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Qatar General Insurance & Reinsurance Company still maintaining its leading position in the Qatari insurance market as it is continuing to benefit from the economic boom that the State of Qatar under the leadership of His Highness Sheikh Hamad Bin Khalifa Al Thani.
The Company has achieved good technical results in spite of the tough competition and the company was able to maintain all the accounts in its strategic portfolio as well as its clients and personal portfolios. Inspite of the decline in gross written premiums (GWP), the Company was able to maintain the ratio of technical profits in relation to gross written premiums.
The Company’s investments portfolio is diversified between equities in banking, industries, services sectors, and debt instruments issued by companies with solid financial positions and credit rating, as well as investment properties in strategic locations in addition to cash and bank deposits.
Qatar General Insurance & Reinsurance Company’s still focusing on its insurance operations as well as its strategic investments inside Qatar as a devotion of supporting the national economy. Nevertheless, the Company is expanding its core business and investments in the Arab Region and North Africa. |
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| The following is an overview of the results of operations for the year 2009 : |
1. The Company has achieved a net profit of QAR 86 Million (Eighty Six Million Qatari Riyals) in 2009 compared to QAR.
226.3 in 2008.
2. Earnings per share (EPS) reached QAR’3.37 (Three Qatari Riyals and Thirty Seven Dirhams) compared to QAR’8.85
(Eight Qatari Riyals and Eighty Five Dirhams) in 2008.
3. The Company realized gross written premiums of QAR 504.50 Million compared to QAR 719 Million in 2008 due to
intense competition caused by opening the insurance market to the foreign insurance companies. The net insurance profits
reached QAR 74.3 Million compared to QAR 82.9 million in 2008.
4. Investment incomes achieved QAR 111.6 Million compared to QAR 250.7 Million in 2008. The difference was due to the
sale of a real estate property in 2008.
5. The Total Assets increased by 2.7% to reach QAR 2,371 Billion in 2009, compared to QAR 2,308 Billion in 2008.
6. Takaful gross written premiums have increased to QAR 54.4Million compared to QAR 30.9 Million in 2008. The surplus
profits of policy holders also increased to QAR 6.4 Million compared to a deficit of 0.1 in 2008 in addition, the shareholders’
profits have increased to reach QAR 893 Thousand compared to QAR 560 Thousand in 2008.
7. General Takaful assets have increased to QAR 56.7 Million compared to QAR 25.9 Million in 2008. |
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| Future operating plans for the Company. |
The company is adopting a comprehensive policy to balance and stabilize its operating results and activities that has been achieved throughout the history of the company.
Also, The Company is continuing its policy in diversifying its investment and source of income with reinforcement on the investment activities in the emerging markets which provide excellent investment opportunities with low risk.
In addition the management of the company has carried out a restructuring plan of operating activities since the begging of the year 2009. Wherein, the company’s operations will be focused on main business sector that include; insurance, real-estate development and investment.
The company is carrying out its operations in collaboration with sister companies in seeking technical and advisory expertise to cope with the modern management systems. |
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| First: Insurance Activity: |
The restructuring of the Company’s operations will lead to reinforcing the core business of the Company headed by qualified workforce that will strengthen the Company’s position and its technical performance and develop its product lines in all insurance areas, especially personal insurance, medical insurance, travel insurance and family protection. The Company started marketing these products and the initial results are promising. The company is planning to have active coordination with global companies in the field of personal and medical insurance.
The Company will also expand its business regionally through its strategic alliances in Algeria, Libya, Syria and Oman. |
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| General Takaful: |
| The operations of General Takaful started in first quarter of the Year 2008. We would like to indicate that the company has achieved excellent results since its inception in the field of Takaful insurance. This year, the company will launch new lines of business to secure an active role in the local Takaful market in Qatar. |
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| Second: Investment Activities: |
As a result of the restructuring of the Company’s operations during the year, there was also a restructuring of the investment operations through establishing Qatar General Holding Company and General Real Estate Company which are fully owned by Qatar General Insurance & Reinsurance Company, Mazoon Real-Estate Company in partnership with Al-Sari Trading Company in line with the operating strategy cited earlier.
The Company has established a well-studied strategic plan to develop its properties. We would like to indicate that Qatar General Insurance & Reinsurance Company in the term of its long term strategic partnership plan has signed a contract with Ezdan Real-Estate Company and Al-Sari Trading Company to build and develop a Real Estate project in New Doha Area. The Company still proceeding with the development of World Trade Center Project , as such, these two projects will constitute future mile stone of the Company. The Company is also working on obtaining a license from Qatar financial Center to establish a new Treasury Company.
We would like to inform the shareholders that the investments of the Company in Algeria and other countries are promising and achieving good results. We also would like to indicate that in 2010, the financial portion will be enormously increased as a result changing the accounts real estate policies for investment from historical cost to fair market value. Â
On this occasion, we would like to congratulate you for the Company’s continued success in maintaining its leading position and its exceptional reputation in the Qatari insurance market and in the international reinsurance markets. In addition, recognition should be given to the tremendous growth in the company’s share capital, and to the large reserves and solid investment portfolio held by the Company. Also, we would like to take this opportunity to inform you that the Company has maintained its robust rating of “B++†on “outlook†upgrade to (Positive) in 2009 by the international credit rating agency “AM Bestâ€. This rating by an international organization reflects and proves the solid financial and technical position of the Company. Moreover, we would like to emphasize our constant commitment to the continued success in improving the operations of our Company by advantageously positioning it within the local and regional markets.
On this occasion, we would like to convey our sincere gratitude and devotion to H.H. Sheikh Hamad Bin Khalifa Al Thani – The Emir of the State of Qatar, H.H. Sheikh Tamim Bin Hamad Al Thani – The Heir Apparent, H.H. Sheikh Hamad Bin Jassim Al Thani – The Prime Minister, for their continuous and generous support to the Company and all economic activities in the country.
Finally, we would like to thank our shareholders, the Management of the Company and all staff members, and our clients, for their continuous support which contributed to most of our successes and accomplishments. |
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