13 Mar 2018 - 1:19
QGIRCO gets approval to distribute 22% dividend
By Mohammad Shoeb / The Peninsula
DOHA: The shareholders of Qatar General Insurance and Reinsurance Company (QGIRCO) approved all the items on the agenda of the meeting, including the Board of Director’s proposal to distribute cash dividends to the shareholders for 2017 at the rate of 22 percent of the nominal value of the share, equivalent to QR2.2 per share.
The company held its Annual Ordinary and Extraordinary General Assembly meetings yesterday which were presided over the by Sheikh Nasser bin Ali Al Thani, Chairman of the Board of Directors of QGIRCO.
The Company reported a net profit of QR261m, with a gross written premium of QR796m (including Takaful business) for the last financial year ended December 31, 2017.Moreover, the company achieved an investment income of QR200m, whereas the total assets of the group increased to QR9.5bn.
“2017 was indeed a challenging year, especially for the insurance and re-insurance industry. But we managed to minimise the impact as we are the group with a diversified business interests,” Sheikh Nasser told The Peninsula on the sidelines of the AGM yesterday.
He added that the company is steadily standing despite of the market’s decline attributed to the current political situation embodied by the imposed blockade against Qatar. Commenting on the company’s resilience and performence, the Chairman said: “While many companies are still suffering the impact of the prevailing unfavourable market conditions of the past year, 2017 year also came burdened with its own challenges to many companies in the State of Qatar. Nevertheless, and despite of these exceptional times, we have succeeded through our robust capital base and diversified investments portfolio, to support our Group in meeting its strategy and consequently performing well during such a year.”
“We take pride in our ability to retain and strengthen the Company’s notable and strong position in the insurance industry and marketplace in Qatar with gross written premiums of QR796m, including Takaful businesses, at the end of the year, compared to QR838m for the year 2016, which is regarded as a good achievement, given the severe impact of the competitive international prices on insurance premiums.
On the diversification towards company’s prosperity he said that within the company’s strategic approach of business diversification, arrangements are in place to enter the medical insurance industry being a milestone of the insurance industry, and are currently engaged in finalising the related platform and relevant procedures.
Driven by the Company’s best interests, the Board of Directors has adopted many significant resolutions designed to promote the aspired vigorous growth and development of Qatar General Group through developing the Company owned plots of land while taking into consideration the development priorities of these lands.
The company has acquired a number of plots in the Manateq area, and currently work is under way on its development in the near future, to the benefit of the Company, thereby emphasising the Company’s contribution in advancing the robust national economy in Qatar.