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Satyendra Pathak
Doha
decision of Doha Insurance Group (DIG) to expand into new markets like Lebanon and the UK has proved beneficial for the Group as it has led to promising underwriting results in reinsurance including various liabilities, life insurance and health insurance, the company’s chairman said on Monday.
Addressing shareholders at the company’s ordinary and extraordinary general assembly meeting in Doha, Doha Insurance Group Chairman Nawaf bin Nasser bin Khaled al Thani said the
Group has maintained its strength and resilience in overcoming the negative effects and risks imposed upon it by the blockade.
Despite the challenges, he said, the company succeeded in expanding its operations into new markets by opening representative offices in Lebanon and the UK.
“We will continue to focus on these two promising markets by launching innovative products suited for our business model,” he said.
He the company will look for further expansion in the regional and international markets and enhance performance of employees in representative offices of the group and its branches.
Developing and diversifying the components of the Group’s investment portfolio including increasing the share of bonds and sukuk and raising the expected interest rate ceiling during 2019, he said.
Highlighting another recent achievement, he said, “The Group has completed the process of transferring its Islamic subsidiary ‘Doha Takaful’ to a limited liability company wholly owned by the Group. The Group has restructured the new company, improved its performance and increased the efficiency of its staff, enabling it to gain a larger share of the Takaful insurance market.”
The Group has also developed anti-money laundering and counter-terrorism financing policies and procedures, as well as other policies related to conflicts of interest, disclosure, and performance evaluations of the board of directors and its committees, he said.
All these achievements, he said, resulted in the company posting impressive financial results in 2018.
He said, “Premiums for 2018 amounted to QR624 million compared to QR543 million in 2017, with a growth rate of 15 percent. Net revenues for technical departments amounted to QR69 million compared to QR71 million in 2017, attributed to the increase in the cost of the restricted compensation in 2018.
“Investment income amounted to QR80 million compared to QR 50 million in 2017, an increase of 62 percent,” he said.
The group achieved net pro?t of QR60 million in 2018, compared to QR42 million in the previous year.
Total shareholders’ rights amounted to QR1.063 billion compared to QR1.038 billion in 2017, he said adding earnings per share in 2018 amounted to QR1.21 compared to QR0.84 in the previous last year.
He said the Group has a clear dividend distribution policy whereby a minimum of 5 percent of shareholders’ equity should be distributed after deducting the statutory reserve and voluntary reserve as a ?rst share to the shareholders in the event of a profit.
“The remainder of the profits will then be distributed to the shareholders as an additional dividend or will be transferred at the discretion of the board of directors to the next year or allocated for the establishment of a cash reserve for extraordinary consumption,” he said.
Earlier, during the meeting the shareholders approved decision to distribute cash dividend of QR0.8 per share.
Doha
decision of Doha Insurance Group (DIG) to expand into new markets like Lebanon and the UK has proved beneficial for the Group as it has led to promising underwriting results in reinsurance including various liabilities, life insurance and health insurance, the company’s chairman said on Monday.
Addressing shareholders at the company’s ordinary and extraordinary general assembly meeting in Doha, Doha Insurance Group Chairman Nawaf bin Nasser bin Khaled al Thani said the
Group has maintained its strength and resilience in overcoming the negative effects and risks imposed upon it by the blockade.
Despite the challenges, he said, the company succeeded in expanding its operations into new markets by opening representative offices in Lebanon and the UK.
“We will continue to focus on these two promising markets by launching innovative products suited for our business model,” he said.
He the company will look for further expansion in the regional and international markets and enhance performance of employees in representative offices of the group and its branches.
Developing and diversifying the components of the Group’s investment portfolio including increasing the share of bonds and sukuk and raising the expected interest rate ceiling during 2019, he said.
Highlighting another recent achievement, he said, “The Group has completed the process of transferring its Islamic subsidiary ‘Doha Takaful’ to a limited liability company wholly owned by the Group. The Group has restructured the new company, improved its performance and increased the efficiency of its staff, enabling it to gain a larger share of the Takaful insurance market.”
The Group has also developed anti-money laundering and counter-terrorism financing policies and procedures, as well as other policies related to conflicts of interest, disclosure, and performance evaluations of the board of directors and its committees, he said.
All these achievements, he said, resulted in the company posting impressive financial results in 2018.
He said, “Premiums for 2018 amounted to QR624 million compared to QR543 million in 2017, with a growth rate of 15 percent. Net revenues for technical departments amounted to QR69 million compared to QR71 million in 2017, attributed to the increase in the cost of the restricted compensation in 2018.
“Investment income amounted to QR80 million compared to QR 50 million in 2017, an increase of 62 percent,” he said.
The group achieved net pro?t of QR60 million in 2018, compared to QR42 million in the previous year.
Total shareholders’ rights amounted to QR1.063 billion compared to QR1.038 billion in 2017, he said adding earnings per share in 2018 amounted to QR1.21 compared to QR0.84 in the previous last year.
He said the Group has a clear dividend distribution policy whereby a minimum of 5 percent of shareholders’ equity should be distributed after deducting the statutory reserve and voluntary reserve as a ?rst share to the shareholders in the event of a profit.
“The remainder of the profits will then be distributed to the shareholders as an additional dividend or will be transferred at the discretion of the board of directors to the next year or allocated for the establishment of a cash reserve for extraordinary consumption,” he said.
Earlier, during the meeting the shareholders approved decision to distribute cash dividend of QR0.8 per share.
