Qatar Insurance Group (QIC) held its Annual General Assembly Meeting, presenting a notable 19% increase in net profit to QR735 million for 2024. The board approved a 10% dividend on shares and KPMG as auditors for 2025. The meeting underscored the company’s focus on profitable growth in regional insurance markets.
Qatar Insurance Group (QIC) convened its Annual General Assembly Meeting at the Ritz Carlton Hotel in Doha, chaired by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, Chairman of the Board. The event gathered members of the executive management, shareholders, and regulatory representatives to review the company’s activities and financial performance for the year ending December 31, 2024.
At the meeting, QIC highlighted a net profit of QR735 million, reflecting a 19% increase year-on-year. This impressive growth is attributed to strategic priorities focusing on profitable regional expansion in personal and health insurance. Consequently, the Gross Written Premiums surged by 39% to QR4.8 billion as QIC adjusted its market focus away from underperforming international sectors.
The Board of Directors announced the approval of a dividend distribution of 10% of the nominal share value, equating to 10 dirhams per share. Additionally, there was a discharge of the Board’s members, pending Qatar Central Bank’s approval, along with the endorsement of their remuneration and the related party policy for 2025.
KPMG’s appointment as auditors for the fiscal year 2025, along with the approval of their fees, was also agreed upon. The meeting detailed future plans and reviewed the Corporate Governance Report as part of its commitment to transparency and fiscal responsibility.
In conclusion, Qatar Insurance Group’s Annual General Assembly Meeting underscored the corporation’s robust financial performance, marked by a notable increase in net profit and an emphasis on domestic growth. The approval of dividends and auditor appointments reflects a commitment to governance and strategic alignment for sustained success moving forward.
Original Source: thepeninsulaqatar.com
