Qatar Insurance Group convenes Annual General Assembly meeting on Wednesday
Qatar Insurance Group (QIC) convened its Annual General Assembly Meeting on Wednesday.

The company presented its annual report highlighting outstanding financial performance and strategic growth across the business.

The meeting was chaired by HE Sheikh Hamad bin Faisal bin Thani Jasim al-Thani, Chairman of the Board, and was 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 2024, company’s future plans, balance sheet, and profit and loss account for the year.

Additionally, the meeting approved the auditors’ report on the company’s financial statements for the year 2024, the Corporate Governance Report, and the company’s remuneration policy for the year 2025.

Sheikh Hamad said: “QIC’s net profit for the year reached QR735mn, 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.

“Our focus on profitable regional growth, particularly through personal lines and health segments, has paid off, with our domestic and regional Gross Written Premiums increasing by 39% to QR4.8bn. This shift, along with our exit from underperforming and high risk international markets, has further strengthened QIC’s position as the region’s largest insurance group.

“The results for 2024 are a testament to our ability to adapt and execute our strategic goals. With a solid capital base, a reinvigorated portfolio, and a clear focus on high margin, low volatility segments, QIC is well positioned for sustainable growth in the coming decade. We are confident that QIC’s continued emphasis on innovation, including our AI driven insurance solutions and digital transformation, will maintain our leadership in the Menaregion and beyond.”

QIC Group CEO Salem al-Mannai said: “2024 has been a transformative year for QIC. We’ve successfully realigned our business, exiting loss-making international operations and focusing on profitable, high growth Mena markets. This strategic pivot has significantly enhanced the stability and profitability of our business, allowing us to deliver a 19% increase in net profit and a strengthened market position. Our investments in digital platforms and AI technologies, such as the launch of our new personalized online portal and mobile app, will continue to set QIC apart in an increasingly competitive insurance landscape.

“As we move into 2025, QIC is well positioned to capitalise on the opportunities emerging in Mena, with a focus on personal lines and health, as well as leveraging our cutting-edge technology to enhance customer experience. Our performance and strategy for the coming year will enable us to take full advantage of the positive macroeconomic outlook, particularly in terms of easing inflation and favourable interest rates.”

In 2024, QIC reported a net profit of QR735mn up19% year-on-year.

The company’s domestic and regional gross written premiums surged by 39%, totalling QR4.8bn, with strong growth in the UAE and Oman.

The Board approved the distribution of dividends at the rate of 10% of the nominal value of the share, which translates into Dh10 per share.

Sheikh Hamad concluded: “As we reflect on 60 years of success, we are poised for continued leadership in the regional insurance market. Our strategy of focusing on profitable business and investing in digital transformation will allow QIC to maintain its dominance in the Mena region while adapting to the evolving global insurance landscape.”