Category: News

Qatar General Insurance & Reinsurance Company announces the postponement of its Ordinary General Assembly Meeting for the year 2021 due to the lack of quorum. The second meeting will be held virtually (through “Zoom” application) on Thursday 19 May 2022 at 06:30 PM.

Registration to the Second General Assembly meeting for year 2021 in person (either self or by proxy) at Company’s headquarter in area 4, Musheirib, Street 880, Building No. 23, starting from 05:00 PM till 06:00 PM.

Qatar General Insurance and Reinsurance Company announces the postponement date of the Extraordinary General Assembly Meeting for the year 2021 which was scheduled to take place on May 15, 2022. The date of the new Extraordinary General Assembly meeting will be announced at a later time.

 

Qatar General Insurance and Reinsurance Company discloses that “AM Best” reaffirmed the Financial Strength Rating of  B++ (Good) and the Long-Term Issuer Credit Rating of “bbb”. The outlook of these credit ratings is negative. “AM Best” assured the strength of the company’s consolidated balance sheet as very strong, as well as its adequate operating performance, and appropriate enterprise risk management.

Qatar General Insurance & Reinsurance Company announces that the conference call with the Investors to discuss the financial results for the first quarter for the year 2022, will be held on Monday 09 May 2022 at 1:30 PM, Doha time.

QGRI – Q1 2022 Conference Call Invitation – May 9

Qatar General Insurance & Reinsurance Company disclosed the interim financial statements for the three-month period ended March 31, 2022. The financial statements revealed a net profit of QR 56,770,000 in comparison to net profit of QR 49,406,000 for the same period of the previous year.

The Earnings Per Share (EPS) amounted to QR 0.065 for the three-month period ended March 31, 2022, versus Earnings Per Share (EPS) QR 0.056 of the same period in 2021.

 

Qatar General Insurance & Reinsurance Company is pleased to invite its shareholders to attend the company’s Annual Ordinary and Extraordinary General Assembly Meetings for the year 2021, scheduled to be held consecutively virtually (through “Zoom” application) on Sunday   15 May 2022 at 06:30 PM. In case the required quorum is not met, the second meeting will be held on Thursday 19 May 2022 at the same time. In case the required quorum is not met for Extraordinary General Assembly Meeting, the third meeting will be held after one month of the date of second meeting and the date of third meeting will be appointed later.

Registration to the General Assembly and Extraordinary General Assembly meetings for year 2021 in person (either self or by proxy) at Company’s headquarter in area 4, Musheirib, Street 880, Building No. 23, starting from 05:00 PM till 06:00 PM, in case the required quorum is not met, the registration for second meeting will be at same time and place above.

Agenda of the Ordinary General Assembly:

1- Hearing, Discussing and approving the Board of Director’s Report on the Company’s activities and its financial position for the financial year ended 31^st December 2021 and the Company’s future plan.

2- Hearing and approving the External Auditor’s Report for the financial year ended  31^st December 2021.

3- Discussing and approving the Company’s Balance Sheet, Profit & Loss accounts for the financial year ended 31^st December 2021.

4- Approving the Board of Director’s proposal not distribute dividends for the financial year ended 31^st December 2021.

5- Discharging the Members of the Board from liability for the financial year ended  31^st December 2021 and approving not distribute remuneration to the board members.

6- Discussing and adopting the Company’s Corporate Governance Report for the year 2021.

7- Appointing the Company’s external Auditors for the financial year 2022 and approving their fees.

 

Agenda of the Extraordinary General Assembly:

 

1- To approve amending the Company’s Article of Association, in alignment with Law No. (8) of 2021 amending some provisions of Commercial Companies law promulgated by Law No. (11) of 2015.

2- To authorize the Chairman of the Board of Directors or the Vice Chairman and/or the managing Director to complete the necessary procedures and approvals for the amendments of the Article of Association before all governmental entities.

 

Notes:

1. Shareholders entitled to attend the meeting are the shareholders listed as per Qatar Central Securities Depository Registrar upon the closure of trading in Qatar Stock Exchange at the same day of the General Assembly Meeting.
2. Shareholders are requested to bring their ID cards and proxies (or Delegation letters in case of Companies’ Representatives) one hour before the starting time of the meeting to ensure timely registration.
3. Should the shareholder be not able to attend in person, he may authorize another Company Shareholder to attend, via a proxy (which can be found at the Company’s website www.qgirco.com and/or premises at Al-Asmakh Street).
4. It is not permissible to grant a proxy to a non-shareholder in the Company, or to a member of the Board of Directors.
5. The number of the shares held by proxy shall not exceed (5%) of the capital of the Company.
6. Should the delegating shareholder be a natural person residing outside the state of Qatar the proxy is to be ratified by the Qatari Embassy in that country.
7. Should the shareholder be a legal Corporate Entity (Company, Authority, Organization), a written, signed and stamped proxy by the shareholder is required, attached with an updated copy of the Company’s Commercial Registration.
8. Should the delegating shareholder be a Company established outside the state of Qatar the proxy is to be executed by the Company’s representative, ratified by the Qatari Embassy in that country and attached with a copy of the Commercial Registration of the Company, also ratified by the Qatari Embassy in that country.
9. For the Shareholders viewing, a list including all information stipulated in Article (122) of Law No. (8) of 2021 amending some provisions of Commercial Companies law promulgated by Law No. (11) of 2015, with respect to the in-kind and monetary benefits obtained by the Chairman and members of the Board of Directors, their remunerations, in addition to other statements required pursuant to the Article, shall be available at Company’s Headquarter, one week prior the convention of the Annual General Assembly Meeting.
10. For the Shareholders viewing a list including all the statements stipulated in Article (26) of the Governance Code for Companies and Legal Entities listed on the Main Market related to the Company’s concluded transactions with related parties, shall be available at Company’s Headquarter, one week before the convention of the Annual General Assembly meeting.
11. The published invitation announcement in local newspaper, Qatar Stock Exchange website and the Company’s website shall be deemed as the official legal announcement to all shareholders, with no need to send special invitations by courier as per the terms of the Commercial Companies Law no. (11) of year (2015) and its modifications.
12. For more information in regard to proposed amendments at the Article of Association Please refer the Company’s website qgirco.com.

 

Approval of the Financial Statements is subject to Qatar Central Bank’s approval and other regulatory bodies.

 

 

 

 

Qatar General Insurance & Reinsurance Company announces that its Board of Directors will meet on Monday 25 April 2022, to discuss its Financial Statements for the first quarter of the year 2022.

 

Pursuant to Qatar General Insurance & Reinsurance Company disclosure of the annual financial statements for the twelve-month period ended 31 December 2021 on 03 March 2022, the Company discloses the adjustment of the annual financial statements for the period ended 31 December 2021 with regard to adjusting the comparison figures to include the Takaful policyholders’ surplus in 2020 profits.

The financial statements reflected a net profit of QR 98,734,000 for the twelve-month period ending 31 December 2021 in comparison to net profit of QR 143,251,000 for the same period of the previous year.

The Earnings Per Share (EPS) amounted to QR 0.113 as of 31 December 2021, versus Earnings Per Share QR 0.164 for the same period of the previous year.

Pursuant to Qatar General Insurance & Reinsurance Company disclosure on the registration of Lawsuit Number 2484 / 2021 by Shareholder Number 818 against the Company on 25 November 2021, the Court of First Instance issued its rejection of the Lawsuit against the Company and obliged the plaintiff to bear the Lawsuit fees

Judgement

Pursuant to Qatar General Insurance & Reinsurance Company disclosure on the registration of Lawsuit Number 2485 / 2021 by Shareholder Number 817 against the Company on 25 November 2021, the Court of First Instance issued its rejection of the Lawsuit against the Company and obliged the plaintiff to bear the Lawsuit fees. An appeal Number 574 / 2022 (civil and commercial – first Circuit) has been registered by Shareholder number 817 before the Court of Appeal.

 

Qatar General Insurance & Reinsurance Company also discloses the registration of Lawsuit Number 406 / 2022 by Shareholder Number 817 against the Company before the First Instance Civil Court in Qatar.

 

Judgement

Qatar General Insurance & Reinsurance Company announces the investors conference call for the Annual Financial Results for the year 2021, will be held on Thursday 10 March 2022 at 11:00 AM, Doha time.

Qatar General Insurance & Reinsurance Company announces the annual financial statements for the twelve-month period ending 31 December 2021, the financial statements revealed a net profit of QR 98,734,000 in comparison to net profit QR 130,852,000 for the same period of the previous year.

The Earnings Per Share (EPS) amounted to QR 0.113 as of 31 December 2021, versus Earnings Per Share QR 0.150 for the same period of the previous year.

Qatar General Insurance & Reinsurance Company announces that its Board of Directors will meet on Thursday 03 March 2022, to discuss its Financial Statements for the year ended  31^st December 2021.

Pursuant to Qatar General Insurance & Reinsurance disclosure on the ruling of rejection of the Lawsuit No. 2376/2020 issued by the Court of First Instance against Qatar General Insurance and Reinsurance Company and its Temporary Board of Directors by some of the company’s shareholders on 04 April 2021, the Court of Appeal issued its ruling rejecting the appeal No. 534/2021 and upheld the judgment of the first instance.

Pursuant to Qatar General Insurance & Reinsurance disclosure on the registration of a Lawsuit No. 556/2021 by the plaintiff Al Sari Trading Company against Qatar General Insurance & Reinsurance subsidiaries on September 13, 2021, the Court of First Instance issued its rejection of the Lawsuit against Qatar General Insurance & Reinsurance subsidiaries and obliged the plaintiff to bear the Lawsuit fees.

Qatar General Insurance & Reinsurance Company discloses the registration of Lawsuits Number 2467 / 2021 – 2485 / 2021 – 2484 / 2021 by Shareholders number 805 –817 – 818 against Qatar General Insurance & Reinsurance Company before the Plenary Civil Court in Qatar

Pursuant to the Company’s disclosure on the registration of the Company Lawsuit              No. 2/2021 against Al Sari Trading Company and others on 04 January 2021, Qatar General Insurance and Reinsurance Company discloses the judgment of  the “Court of First Instance – circuit number 10” issued on 31 October 2021 of the rejection of the Lawsuit in its current state and obliged the claimants to pay the Lawsuit fees.

Qatar General Insurance & Reinsurance Company discloses the voting results on the agenda items  of the Second Ordinary General Assembly Meeting for the year 2020 held on Tuesday 09 November 2021.The Shareholders’ General Assembly approved and adopted by majority the following agenda items:

1. Approval of the Board of Director’s Report on the Company’s activities and its financial position for the financial year ended 31 December 2020 and the Company’s future plan.
2. Approval of the External Auditor’s Report for the financial year ended 31 December 2020.
3. Approval of the Company’s Balance Sheet, profit & loss accounts for the financial year ended 31 December 2020.
4. Approval of the Board of Director’s proposal not distribute dividends for the financial year ended 31 December 2020.
5. Approval of discharging the Chairman and Members of the Board from liability for the financial year ended 31 December 2020, and approval of their remunerations.
6. Approval and adoption of the Company’s Corporate Governance Report for the year 2020.
7. Approval of the appointment of Messrs. KPMG, for the year 2021 with fees of QR /1,192,000/.

 

Qatar General Insurance & Reinsurance Co. announces the postponement of its Ordinary General Assembly Meeting for the year 2020 due to the lack of a quorum. The second meeting will be held virtually (through “Zoom” application) on Tuesday 09 November 2021 at 06:30 PM.

Registration to the Second General Assembly Meeting for year 2020 in person (either self or by proxy) at Company’s headquarter in area 4, Musheirib, Street 880, Building No. 23, starting from 04:30 PM till 06:00 PM.

Qatar General Insurance & Reinsurance Company announces that the conference call with the investors to discuss the financial results for the Quarter 3 for the year 2021 will be held on Wednesday 03 November 2021 at 12:30 PM, Doha time.

 

QGRI – Q3 2021 Conference Call Invitation – Nov 3