Sheikh Nasser bin Ali bin Saud Al Thani (right) with Deputy Chairman Sheikh Mohammed bin Ali Al Thani yesterday. Salim Matramkot
Doha: Qatar General Insurance and Reinsurance held its Ordinary and Extraordinary General Assembly Meeting yesterday in which the assembly approved the Board’s recommendation to distribute 20 percent bonus shares equivalent to 1 share for every 5 shares, and to amend Article (6) of the Articles of Association of the Company to increase the capital of the company from QR576m to QR691.8m, divided into 69 million shares, with a nominal value of QR10 per share.
“The company managed successfully to achieve an upgrade for its Financial Strength Rating (FSR) and Issuer Credit Rating (ICR) to ‘A-’ and ‘a-’ respectively with ‘Stable’ outlook from AM Best Rating Agency. This reflects the company’s extremely strong capital, solid operating performance, and risk management policy as well as the quality of insurance services provided by the company to its individual and corporate clients,” said Sheikh Nasser bin Ali bin Saud Al Thani, Chairman and Managing Director, Qatar General Insurance and Reinsurance.
“The Group has achieved 12 percent growth in Gross Written Premium in spite of the strong competition in the Qatari market. Also, there has been an immense gross of 33 percent in the Gross Written Premium for the Takaful business, which reflects strong performance and constant achievement comprehended by the Group in the Takaful insurance market,” he said. “The Group also continued to outperform in its investment activities through the development of exceptional real estate projects, diversification of the investment portfolio and income resources, and mitigating the associated risks while maintaining sufficient and stable returns,” he added.
The group achieved a net profit of QR2,131m in 2013 compared with QR176m for the year 2012, representing an increase of QR1,955m, while the net profit of the Group after deducting the fair value gains from revaluation of investment properties amounted to QR129m compared with QR136m for the year 2012.
The gross written premium, including Takaful business, reached QR763m compared with QR653m for the year 2012, representing an increase of 17 percent.
According to the chairman, the group had achieved an enormous saving in cost of borrowing and financing this year through the restructuring of credit facilities and real estate re-financing arrangements by obtaining financing terms and conditions with the most competitive interest rates in the market.
The chairman said the group has taken large steps towards the development of the national cadres by means of promoting and encouraging Qatari youth to join in insurance industry and providing necessary training both internally and externally including university education to empower and develop them in that course .
He said work is underway to restructure the companies within the group to cope with the group strategy. in developing the businesses.