Qatar General Insurance and Reinsurance Company (QGIRC) is exploring investment opportunities and boosting its competitiveness as part of rewarding shareholders in the future.

This was announced by the insurance company in its board meeting held on Monday. At the general assembly, shareholders unanimously approved the board’s proposal to distribute 10% cash dividends or QR1 per share.

"Despite the intense competitive strains and the challenging operational environment, the group has succeeded in overcoming challenges through establishing a strategy enabling it to conclude viable and remunerative investments at all levels," it said.

The insurer was able to maintain and reinforce its prominent position in the insurance market and industry, besides extending a valuable contribution towards the Qatar National vision 2030.

"We succeeded through our strong capital base and diversified investments portfolio to support our group in continuously meeting its strategy, thus delivering a good performance during the year (2018)," the board said.

During 2018, the company witnessed the official inauguration of the new factory of General Company for Water and Beverages, one of the group’s subsidiaries, for production of pure drinking water “Al-Rawda” in November.

In view of the current situation of the investment markets in the region and following a lengthy consideration of the situation with respect to the company’s branch in Dubai, the board had decided to close this branch. This comes in the backdrop of Qatar being subject to the unjust economic and trade embargo by Saudi-led quartet.