DOHA: The annual general meeting (AGM) of Qatar Insurance Company (QIC) approved the board of directors’ recommendation to raise the company’s capital to QR1.85bn from QR1.6bn. The AGM also gave its nod to the recommended distribution of cash dividends of 25 percent of the share par value and bonus shares of 15 percent of the share capital, i.e. 3 shares for every 20 shares.
Approval was also granted for, amongst others matters, an amendment to the Company’s Articles of Association to reflect an increase in the level of permitted non-Qatari investment in QIC.
The AGM was presided over by Abdulla bin Khalifa Al Attiya, Deputy Chairman of the Board of Directors of QIC, who reaffirmed the Board’s commitment to develop and enhance the Group’s presence across the Gulf Cooperation Council and MENA regions and to further expand its wider international operations in pursuit of its strategic objective to establish QIC as a leading international insurance and reinsurance group.
The 2014 year was marked by the successful expansion of the QIC Group’s international business which currently accounts for approximately 60 percent of its overall written premiums. Through the acquisition of Antares Holdings Limited, specialist insurance and reinsurance group operating in the Lloyd’s insurance market, and the establishment of a fully-owned Malta-based subsidiary, QIC Europe Limited, the Group has further expanded its global footprint.
QIC Europe Limited is well-poised to become a strategic platform for the Group for the underwriting of risks situated throughout the European Economic Area.
QIC’s audited financial statements for the year ended December 31, 2014 highlight the growth in its asset base to QR 16bn from QR 11.6bn in 2013. Gross Written Premiums for 2014 reached QR 5614m, reflecting a year-on-year increase of 59 percent over the same period in 2013. The net underwriting result for the year was QR 664m, reflecting an increase of 37 percent on the previous year. Investment income and other revenues were QR 1027m, providing an increase of 43 percent on the previous year.
Referring to the Group’s financial performance in 2014, Group President and CEO Khalifa Abdulla Turki Al Subaey commented: “We will continue to ensure that the QIC Group’s expanding operations – both domestic and international – to ensure that we maximise shareholder value and, ultimately, the success of the company.”