ALBAWABA - The Doha Insurance Group's net profit shot up by 90 percent year-on-year in the first quarter of 2023 to 65.6 million Qatari Riyal (QAR), or $18 million, the firm said in a statement.
It said the profit was supported by the adoption of the new accounting standard IFRS 17 for insurance companies.
That contributed to a 20-percent increase in insurance revenues, reaching QAR 366 million ($100.5 million).
The company's financial data for the first three months of the current year showed a 103 percent growth in net investment income, reaching QAR 26.6 million ($7.3 million), supported by an increase in interest income to QAR 7.5 million ($2 million).
