Damaan Islamic Insurance Company (Beema) earned gross written premiums (GWPs) of QR392.6mn in 2022, up 6.8% on 2021.
Total policyholders’ surplus achieved in 2022 amounted to QR44.6mn, Beema said yesterday.
Beema said it has continued to deliver “strong” financial results for its shareholders in 2022, with total shareholders’ income of QR103.6mn and total shareholders’ profit of QR56.6mn representing a 13% and 11.4% increase respectively compared to the previous financial year.
Accordingly, earnings per share increased from QR0.25 per share in 2021 to QR0.28 in 2022.
“The company’s continued strong financial performance in 2022 is underpinned by its prudent strategy, robust risk management framework and efficient operating model, which continued to drive growth despite challenging conditions for the insurance sector. “Furthermore, Beema continued to maintain a strong solvency ratio of 299.6%, well above the regulatory minimum limits, and a A3 credit rating issued by the global rating agency Moody’s, reflecting the company’s financial strength and resilience,” Beema noted.
During the financial year 2022, Beema achieved a “significant milestone” in its successful corporate journey by converting into a Qatari public Shareholding company, and successfully completing the direct listing of its shares on the Qatar Stock Exchange in January.
Based on the “strong” results achieved, Beema’s Board of Directors, in consultation with the company’s Sharia Supervisory Board, decided to recommend to the upcoming Annual General Assembly to distribute to policyholders 7% of the total policyholders surplus, amounting to QR8.87mn.
Furthermore, the Board of Directors decided to recommend to the Annual General Assembly an annual dividend to shareholders equivalent to 16% of Beema’s issued and paid up share capital amounting to QR32mn (QR0.16 per share).
Commenting on the 2022 financial results, Nasser al-Misnad, Beema’s chief executive officer said, “Beema has delivered another year of growth by continuing its successful strategy of prudent policy underwriting and making a wide range of takaful solutions accessible to varied segments of clients in Qatar. We remain confident that Beema is well positioned for consistent and sustainable growth.”
“The successful execution of our business strategy, and our excellent financial performance in 2022 reflects our commitment to continuing to generate value to our policyholders and shareholders, particularly as we welcome Beema’s new shareholders following the company’s successful direct listing on the Qatar Stock Exchange.”