Qatar General Insurance and Reinsurance Company Q.P.S.C. holds its Annual Ordinary and Extraordinary General Assembly Meetings14 March 2018
12th March 2018: Qatar General Insurance and Reinsurance Company Q.P.S.C. (QGIRCO) held its Annual Ordinary and Extraordinary General Assembly Meetings consecutively on Monday 12th March 2018 at Marriott Hotel (Doha). The Meetings were chaired by H.E. Sheikh Nasser Bin Ali Bin Saud Al Thani – Board Chairman of QGIRCO. The Shareholders’ General Assembly adopted the Boards of Directors proposal to distribute cash dividends to the Shareholders for the year 2017 at 22% of the nominal share value, equivalent to QR (2.2) per share.
The Company’s Annual Report highlighted its financial results and significant achievements for the year ended 31 December 2017. The Company achieved a net profit of QR 261 million, with a gross written premium of QR 796 million (including Takaful business). Moreover, the Company achieved an investment income of QR 200 million, whereas the total assets of the group increased to reach QR 9.5 billion. The Report pointed out that the total equity of the Company is QR 6.2 billion. The Shareholders’ General Assembly has adopted the External Auditor’s Report for the fiscal year ended 31st December 2017 and approved the Company’s Balance Sheet and Profit & Loss accounts as at 31/12/2017.
In terms of his reciting the Board Report (was adopted and approved by the General Assembly) Sheikh Nasser Bin Ali Bin Saud Al Thani pointed out the Company’s Performance and its financial position during the fiscal year 2017, besides to addressing the Company’s future plans, praising the Company’s steadily standing despite of the market’s decline attributed to the current political situation embodied by the imposed blockade on the State of Qatar.
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. I am pleased to report that QGIRCO has achieved a net profit of QR 261 million for the year ended 31 December 2017 (compared to QR 258 million for the year ended 31 December 2016).
We take pride in our ability to retain and strengthen the Company’s notable and strong position in the insurance industry and marketplace in the State of Qatar with gross written premiums of QR 796 million (including Takaful businesses) at the end of the year, (compared to QR 838 million for the year 2016), which is regarded as a good achievement, given the severe impact of the competitive international prices on insurance premiums.
In terms of Investment returns, the Group has achieved QR 200 million for the year ended 31 December 2017 (compared to QR 237 million for the year 2016). As for the total assets it amounted to QR 9.5 billion and a total equity of QR 6.2 billion as at 31 December 2017.
The Board of Directors proposes distributing cash dividends to the shareholders at the rate of 22٪ of the nominal value of the share (equivalent to QR 2.2 per share), and adopting the Company’s balance sheet and Profit & Loss account for the financial year ended 31 December 2017.
We are honoured to reveal that the Company’s financial strength and credit rating remains stable, as affirmed by A.M. Best Credit Rating Agency by granting the Company a Financial Strength Rating (FSR) of “A-“ (Excellent) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “a-“, with stable outlook for both ratings.
Diversification Towards Company’s Prosperity
Nurturing and Developing Our Staff To Sustain Progress
Training and developing our staff has been our investment throughout the year 2017, whilst working on enhancing their professional expertise aiming to offer them a better professional career development prospects.
During 2017, our Program known as NEXTGEN which is specifically designed for new graduates has marked the appointment of a number of young graduates to join our technical teams across the various departments of the Company.
As to Qatarisation, we were keen to align our strategy along with Qatar’s National Vision 2030, and we dedicated considerable efforts towards developing and creating a distinctive and competent workforce. The Company supports the career development of Qatari youth by encouraging them to pursue the completion of all levels of education whether inside or outside the State of Qatar, in addition to providing a vital internal training, and training courses such as Business English Language and Personal Skills Services for insurance, Sales and Customer Services, and training on the Information and Communication Systems.
Besides, the Upper Management of the Company is committed towards implementing and monitoring its Qatarisation Strategy, and increasing the Qatari cadres in the Company, in order to be among the top ranked Companies as to Qatarisation ratios across the State of Qatar.
Focus Remains On Risks
Our team has been keen to implement the requirements stipulated in the Executive Instructions for Insurance and the Principles of Corporate Governance issued by Qatar Central Bank. As well, they ensured complying with the national and international regulations. Yet, we remain ready to comply with all regulatory framework amendments, whilst our team strives to take the lead in adopting upcoming improvements to the best interest of our client base. We pursue by our strong Governance Framework to maintain an ongoing performance development, while keenly working to meet all local and international regulatory and statutory requirements.
As a part of the solid Governance Framework, we continue complying with the Group’s adopted manual with respect to transacting with related parties. Such a relation is built upon the principles of transparency and full disclosure for all transactions and partnerships with the related parties, such as Al-Sari Trading Company, Group of Nest Investments (Holding) Limited, Group of Trust International Companies, North Africa Energy Company and Falcon Ready Mix Company. In this respect, we would like to note that all such transactions with related parties in the region that were conducted under the Board’s guidance for the ultimate benefit of the Company have yielded rewarding proceeds to our Company. The Company was able to establish a strong presence in the region led by its investments in Algeria that resulted in a productive outcome to the Company’s benefit.
At the end, Sheikh Nasser extended his thanks and gratitude to the Company’s valued Shareholders and its loyal customers for their great support and confidence, while as specially expressing his appreciation to the Group’s staff and to Senior Management for their efforts and dedication towards the prosperity and vision realising of the Group.
Finally, and on behalf of the Board of Directors Sheikh Nasser expressed his honour to raise sincere appreciation and gratitude to His Highness the Emir Sheikh Tamim Bin Hamad Bin Khalifa Al Thani, may God protect him, and his wise government for the continuous support and patronage and sincere endeavours towards building a solid and robust economy for the State of Qatar.
The Shareholders’ General Assembly Meeting adopted and approved the following resolutions:
Resolutions of the Ordinary General Assembly Meeting:
- Shareholders General Assembly Approved the Board of Director’s Report on the Company’s activities and its financial position for the financial year ended 31st December 2017 and the Company’s future plan.
- Shareholders General Assembly Approved the External Auditor’s Report for the financial year ended 31st December 2017.
- Shareholders General Assembly Approved the Company’s Balance Sheet, profit & loss accounts for the financial year ended 31st December 2017.
- Shareholders General Assembly Approved the Board of Director’s proposal to distribute cash dividends to the shareholders for the financial year 2017 at the rate of (22%) of the nominal value of the share (equivalent to QAR 2.2 per share).
- Shareholders General Assembly Approved to discharging the Chairman and members of the Board of Directors from liability for the financial year ended 31st December 2017, and adopting their remuneration of (1,100,000) QR- One Million One Hundred Thousand Qatari Riyals for each one of them.
- Shareholders General Assembly Approved the Company’s Corporate Governance Report for the year 2017.
- Shareholders General Assembly Approved the appointment of M/S Rodl & Partner as the Company’s External Auditor for the financial year 2018 with fees of (465.000 Qatar Riyals).
- Shareholders General Assembly Approved the Charter of the Nomination and Remuneration Committee.
- Shareholders General Assembly Approved the Policy of Transacting with Related Parties.
- Shareholders General Assembly Approved granting a share percentage of (0.2%) of Qatar General Insurance and Reinsurance Company shares in the share capital of Trust Investment Company- Algeria representing (20%) of the capital, to become (19,8%) to the benefit of Chief Executive Officer of Trust Investment Holding Algeria- Mrs. Fatiha Khallal.
Resolutions of the Extraordinary General Assembly Meeting:
- Shareholders of the Extra General Assembly approved the Amendment of the Company’s Articles of Association to comply with the Governance Code for Companies & Legal Entities Listed on the Main Market issued by decision of the Qatar Financial Markets Authority Board of Directors No. (5) of the year (2016) by amending Article No (43) of the Company’s Articles of Association to be read before and after amendment as follows:
Article (43) – Before Amendment:
“Taking into account the provisions of Articles (124, 125) of the Commercial Companies Law no. (11) of the year (2015), the General Assembly shall be held by an invitation of the Board of Directors at least once a year, in the place and time fixed by the Board after obtaining the approval of the Companies Control Department, and the meeting shall be held within four months following the expiry of the fiscal year of the company. The Board of Directors is entitled to invite the Assembly whenever it is needed.”
Article (43) – After Amendment:
“Taking into account the provisions of Articles (124, 125) of the Commercial Companies Law no. (11) of the year (2015), the General Assembly shall be held by an invitation of the Board of Directors at least once a year, in the place and time fixed by the Board after obtaining the approval of the Companies Control Department, and the meeting shall be held within four months following the expiry of the fiscal year of the company. The Board of Directors is entitled to invite the Assembly whenever it is needed. The shareholder(s) who owns at least (10%) of the Company’s capital shall, for serious grounds, be entitled to request an invitation to convene General Assembly. In this case, such shareholders shall confirm, before sending any invitation, that they have deposited their shares at the Company’s Head Office or at any of the accredited banks in Qatar. They shall not have the right to withdraw these shares before the adjournment of the Ordinary General Assembly; such mechanism is applicable with the same abovementioned percentage (10%) of the Company’s capital in case the company conducted Major Transactions that might harm the shareholders’ rights in general and minorities in particular or prejudice the ownership of the Company’s capital”.
- Shareholders Extra General Assembly approved the authorization of the Chairman of the Board of Directors or Vice Chairman to solely sign all required documents necessary to amend the Company’s Articles of Associations.
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 QR 875,067,030 totally paid in.