(MENAFN- The Peninsula) Qatar Insurance Company (QIC) has reported a significant growth in its annual profit to over QR1bn for the year ended December 31, 2014 which is up 33 percent compared to 2013, according to a statement yesterday.
With the strong performance, the company's board has recommended distribution of cash dividend of 25 percent from the share par value - QR2.5 for each share and bonus shares of 15 percent of the share capital (3 shares for each 20 shares). The recommendation will be raised at the General Assembly meeting which will take place at Four Seasons Hotel on February 17, 2015 at 4pm.
The company held its board meeting yesterday which was presided over by Sheikh Khalid bin Mohammed bin Ali Al Thani, Chairman of the Board and Managing Director of QIC. He said: "I wish to thank the members of the Board, the Group's management team and its employees, all of whom have played an important role in ensuring the Group has met its strategic objectives in 2014. I am confident that 2015 will bring continued success."
The audited financial statement highlight that the group has grown its asset base to QR16bn from QR11.6bn in 2013, while maintaining robust levels of profitability, liquidity and market capitalisation. Gross written premiums for 2014 reached QR5.61bn, reflecting a year-on-year increase of 59 percent over the same period in 2013.
Net underwriting result for the year was QR664m, reflecting an increase of 37 percent on the previous year. Investment income and other revenues were QR1.03bn, providing an increase of 43 percent on the previous year.
The 2014 year was marked by the successful expansion of the group's international business which currently accounts for approximately 60 percent of its overall gross written premiums. Through the acquisition of Antares Holdings Ltd, 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 Ltd, the group has further expanded its global footprint.
QIC Europe Ltd is poised to become a strategic platform for the group for the underwriting of risks situated throughout the European Economic Area.
Group President and CEO Khalifa Abdulla Turki Al Subaey said: "The group's net profit after minority interest in 2014 was QR1,001m, representing an increase of 33 percent over the previous year. This impressive result reflects the group's continued growth and stability, arising from the ongoing diversification of its underwriting operations, and the strong investment performance achieved in 2014."
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.