QIC held its Annual General Assembly Meeting, presenting positive financial results for 2024, marked by a 19% profit increase and strategic growth in key segments. The meeting included discussions on future plans, dividend distribution, and the appointment of auditors for 2025.
Qatar Insurance Group (QIC), a dominant insurer in Qatar and the MENA region, recently held its Annual General Assembly Meeting at the Ritz Carlton Hotel in Doha. The meeting highlighted the company’s impressive financial performance and strategic growth initiatives across its sectors. Sheikh Hamad bin Faisal bin Thani Jasim Al Thani chaired the meeting, which was attended by executive management, shareholders, and regulatory representatives.
During the assembly, the Board of Directors presented a detailed report on QIC’s activities and financial standing for the fiscal year ending December 31, 2024, along with plans for the future. Financial statements, including the balance sheet and profit and loss account, were reviewed. The meeting also endorsed the auditors’ report, the Corporate Governance Report, and the remuneration policy for the upcoming year.
Chairman Sheikh Hamad bin Faisal bin Thani Jasim Al Thani stated: “QIC’s net profit for the year reached QR735m, marking a 19% year-on-year increase, as the company demonstrated remarkable resilience amidst global market challenges.” Additionally, he emphasized that the insurance group’s focus on personal lines and health segments had substantially contributed to a 39% rise in domestic Gross Written Premiums to QR4.8bn.
The Board approved the distribution of dividends at the rate of 10% of the nominal value per share, equating to 10 dirhams. The discharge of Board members was discussed, pending approval from the Qatar Central Bank, alongside the approval of their remuneration and the company’s related party policy for 2025. Furthermore, KPMG was appointed as auditors for the fiscal year 2025, and their necessary fee was approved.
In conclusion, QIC’s Annual General Assembly Meeting showcased the company’s robust financial results for 2024, characterized by a significant profit increase and strategic growth in key segments. The approval of dividends, remuneration policies, and KPMG’s appointment as auditors underscores QIC’s commitment to transparency and governance as it continues to navigate market challenges effectively.
Original Source: thepeninsulaqatar.com
