Doha: QIC Group held its Ordinary and Extraordinary Annual General Assembly Meetings yesterday, where shareholders discussed and approved to distribute a cash dividend of QR0.10 per share and all other agenda items for both the Ordinary and Extraordinary Annual General Assembly Meeting.
The meeting discussed and credited the Group’s strong performance in 2021 to the successful implementation of the group’s strategic plan that aims to de-risk its international operations, expand its low-volatility activities, diversify its business portfolio and drive forward full fledge digitization of QIC’s domestic and MENA operations. Several strategic milestones in 2021 were cited as main contributors to the Group ending the year with a strong financial performance. The meeting also touched upon the Group’s future plan.
In 2021, QIC’s net profit increased by 400 percent year-on-year to QR630m. The Group’s gross written premiums remained stable at QR12.6bn, compared to QR12.20bn in 2020. Over half of the Group’s gross written premiums emanate from personal lines insurance written in the Middle East, U.K. and Continental Europe. In 2021, QIC’s international operations – Qatar Re, Antares, QIC Europe Limited (QEL) and our Gibraltar- based carriers – accounted for approximately 81 percent of the Group’s total gross written premiums.
QIC once again witnessed a strong performance from its primary insurance business in its domestic and MENA operations, which continued to grow to GWP of QR2.4bn, an increase of 5 percent from 2020 providing strong top- and bottom-line results to the Group’s performance.
The Group’s net investment and other income amounted to QR1,125m for 2021, as compared to QR748m, excluding any one-off gains in 2020. On a year-to-year basis, the investment yield, excluding any one-off gains, came at a healthy 5.1 percent, as compared to 3.5 percent for the previous year. The year 2021 was no exception to this rule as we continued our endeavor towards process efficiency and automation, resulting in exceptionally low administrative expense ratio for our core operations of 5.9 percent in 2021.
Both global credit rating agencies, Standard & Poor’s and AM Best, reaffirmed the Group’s “A” rating with a negative outlook during the year. In December 2021, AM Best affirmed the A (Excellent) financial strength rating and ‘a’ (Excellent) long-term issuer rating of QIC and its subsidiary.
During the Ordinary Annual General Assembly meeting the following agenda items were approved: Directors Report on the activities and its financial position for the year ended 31 December 2021, and its future plan; The auditor’s report for the financial statements 2021; Remuneration policy for 2022 and members’ remuneration; Corporate Governance Report; company’s balance sheet and its profit & loss statement for the year 2021; appointed the auditors for the Financial Year 2022 and determined their fees and approved cash dividend of 10 percent of the nominal value of share, i.e. 10 dirhams for each share.
During the Extraordinary General Meeting the following agenda items were approved: The amendment to the Articles of Association of the Company in accordance with the Commercial Law No.11 of 2015 issued by the Law No. 8 of 2021 in compliance with the directions of Qatar Central Bank, and Qatar Financial Markets Authority and the Company’s business requirements; authorized the Chairman or Deputy Chairman of the Board of Directors to individually sign all documents required to amend the Articles of Association of the Company as aforesaid.
