QIC Group, the leading insurer in Qatar and the MENA region, held yesterday, Sunday, 19th March, the General and Extraordinary General Assembly Meetings at its headquarters in Al-Dafna.
The meetings were chaired by Sheikh Hamad bin Faisal bin Thani Al Thani – Member of the Board of Directors – and were attended by members of the executive management, shareholders, and representatives of regulatory authorities.
The meeting discussed the Board of Directors’ report on the company’s activities and financial position during the year ended 31/12/2022 and the company’s future plans. Additionally, the meeting approved the auditors’ report on the company’s financial statements; the company’s balance sheet and profit and loss account for the year 2022; and the non-distribution of dividends for the year 2022.
Moreover, the meeting approved the discharging of the members of the Board of Directors and approved the Corporate Governance Report for 2022; the company’s remuneration policy for the year 2023; and the appointment of KPMG as auditors for the year (2023) and their fee.
During the meeting, three (3) members were also elected for the category of independents: H.E. Mr. Khalifa Abdullah Turki Al-Subaie, H.E. Sheikh Abdulrahman bin Saud Fahad Al-Thani, and H.E. Mr. Ibrahim Jassim Abdulrahman Al-Othman Fakhroo, while the remaining (8) eight members won by acclamation for the period (2023-2025): Sheikh Hamad bin Faisal bin Thani Al Thani of the Retirement and Social Security Authority (Civil Pension Fund), H.E. Sheikh Faisal bin Thani bin Faisal Al Thani of Brouq Trading Company, H.E. Sheikh Saud bin Khalid bin Hamad Al Thani, and H.E. Mr. Ali Yousef Hussain Kamal of Al-Kamal International Group, H.E. Mr. Mohammed Jassim Mohammed Jaidah of Jaidah Motors & Trading Company, H.E. Mr. Ali Hussain Ibrahim Alfardan for Alfardan Investment Company, H.E. Sheikh Tamim bin Hamad bin Jassim Jabor Al Thani of Al Mirqab Capital Company, and H.E. Mr. Abdulrahman bin Essa Al-Mannai for Al Ghariya Real Estate Investment Company.
His Excellency Sheikh Hamad bin Faisal bin Thani Jasim Al-Thani affirmed that: the Group’s gross written premiums for the year was QAR 9.84 billion, compared to QAR 9.92 billion in 2021. Currently 45% of the Group’s gross written premiums emanate from personal lines insurance written in the Middle East, U.K. and Continental Europe. Meanwhile, the Group’s domestic business in Qatar and MENA recorded a further growth in gross written premiums to QAR 2.8 billion, compared to QAR 2.4 billion in 2021, representing 18% growth in 2022. The Group’s domestic business continues to remain highly attractive, contributing both to its top and bottom-line results. The Group’s net underwriting profit for 2022 was QAR 25.4 million as against a net underwriting profit of QAR 643 million in 2021. Despite financial market turmoil, declining equity markets and tumbling fixed-income securities, the company’s own portfolio performed strongly, generating a net investment and other income of QAR 834 million for 2022. On a year-to-year basis, the investment yield came in at 4.8%.
His Excellency, also noted that QIC further improved its already exceptional operational efficiency, achieving a healthy expense ratio for its core operations of 5.3%, a further reduction from 5.9% in 2021. He further noted that Standard & Poor’s (S&P) confirmed an A- issuer credit and financial strength rating for QIC, with a stable outlook. In December, AM Best also confirmed the Company’s Financial Strength Rating to A- (Excellent), with a stable outlook. The ratings reflect QIC’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).
In response to shareholders’ questions about this year’s loss, H.E. Sheikh Hamad bin Faisal bin Thani Al Thani stated that 2022 bore the bulk of the losses resulting from the suspended operations, in addition to the loss resulting from some international business and the challenges witnessed that year. Global markets were affected by the Russia-Ukraine war, the increase in inflation in the United Kingdom and its withdrawal from the European Union. His Excellency also stressed that the members of the Board of Directors refused to have the company bear membership bonuses for this year, in which it was not possible to distribute dividends to shareholders due to the loss achieved.
The Extraordinary General Meeting approved: the ratification of the amendment of the first paragraph of the Articles of Association of the Company which allows non-Qatari investors to own up to (100%) one hundred percent of the company’s shares, pending the issuance of the legislation that allows this; the amendment of the text of condition (3) of the conditions of membership in the Board of Directors of the Company stipulated in Article (37) of the amended Articles of Association of the Company to read: 3. The membership candidate must be a shareholder and owner of (20) million shares of the company’s capital and the authorization of His Excellency the Chairman of the Board of Directors or his Deputy to sign individually all the documents necessary to amend the Company’s Articles of Association with the aforementioned.
Following the adjournment of the General Assembly meeting, the Board of Directors held a meeting where H.E. Sheikh Hamad bin Faisal bin Thani Al Thani was elected as Chairman and H.E. Mr. Abdulrahman bin Essa Al Mannai as Vice Chairman, and the committees emanating from the Board of Directors were formed.