Qatar General Insurance & Reinsurance Company (QPSC) discloses its financial statements for the year 2017

Qatar General Insurance & Reinsurance Company (QPSC) disclosed its financial statements for the period ended on 31.12.2017. The statements shows that the net profit is QR 307,381 thousand compared to net profit amounting to QR 219,341 thousand for the same period of the previous year.

Earnings per Share (EPS) amounted to QR 3.51 for the period ended December 31,2017 to EPS Amounted to QR 2.51 of the same period of the previous year.

The Board of Directors has proposed in its meeting held on the 14th February 2018 a cash dividend of 22% of the nominal share value (QAR 2.2 per share) for the year ended 31 December 2017, provided that the dividends distribution proposal be adopted by the company’s General Assembly.

Noting that the financial statements and dividends distribution proposal are subject to the approval of Qatar Central Bank.

Qatar General Insurance & Reinsurance announces the final transformation of General Takaful Company from a Limited Liability Company to a Qatari Private Shareholding Company

Qatar General Insurance & Reinsurance announced the convention of the Constituent General Assembly Meeting for General Takaful on Sunday 11th February 2018, whereby the following was adopted:

  • Approving the Company’s Articles and Memorandum of Association.
  • Approving the valuation prepared by the External Expert appointed by the Ministry of Economy & Commerce, adopted on 02/12/2017.
  • Announcing the final change of General Takaful from a Limited Liability Company to a Qatari Private Shareholding Company.
  • Approving the Company’s transformation fees from a Limited Liability Company to a Qatari Private Shareholding Company.
  • Approving the appointment of an External Auditor and determining his fees, after obtaining the approval of Qatar Central Bank.

 

 

 

QGIRCO has been honored in the annual ceremony Qatar national record book.

 

Qatar General Insurance and Reinsurance Company participated in the annual ceremony of Qatar National Record on Saturday, 9 December 2017. The event was attended by dignitaries and VIPs, during the event Qatar General Insurance & Reinsurance Company represented by Mr. Jassim Al kuwari Group Manager HR & Administration has been honored for sponsoring the event.Mr. Jassim Al Kuwari delivered a speech on the occasion of Qatar National Day and the launching of Qatar National record book, “Qatar General Insurance and Reinsurance Company Wishes to extend its congratulations to His Highness the Emir Sheikh Tamim bin Hamad Al-Thani and the people of Qatar on Qatar National Day, today we stand at Qatar General Insurance and Reinsurance Company, management and staff, to celebrate this valuable day, Qatar will remain free in the spirit of loyalty”

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QGIRCO announces the Final Approval of the Central Bank of Algeria and the adoption of QGIRCO’s 20% shareholding in the share capital of Trust Bank Algeria

Qatar General Insurance & Reinsurance Company QPSC announces that the Central Bank of Algeria (known as “Bank of Algeria”) has issued its Final Approval and the adoption of Qatar General Insurance & Reinsurance Company QPSC 20% shareholding in the share capital of Trust Bank Algeria.

 

”Deepa Chandrashekar” wins 2nd place at the MENA CFO Excellence awards 2017

11th MENA CFO Strategy Forum was held in Dubai, Marriott Marquis hotel on November 16, 2017.

Deepa Chandrashekar QGIRCO’s acting CFO Achieved 2nd place at the Mena CFO Excellence awards 2017 in the category of woman in finance ‘’ Qatar ‘’.

Developed in partnership with ACCA, this award honors a senior female finance executive who has demonstrated outstanding leadership skills and actively contributes to promoting the finance profession and developing female talent. This category is open to female finance professionals (CFOs, Directors of Finance, and Heads of Treasury) with a minimum of 7 years of experience.

 

The award was given in recognition of Deepa Chandrashelar’s career achievements, success and leadership as a woman working in the predominantly male dominated finance sector.  In March 2013, she founded an informal forum in Qatar in association with the Associate of Chartered Certified Accountants, UK.  The forum conducted two successful events under her leadership during the years 2014 and 2016.  It had a representation of over 120 women in Qatar working in the finance sector.  The forum also received support from the Big 4 and other professional associations such as ACCA, CMA and IIA.

The felicitation of the MENA CFO EXCLLENCE award that was given to her towards her contribution to this cause and in recognition of her career success for having broken the glass ceiling.

 

Deepa Chandrashekar has over 23 years’ experience in finance and accounting across three different continents and industries, including oil and gas, insurance, farming, not for profit, and financial services. She is a fellow member of Association of Chartered Certified Accountants, UK; and a Chartered Professional Accountant from Canada. Additionally, she is a fellow member of the Insurance Institute of India.

 

 

 

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QGIRCO participates in the corporate governance conference

Doha – Qatar:

 

The first Corporate Governance Conference was held on Monday, November 13th at the Four Seasons Hotel – Dafna, , under the patronage of Qatar Central bank and H.E Sheikh Abdullah bin Saud Al Thani, Governor of Qatar Central Bank, Qatar General Insurance & Reinsurance Company has participated in this conference as a golden sponsor of the event.

During the conference Qatar General Insurance & Reinsurance Company represented by Mr. Jamal Abu Nahl CEO of the company has been honored for sponsoring the conference.
Dr. Hashim Al Sayed launched his book “Qatar CG Reports” which was distributed during the event.
Qatar General Insurance and Reinsurance Company’s participation in the conference is a major priority for the company being one of the first companies in Qatar to implement governance in all its activities and strongly believes that governance is an integral part of its values, and an important procedure of the company.”

 

 

The company has developed an integrated business plan to comply with all the terms and conditions issued by the supervisory bodies of the insurance companies.

In line with this approach, Qatar General Insurance & Reinsurance Company is actively implementing the principles of corporate governance in accordance with the relevant corporate legislation, and in line with international standards and best practices, to establish the necessary transparency and disclosure standards throughout the company.

 

 

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”QGIRCO” Sponsors the first corporate governance conference

 

Doha – Qatar

Tuesday 7 November Hawkama held press conference for the first corporate governance conference Qatar General Insurance & Reinsurance Company is participating in this conference as a golden sponsor of the event. This conference aims to announce the coming activities for corporate governance. Qatari publicly traded companies initiated the development of a governance report since 2010 under the provisions of the Governance Code issued by Qatar Financial Markets Authority in 2009.
According to the code, these 44 companies are assigned to submit such report to Qatar Financial Markets Authority in a period not exceeding the month of July of each year.
The companies displayed 100% commitment to writing these reports during the last years.
Qatar is considered the sole Arab country that obliges its listed companies to develop the report.
Through the last years and since issuing this Code, several workshops were conducted is this regard however, a conference that gathers all companies along with regulatory bodies and experts of international institutions was not taken into consideration.
Furthermore, all these reports were not available at one place, thus holding this conference in November of this year is regarded as an exclusive and crucial event that aims to highlight the governance reports book which will be launched during this conference. Mr. Hassan Taha, QGIRCO’s legal advisor, has delivered a speech representing HE Sheikh Nasser bin Ali bin Saud Al Thani, Chairman of Qatar General Insurance & Reinsurance Company and stressed on  “Qatar General Insurance and Reinsurance Company’s participation in the conference is a major priority for the company as one of the first companies in Qatar to implement governance in all its activities and strongly believes that governance is an integral part of its values, and important procedure of the company.”

The first Corporate Governance Conference will be held on 13 November 2017 and it will be attended by VIPs and dignitaries, with the participation of Qatar General Insurance and Reinsurance Company as a golden sponsor of the event.

 

 

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The Algerian Embassy in Doha celebrated the 1st of November

The Algerian Embassy in Doha organized a ceremony marking the anniversary of the revolution of 1st November 1954 on Tuesday 31st October at the Diplomatic Club in the presence of  HE Dr. Hassan bin Lahdan Al Mohannadi, Minister of Justice, HE Dr. Issa bin Saad Al Jafali Al Nuaimi, Minister of Administrative Development, Labor and Social Affairs, Ambassador Ibrahim Yousuf Abdullah Fakhro, Manager of Department of Protocol, Ambassador Ali Ibrahim Ahmed, Dean of the Diplomatic Corps in Qatar, and a number of ambassadors and heads of diplomatic missions.The event was sponsored by Qatar General Insurance and Reinsurance Company, who wished the Algerian people and government a prosperous future.

Qatar General Insurance & Reinsurance opened its new branch

 

Qatar General Insurance & Reinsurance Company opens a new branch at Barwa Commercial Avenue Jeera Bldg. 2 in Abou Hamour on Sunday, July 30, 2017, adding it to its branch network across Qatar,

 

The new branch at Barwa Commercial Avenue provides full services of insurance products including personal vehicle insurance, home insurance, personal accident insurance, health insurance, jewelry insurance and travel insurance, in addition to customer service and claims.

 

The new branch will be open from 7:30 am to 3:30 pm between Sunday to Thursday.

5th Insurance Companies Futsal Tournament Draw Unveiled

Doha-Qatar

24  April 2017: Qatar General Insurance and Reinsurance Company (QGIRCO) announced on Monday, April 24, 2017 the launch of the fifth edition of the Futsal Tournament for Insurance Companies, which will be organized by QGIRCO during the period from May 11th to 21st at Al-Arabi Sports Club. The announcement of the tournament and draw of the draw were unveiled at a press conference that was held at Doha Marriott Hotel in the presence of CEOs of insurance companies in Qatar, and a number of directors and representatives of the participating teams.

Seven national insurance companies, including Qatar General Insurance and Reinsurance Company, Qatar Insurance Group, Islamic Insurance, Al-Khaleej Takaful Insurance, Doha Insurance Company, AlKoot Insurance and Reinsurance Company and Al-Daman Islamic Insurance Company “Beema” are participating in this edition of the tournament.

In a welcome speech at the press conference, Mr. Khalifa Al Kaabi, Board Member of Qatar General Insurance and Reinsurance Company, expressed his happiness for the success of this tournament, pointing out that its continuation for the fifth year indicates the success of the idea which was launched five years ago and was one of the first activities combining companies from one sector in our beloved State of Qatar.

Al-Kaabi added: “The main motive behind this idea was to extend bridges of communication between the insurance companies in Qatar, and today we are meeting for the fifth time together under one roof and under one objective: to emphasize the role of sports in developing the sense of belonging to the institution, a trend that has always been encouraged by the State of Qatar.” He pointed out that the tournament reflects the vitality of the sports taking place in the veins of players from the insurance companies in Qatar.

The draw was held in the presence of the sports media broadcaster Ayman Jadah, as well as the former international referee Jamal Al-Shareef, as both led the distribution of teams participating into two groups. As a result of the draw, the 4th edition champions Al-Khaleej Takaful Insurance will lead Group A alongside Qatar Insurance Group, AlKoot Insurance and Reinsurance Company, and Al-Daman Islamic Insurance Company “Beema”, while Group B will feature the hosts Qatar General Insurance and Reinsurance Company alongside Islamic Insurance, and Doha Insurance Company.

The tournament is one of the first of its kind in the field of indoor football, and is dedicated only to employees of a certain sector in the State of Qatar. The tournament is a special opportunity to enhance communication between insurance companies in Qatar, as well as to expand the base of participation in sports and physical activity and increase the rates of active participation, and consolidate the foundations of good relations between employees of participating insurance companies.

Qatar General Insurance and Reinsurance Company holds its Annual Ordinary and Extraordinary General Assembly Meeting

Doha, Qatar:

21 March 2017: Qatar General Insurance and Reinsurance Company (QGIRCO) held its Annual General Assembly (AGM) and the Extraordinary General Assembly (EGM) on Tuesday 21 March 2017 at Mariott Doha Hotel, chaired by HE Sheik Nasser Bin Ali Bin Saoud Al Thani, Chairman of QGIRCO. During the meeting, the General Assembly agreed on the distributions of cash dividends of QR (1.5) per share which is equivalent to 15% of the nominal share value.

 

The annual financial report that was stated during the meeting showed the financial results and achievements of the company for the year ended 31 December 2016. The company achieved a net profit of QR 258 million for the year ended 31 December 2016, with a gross written premium of QR 838 million (including Takaful business) at year end, (2015: QR 859 million). The investment performance also achieved a positive outcome with the Group achieving an investment income of QR 264 million, whereas the total assets of the group increased to QR 9.6 billion. The total equity stood at QR 6.4 billion, an increase of 2% from previous year.

 

Qatar General Insurance and Reinsurance Company accomplished great achievements in 2016 with A.M. Best affirming its Financial Strength Rating of “A-” (Excellent) and the Long-Term Issuer Credit Rating of “a-”.   For the first time in the Middle East, QGIRCO has hosted the annual meeting of the International Meeting of Engineering Insurance that brought leaders and experts from the international engineering community. Reflecting its belief in Investing in people which are the driving force for building a prosperous society, QGIRCO continued its “NextGen” Programme that is dedicated to develop and nurture Qatari Talents. The company’s commitment to developing and mentoring Qatari talent has remained a key objective, with Qatarization forming an integral part of our overall strategy as we progress a greater number of qualified Qatari’s into management level positions across the Group. The company also continued developing its on-line services to meet the needs of the customers in the field of insurance.

In his speech Sheik Nasser praised the company performance despite the global challenges:  “While international and local markets were affected by the prevailing conditions of oil prices, which consequently had its impact on the insurance industry which, We managed to achieve a 42% growth in our net profit from previous year after excluding the revaluation gains of investment properties.”

Sheik Nasser also highlighted managing the real estate portfolio: “As of 31 December 2016, our total equity stood at QR 6.4 billion an increase of 2% from previous year.  This increase establishes that our strategy on the management of our real estate portfolio is continuing to earn revenues and increasing our total liquidity.  We are maintaining our focus towards converting our non-income-producing land into income producing holdings.”

Talking about the governance, Sheik Nasser stated : “The sound governance framework adopted by QGIRCO supports our Group in the strategic decisions it makes for long-term growth. The Company carries out its transactions with the related parties through the approved Related Party Translation Policy Manual. This policy is based on the transparency and full disclosure principles with regard to all such transactions and partnerships with the related parties to achieve the best interest for the Company.”

In light of the future vision of the Company’s businesses, Sheik Nasser said : “our main objective is to expand in the insurance areas, focus on the future real estate projects currently executed by the Company, enhance the Company’s capabilities and increase the financial efficiency in compliance with international standards and criteria, and hence maintain the Company’s leading position in the insurance and real estate investment industries in Qatar bearing in mind the strength of the Qatari economy, which is one of the fastest growing economies.”

During the meeting, the new members of the board of directors were elected for the period (2017 – 2019).

In the extra ordinary assembly meeting, it was agreed on amending the article (7) of the statute related to shares and bonds, in line with the board’s decision of Qatar central Bank number (1) for the year 2016. The extraordinary assembly also agreed on the amendment of the statute of the company in compliance of the Qatar Central Bank law and law no (13) for 2012 of the financial institutions and law no (11) for 2015 of the commercial companies.

 

Sheikh Nasser Bin Ali Bin Saud Al Thani, QGIRCO Chairman and Managing Director, and on behalf of the board of directors, conveyed their sincere appreciation and thanks to His Highness The Emir Sheikh Tamim Bin Hamad Bin Khalifa Al Thani, for his unstinting leadership and support extended to our national companies and their dedicated efforts to advance our nation into a supreme economic landmark. He also thanked His Excellency Prime Minister and Interior Minister Sheikh Abdullah Bin Nasser Bin Khalifa Al Thani, His Excellency Minister of Finance Mr. Ali Sherif Al Emadi, His Excellency Minister of Economy and Commerce Sheikh Ahmed Bin Jassim Bin Mohammed Al Thani, and His Excellency Governor of Qatar Central Bank Sheikh Abdulla Bin Saud Al Thani for their continued support to our Group and to the industry as a whole.

 

Qatar General Insurance and Reinsurance Company is a public sharing company that was founded in 1979 Under the provisions of the law regulating the shareholding companies for the year 1961 that was modified with the law of commercial companies no (5) for the year 2002, which is in turn modified with the law no (11) for the year 2015 for commercial companies, to conduct insurance and reinsurance business of all types (excluding life insurance), capital and properties investment. The capital of the company is QAR 875.067.030 totally paid in.

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