Shareholders of the Qatar General Insurance and Reinsurance Company (QGIRC) on Monday approved the Board of Director's recommendation to distribute a dividend of QR1 per share.
Despite severe impact of competitive international pressure on insurance prices, QGIRC produced a gross written premium of QR796.19 million in 2018, reinforcing its robust position in the insurance market.
The company posted a net profit of QR273.91 million for the year ended December 31, 2018, as against 260.91 million for 2017.
The Group also achieved net investment results of QR257.13 million for 2018. Its total assets reached QR10.25 billion and total equity hit QR6.33 billion as of December 31, 2018.
The Group sustained its distinction by maintaining a solid credit rating, as provided by global credit rating agency AM Best.
"Again, such a rating reflects the strength of the company's risk adjusted capital base and its distinguished record of operational performance, besides to the Group's remarkable capabilities with respect to risk management," the chairman said.
The company's financial strength and credit rating remains robust, as re-affirmed by AM Best by granting it a financial strength rating (FSR) of "A-" (excellent) and a long-term issuer credit rating (Long-Term ICR) of "a-", with a stable outlook for both ratings "This reflects the company's healthy balance sheet, aside from its vigorous operational performance and adequate corporate risk management," Thani said.