The shareholders of Qatar Insurance Company S.A.Q. (QIC), at an Annual General Meeting held yesterday at the Four Seasons Hotel in Doha, approved an increase in the Company’s capital from QAR 1.6 billion to QAR 1.85 billion and the Board recommended distribution of cash dividends of 25% of the share par value (i.e. QAR 2.5 each share) and bonus shares of 15% of the share capital (i.e. 3 shares for every 20 shares). Approval was also granted for, amongst others matters, QIC’s financial statements and Board of Directors’ and Corporate Governance reports for the year-ended 31st December 2014, the appointment of auditors for the current year and 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 Mr. 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% of its overall written premiums. Through the acquisition of Antares Holdings Limited, a 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 QAR 16 billion from QAR 11.6 billion in 2013. Gross Written Premiums for 2014 reached QAR 5614 million, reflecting a year-on-year increase of 59% percent over the same period in 2013. The net underwriting result for the year was QAR 664 million, reflecting an increase of 37% on the previous year. Investment income and other revenues were QAR 1027 million, providing an increase of 43% percent on the previous year.
Referring to the Group’s financial performance in 2014, Group President and CEO Mr. Khalifa Abdulla Turki Al Subaey commented: “As always, we will continue to ensure that the QIC Group’s expanding operations – both domestic and international – remain efficient and cost-effective to ensure that we maximise shareholder value and, ultimately, the success of the Company.”