Qatar Insurance Group has pinned hopes on the country’s robust economic resilience and the “fading” impact of the blockade, yet it is “cautiously” optimistic this year as it plans global expansion through the newly formed QIC Global.
“We are encouraged by Qatar’s strengthened economic resilience and the fading impact of the blockade as well as signs of improving trading conditions in global insurance and reinsurance markets,” QIC board said in its report presented before shareholders at the annual general assembly (GA) meeting, which was chaired by Abdulla bin Khalifa al-Attiya, deputy chairman of QIC Group. The shareholders endorsed the recommended distribution of cash dividend payout of 15% for 2018.
Global financial markets are poised to remain volatile as economic growth is slowing, it said, adding trade conflicts are brewing and central banks are adopting a “less accommodative” stand.
“On the back of our leading regional and growing global footprint, we are cautiously optimistic about QIC’s prospects for 2019,” the report said.
“For 2019, QIC Group will continue to focus on its drive for international expansion on the back of QIC Global, a newly formed brand which consolidates its international entities namely Qatar Re, Antares, QEL and the Gibraltar-based insurers acquired from Markerstudy,” it said.
The group said it will adhere to its time-tested strategies and will explore underwriting and investment opportunities to achieve a prudent and sustainable bottom-line driven growth, generating attractive returns for shareholders.
Elaborating on its “cautiously” optimistic outlook for this year, QIC Group president and chief executive Khalifa Abdulla Turki al-Subaey said all the indicators for the Qatari economy appear to be “positive” with multiplier effects expected in most sectors, especially in preparation of the 2022 FIFA World Cup.
“Progressing further on our growth strategy in 2019, we will continue to enhance our proposition and for the long-term sustainable and profitable growth and development,” he said.
Stressing that it will continue to strengthen the ERM capabilities for achieving operational excellence; he said “we will continue to sharpen our focus on adjusting the risk portfolio composition towards lower volatility business, which is expected to create more room for predictable and long-term profitability.”
He said one of the strategies would be to deploy technology for developing new products and innovative services. “Moving ahead with the same momentum, we will continue to identify and unlock new efficiencies within our business units and expand our portfolio and presence across suitable growth markets,” he added.
“The extraordinary GA approved the private issuance of 7.7mn shares to be fully subscribed only by the minority shareholders of the subsidiary “QIC Capital”, registered in the Qatar Financial Center, to purchase their shares in order for Qatar Insurance Company to have 100% interest in the company. This restructure will achieve effective and efficient management of the Group’s international operations,” a group statement said.
The extraordinary GA also approved the amendment of Articles of Association to comply with the decision of the Qatar Financial Markets Authority to change the nominal value of the share to QR1 and to amend the minimum number of shares required for membership in the board to be 2mn shares.
Business / Business
QIC pins hopes on Qatar’s economic resilience, ‘fading’ impact of blockade
Qatar Insurance Group board outlining its strategies for expansion before shareholders.
