(MENAFN- Gulf Times) Qatar Insurance Company (QIC) shareholders approved an increase in the company's capital from QR1.6bn to QR1.85bn at their annual general meeting held in Doha yesterday.
QIC shareholders also approved the board's recommendation to distribute cash dividends of 25% of the share par value (QR2.5 per share) and bonus shares of 15% of the share capital (three shares for every 20 shares).
QIC deputy chairman of the board Abdulla bin Khalifa al-Attiyah presided over the AGM held at the Four Seasons Hotel in the city.
Also, al-Attiyah noted that net profits jumped 33% to QR1bn in 2014 due to diversification of underwriting and strong investment earnings.
He said QIC's asset base last year rose to QR16bn from QR11.6bn recorded in 2013. Gross written premiums for 2014 reached QR5.61bn or a 59% year-on-year increase.
The net underwriting result for 2014, according to al-Attiya, was QR664mn or a 37% increase compared to 2013, while investment income and other revenues rose to QR1.027bn, or a 43% increase on the previous year.
"As always, we will continue to ensure that the QIC Group's expansion in both domestic and international operations remain efficient and cost-effective to ensure that we maximise shareholder value and, ultimately, the success of the company," said Group president and CEO Khalifa Abdulla Turki al-Subaey, referring to the group's financial performance in 2014.
Al-Attiyah said the meeting also approved QIC's financial statements, including 2014 corporate governance and board of directors' reports, 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 board reaffirms its commitment to develop and enhance the group's presence across the GCC and Mena regions and further expand its international operations in pursuit of its strategic objective to establish QIC as a leading international insurance and reinsurance group," al-Attiyah said.
He added that 2014 was marked by the "successful expansion" of the QIC Group's international business, which currently accounts for 60% of its overall written premiums.
"Through the acquisition of Antares Holdings, 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, the group has further expanded its global footprint. QIC Europe is well-poised to become a strategic platform for the group for the underwriting of risks situated throughout the European economic area," he noted.
For 2015, al-Attiyah said QIC's "key focus" will be on enhanced services to customers.
"To this end, we will be holding training and development programmes to assess and evaluate our service delivery standards. We will also look forward to rollout to our subsidiary companies, the IT infrastructure improvements developed in 2014," he said.
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.