurance service expenses paid	2,157,957	-	-	-	2,157,957
   Recoveries from reinsurance	-	-	(1,769,572)	-	(1,769,572)
   Total cash flows	2,157,957	-	(1,769,572)	-	388,385
   Reinsurance contract assets 31 December	(358,320)	(86,459)	4,406,246	60,209	4,021,676
   Reinsurance contract liabilities 31 December	(446,623)	-	265,501	9,007	(172,115)
   Net reinsurance contract assets at 31 December	(804,943)	(86,459)	4,671,747	69,216	3,849,561

   NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

   As at and for the three months period ended 31 March 2026

2. INVESTMENT PROPERTIES

   	31 March	31 December
   	2026 QR '000 (Reviewed)	2025 QR '000 (Audited)
   Balance at 1 January	871,991	881,259
   Effect of foreign currency exchange difference	(1,209)	30,248
   Impairment	-	(12,483)
   Depreciation	(7,027)	(27,033)
   	863,755	871,991

   The fair values of investment properties were estimated by the Management's external valuer having appropriate required professional qualifications and recent experience in the location and category of the property being valued, using investment method of valuation and by reference to market evidence of recent transactions for similar properties.

   The estimated fair value of the above investment properties as at 31 March does not materially differ from the fair value on 31 December 2025 had the fair valuation been carried out on that date.

   The rental income arising for the period amounted to QR 15,866 thousand (31 March 2025: QR 15,937 thousand) and the direct operating expenses (included within general and administrative expenses) arising in respect of such properties during the period was QR 1,896 thousand (31 March 2025: QR 885 thousand).

   The Group has no restrictions on the realisability of its investment properties, and no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements.

   NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

   As at and for the three months period ended 31 March 2026

3. OPERATING SEGMENTS

For management reporting purposes, the Group is organized into six business segments - Marine and Aviation, Property and Casualty, Health and Life, Real Estate, Investment Advisory, and Investments. These segments are the basis on which the Group reports its operating segment information.

Segment income statement for the three-months period ended 31 March 2026 (Reviewed):

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As at and for the three months period ended 31 March 2026

1. OPERATING SEGMENTS (CONTINUED)

   Segment income statement for the three months period ended 31 March 2025 (Reviewed):

   	Marine and aviation	Property and casualty	Health and life	Total insurance	Real estate	Investment Advisory	Investments	Unallocated	Total
   	QR '000	QR '000	QR '000	QR '000	QR '000	QR '000	QR '000	QR '000	QR '000
   Insurance revenue	433,130	957,166	515,632	1,905,928	-	-	-	-	1,905,928
   Insurance service expenses	(112,194)	(744,516)	(675,145)	(1,531,855)	-	-	-	-	(1,531,855)
   Net expenses from reinsurance contracts held	(223,759)	(72,887)	(990)	(297,636)	-	-	-	-	(297,636)
   Insurance service result	97,177	139,763	(160,503)	76,437	-	-	-	-	76,437
   Net finance (expenses) / income from insurance contracts	(42,402)	119,200	(4,300)	72,498	-	-	-	-	72,498
   Net finance income / (expense) from reinsurance contracts	5,342	(65,207)	13,814	(46,051)	-	-	-	-	(46,051)
   Net insurance finance result	(37,060)	53,993	9,514	26,447	-	-	-	-	26,447
   Investment income				-	-	-	191,920	-	191,920
   Rental income				-	15,937	-	-	-	15,937
   Advisory fee income				-	-	8,515	-	-	8,515
   Other Income				-	-	-	-	5,722	5,722
   Total investment and other income				-	15,937	8,515	191,920	5,722	222,094
   Share of profit of associates and joint venture				-	-	-	-	6,792	6,792
   Total income				102,884	15,937	8,515	191,920	12,514	331,770
   Operating and administrative expenses				-	(885)	(10,046)	-	(101,037)	(111,968)
   Depreciation and amortization				-	(4,757)	(34)	-	(8,430)	(13,221)
   Profit before tax				102,884	10,295	(1,565)	191,920	(96,953)	206,581
   Income tax				-	-	-	-	(1,563)	(1,563)
   Profit for the period				102,884	10,295	(1,565)	191,920	(98,516)	205,018

   NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

   As at and for the three months period ended 31 March 2026

2. BASIC AND DILUTED EARNINGS PER SHARE (EPS)

   The basic and diluted earnings per share are the same as there are no dilutive effects on earnings.

   For the three months period ended

   31 March 31 March

   2026 2025

   QR '000 QR '000

   (Reviewed) (Reviewed)

   Net profit attributable to shareholders of the parent company 204,553 201,039 Less: Interest and other expenses on subordinated perpetual debt (105,105) (49,185)

   99,448 151,854

   Weighted average number of ordinary shares (in thousand) 3,266,101 3,266,101

   Basic and diluted earnings per share (QR) 0.030 0.046

3. DIVIDENDS

   The Board of Directors has proposed a cash dividend of QR 0.11 per share, aggregating to QR 359 million, out of the profits earned during the year 2025 which was approved at the Annual General Meeting on 12th March 2026. (31 December 2024: The Board proposed cash dividend of QR 0.1 per share aggregating to QR 327 million which was approved at the Annual General Meeting held on 26th February 2025)

4. LEGAL RESERVE

   Legal reserve is computed in accordance with the provisions of the Qatar Central Bank (QCB) regulations, applicable provisions of Qatar Commercial Companies' Law and the Parent company's Articles of Association at 10% of the net profit for the year. On November 23, 2014, the Extra-Ordinary General Meeting approved the amendment of paragraph

   (1) Article (93) of the Articles of Association of the Company. The amendment states that transfers to the legal reserve shall be made until it equates 100% of the paid-up capital. The reserve is not available for distribution except in circumstances specified in the Qatar Central Bank (QCB) regulations/Qatar Commercial Companies Law.

5. SUBORDINATED PERPETUAL DEBTS

   In 2020, the Group issued perpetual subordinated Tier 2 qualifying capital notes of QR 1,081,645 thousand net. The notes were issued through QIC (Cayman) Limited, a wholly owned subsidiary incorporated in the Cayman Islands, for the purpose of the issuance. These notes are perpetual in nature and qualify as Tier 2 Capital under Qatar Central Bank regulations for the solvency ratio calculations. In October 2025, the Group exercised its call option on the first call date and redeemed the notes in full at their principal amount, together with any accrued and unpaid interest (including any deferred interest, if applicable), and accordingly the notes were fully settled and are no longer outstanding as at the reporting date.

   In 2022, the Group issued perpetual subordinated Tier 2 qualifying capital notes of QR 1,439,270 thousand net. The notes were issued through QIC (Cayman) Limited, a wholly owned subsidiary incorporated in the Cayman Islands, for the purpose of the issuance. These notes are perpetual in nature and qualify as Tier 2 Capital under Qatar Central Bank regulations for the solvency ratio calculations. The notes are listed on the London Stock Exchange.

   On 10 July 2025, the Group issued perpetual subordinated Tier 2 qualifying capital notes of QR 1,807,657 thousand net. The notes were issued through QIC (Cayman) Limited, a wholly owned subsidiary incorporated in the Cayman Islands, for the purpose of the issuance. The notes are listed on the London Stock Exchange.

   NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

   As at and for the three months period ended 31 March 2026

6. OTHER COMPONENTS OF EQUITY

Other components of equity include foreign currency translation reserve, merger reserves and share of profit from equity accounted investments. As per the Qatar Central Bank's instruction dated 4 March 2019, share of profit from equity accounted investments should be transferred from retained earnings to reserve for share of profit from equity accounted investments. Declared and received dividends from equity accounted investments are the only distributable portion of this reserve.

Foreign

Reserve for share of profit from

The Group operates in the insurance industry and is subject to litigation in the normal course of its business. It is not practicable to forecast or determine the final results of all pending or threatened legal proceedings. Management does not believe that such proceedings, including litigation will have a material effect on its results at the interim condensed consolidated financial position.

The Group is also subject to insurance solvency regulations in all the territories where it operates and has complied with all the solvency regulations. There are no contingencies associated with the Group's compliance or lack of compliance with such regulations.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

As at and for the three months period ended 31 March 2026

1. FAIR VALUE AND HIERARCHY OF FINANCIAL INSTRUMENTS

   The following table shows an analysis of financial instruments recorded at fair value by level of the fair value hierarchy. The different levels have been defined as follows:

   • Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities

   • Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices)

   • Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs)

     31 March 2026 (Reviewed)	Level 1 QR '000	Level 2 QR '000	Level 3 QR '000	Total QR '000
     Derivative assets	-	57,550	-	57,550
     Investment securities	11,040,397	1,788,389	1,745,794	14,574,580
     	11,040,397	1,845,939	1,745,794	14,632,130
     Derivative liabilities	-	51,991	-	51,991
     31 December 2025 (Audited)	Level 1 QR '000	Level 2 QR '000	Level 3 QR '000	Total QR '000
     Derivative assets	-	83,416	-	83,416
     Investment securities	10,863,124	1,910,539	1,699,823	14,473,486
     	10,863,124	1,993,955	1,699,823	14,556,902
     Derivative liabilities	-	5,631	-	5,631

     There were no transfers from Level 1 or Level 2 during the period. The Level 3 balance increased due to net purchases and sales of QR 19,593 thousand and net changes in fair value movement of QR 26,378 thousand during the period.

2. IMPACT OF REGIONAL GEOPOLITICAL DEVELOPMENTS

   The ongoing regional geopolitical conflict has increased uncertainty across certain markets in which the Group operates. The Group is closely monitoring developments and assessing the potential implications for underwriting exposures, claims emergence, reinsurance protections, investment markets and operations. War-related perils are generally excluded from most insurance products unless specifically underwritten, although certain international specialty classes may be directly or indirectly affected. The ultimate impact on the Group's business, results of operations and financial position remains uncertain and will depend on future developments.

   The Group's investment portfolio remains exposed to market volatility arising from current regional developments. In particular, shifts in yield curves, widening credit spreads and broader market movements could affect investment valuations. The Group continues to apply its established underwriting, reserving and risk management processes and to review the position as additional information becomes available.

   The Group also continues to assess the availability and recoverability of reinsurance protections and any related liquidity implications. The Group's capital, liquidity and funding positions remain solid, and no additional management actions have been deemed necessary at this stage

3. COMPARATIVE FIGURES

Certain comparative figures in the statement of profit or loss have been reclassified to conform with the current year's presentation. These reclassifications have been made to ensure better comparability of the financial information. Such reclassifications do not have any effect on the previously reported net profit nor net assets.