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Strong capital base helped QGIRC deliver in 2018: Nasser

Strong capital base helped QGIRC deliver in 2018: Nasser

Rahul Preeth
Doha
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.
At the company’s annual general meeting held in Doha on Monday, Chairman of the Board and Managing Director Nasser bin Ali bin Saud al Thani said, “We succeeded through our strong capital base and diversified investments portfolio in supporting our group in continuously meeting its strategy and delivering a good performance during the year.”
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.
“On top of that, such a rating recognises QGIRCO’s highest level of risk-adjusted capitalization that is reinforced by high levels of liquidity, low premium leverage and a largely well-rated reinsurance panel,” he
added.
The chairman said risk management represented a core component in the company’s business. “The company enforcing a set of policies and procedures covering its activities and encompassing market risks, 0perational risks, liquidity risks, credit risks and other risks that are managed effectively.”

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