Doha Insurance sees ‘promising’ reinsurance underwriting results in 2018

Doha Insurance Group chairman Sheikh Nawaf bin Nasser bin Khaled al-Thani and other directors and top executives at the company’s ordinary and extraordinary general assemnly meetings at the La Cigale on Monday. Picture: Ram Chand

Doha Insurance Group has seen “promising” underwriting results in reinsurance including various liabilities, life and health insurance as it expanded into Lebanon and the UK, the company said in its annual report.

Last year, the Qatar Stock Exchange-listed company opened representative offices in Lebanon and the UK.

“Like the previous year, 2018 presented a number of challenges. Facing these challenges, the group has maintained its strength and resilience in overcoming the negative effects risks imposed upon it by the blockade,” DIG said.

Meanwhile, at their extraordinary general meeting at the La Cigale on Monday, Doha Insurance shareholders approved an amendment its article of association that allows non-Qatari investors to hold up to a maximum 49% of DIG’s shares listed on the QSE.

Under another amendment to the company’s article of association approved by the shareholders, DIG’s total shares shall be 500,000,000,00 with a par value of QR1 per share.

This, DIG said, has been done to comply with the decision of the Qatar Financial Markets Authority issued on December 16, 2018.

Under amended clause 3 of the article 22, a board member must own a minimum 500,000 shares, DIG said.

The shareholders at their ordinary general assembly approved the board of directors’ proposal to distribute 8% cash dividend to shareholders, which translates into Dh80 per share.

DIG chairman Sheikh Nawaf bin Nasser bin Khaled al-Thani presided over the meetings.

Last year, DIG posted a net profit of QR60mn, compared to QR42mn in 2017. Written insurance premiums amounted to QR624mn compared with QR543mn in 2017.

Investment income amounted to QR80mn compared to QR50mn in 2017, an increase of 62%.

Net revenues of technical departments amounted to QR69mn compared to QR71mn in 2017.

Total shareholders’ rights amounted to QR1.06bn compared to QR1.03bn in 2017.

Earnings per share in 2018 amounted to QR1.21 compared to QR0.84 in 2017.

DIG has completed the process of transferring its Islamic subsidiary, Doha Takaful, to a limited liability company, wholly owned by the group after obtaining the approval of the Qatar Central Bank.

Doha Insurance 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.”

In 2018, ratings agencies – Standard & Poor’s and A.M.Best – determined the strength of Doha Insurance Group’s financial position to be maintained at “A-” with a stable outlook.

Source: Gulf Times