Qatar General Insurance and Reinsurance Company holds its Annual Ordinary and Extraordinary General Assembly Meeting02 April 2017
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.