HE Abdulla bin Khalifa al-Attiyah with HE the QCB Governor, Sheikh Abdulla bin Saoud al-Thani at the Qatar Insurance Company golden jubilee gala dinner at the Four Seasons on Sunday night. Right: QIC board members Jassim Mohamed al-Jaidah and Hussein Ibrahim Alfardan at the event. PICTURES: Jayan Orma.
Qatar Insurance Company, which is Mena region’s largest underwriter in terms of profitability and market capitalisation, formally celebrated its golden jubilee at a gala dinner event held at the Four Seasons Doha on Sunday night.
The event was held under the patronage of HE the QCB Governor, Sheikh Abdulla bin Saoud al-Thani. HE the Minister of Communication and Information Technology Dr Hessa Sultan al-Jaber was among the top dignitaries present.
QIC deputy chairman HE Abdulla bin Khalifa al-Attiyah honoured company’s directors, businessmen and senior officials on the occasion.
Founded in 1964, QIC was the first domestic insurance company in Qatar. Today, it is the market leader in Qatar and a dominant insurer in the Gulf Co-operation Council, as well as the Mena regions.
Since establishment, QIC has grown in terms of both size and complexity. The group now comprises a number of operating companies and business units covering insurance, reinsurance, bancassurance, real estate and asset management. The company has operating presence in Dubai, Abu Dhabi, Oman, Kuwait, Malta and elsewhere in Europe.
The Doha-based insurance giant has launched a five-year strategy in association with its consultant, Oliver Wyman, to “transform” the group into a “recognised international player”.
In his statement to QIC shareholders, group president & CEO Khalifa Abdulla Turki al-Subaey said: “Reflecting over the last 49 years it is with a sense of satisfaction that we have seen the book value of our shares grow at a compounded rate of 16.7% a year. “Continuing the prudent philosophy of our founders, we have been able to continue to build a strong and resilient economy while returning to our shareholders an average of 60% of the profits generated over the past 49 years in dividends. During these 49 years, QIC has transitioned from its small operation in Souq Waqif into a group of companies with a diversified portfolio of businesses and revenue streams. Today, we stand as the embodiment of strength, retaining 70% of our risks with the commensurate retention of premium, within the company. In 2004 that retention level was just 22.81%.”
At the company’s general assembly meeting on Sunday, HE Abdulla bin Khalifa al-Attiyah said: “QIC has maintained its credit rating, currently rated “A/Stable” by Standard & Poor’s and also “A” (excellent) by AM Best, which is considered one of the highest ratings in the region.” The ratings symbolised the financial strength of the company, he said.
Highlights of the golden jubilee event were a “A celebration of Jazz” by Doha Jazz Arabesque, a magic performance and fireworks.
BELOW:
1) QIC deputy chairman HE Abdulla bin Khalifa al-Attiyah honouring prominent businessman Ali Alfardan during the event.
2) HE Abdulla bin Khalifa al-Attiyah honouring QIC board member Jassim Mohamed al-Jaidah as Khalifa Abdulla Turki al-Subaey looks on.
3) HE Abdulla bin Khalifa al-Attiyah with Sheikh Abdulla bin Saoud al-Thani and HE Dr Hessa Sultan al-Jaber among other dignitaries during the gala dinner.
4) HE Abdulla bin Khalifa al-Attiyah honouring prominent Qatari businessman Yousuf Kassem Darwish (centre) in the presence of Khalifa Abdulla Turki al-Subaey. Middle: HE Abdulla bin Khalifa al-Attiyah honouring QIC board member Hussein Ibrahim Alfardan as Khalifa Abdulla Turki al-Subaey looks on. Right: Hussein Ibrahim Alfardan with QIC board member Sheikh Saoud bin Khalid bin Hamad al-Thani, US Ambassador Susan L Ziadeh and Doha Bank Group CEO Dr R Seetharaman.
5) ‘A celebration of Jazz’ by Doha Jazz Arabesque adds glitter to the event. Right: QNB Group acting CEO Ali al-Kuwari with Doha Bank Group CEO Dr R Seetharaman, among others, at the QIC gala dinner.