QIC Group Reports Strong Financial Performance at Annual General Assembly Meeting
Qatar Insurance Group convened its Annual General Assembly Meeting, led by Chairman Sheikh Hamad bin Faisal bin Thani, showcasing a 19% increase in net profit reaching QR735m for 2024. The Board approved dividends, discussed future plans, and confirmed KPMG as auditors for 2025, ensuring continued governance and financial success.
DOHA, Qatar: Qatar Insurance Group (QIC), a prominent insurer in the MENA region, held its Annual General Assembly Meeting at the Ritz Carlton Hotel. The meeting showcased the company’s Annual Report, emphasizing exceptional financial success and strategic growth.
The assembly was presided over by Sheikh Hamad bin Faisal bin Thani Jasim Al Thani, the Chairman of the Board. It was attended by the executive management team, shareholders, and representatives from regulatory authorities.
The meeting addressed the Board of Directors’ assessment of the Company’s activities and fiscal health for the year ending December 31, 2024. Topics discussed included future strategic plans, the financial balance sheet, and the profit and loss report for the fiscal year. Additionally, approvals for the auditors’ report, Corporate Governance Report, and the remuneration policy for 2025 were secured.
Sheikh Hamad bin Faisal bin Thani Jasim Al Thani remarked on QIC’s performance: “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. This growth reflects the successful implementation of our strategic priorities.” He elaborated on the positive outcomes from focusing on profitable segments, which contributed to domestic and regional premium growth of 39% to QR4.8bn.
The Board of Directors sanctioned a dividend distribution at a rate of 10% of the nominal value, equivalent to 10 dirhams per share. Furthermore, the assembly approved the discharge of Board members—pending Qatar Central Bank approval—and sanctioned their remuneration and related party policy for 2025.
Lastly, KPMG was appointed as the auditors for fiscal year 2025, and their associated fees were also approved at the meeting.
The Annual General Assembly Meeting of Qatar Insurance Group highlighted the company’s strong financial performance and strategic direction under Sheikh Hamad bin Faisal bin Thani. With significant profit increases and dividends approved, QIC is positioned for continued growth, particularly in the regional market. The assembly reaffirmed the company’s governance structures, paving the way for future success.
Original Source: thepeninsulaqatar.com
