*Company's net profit stand at QR48.9mn and technical profit at QR96mn in 2019
Doha Insurance Group has registered growth in gross written premiums (GWP), which totalled nearly QR656mn in 2019 compared with QR624mn in the previous year.
The company posted a technical profit of QR96mn in 2019 compared with QR69mn in 2018.
The company disclosed its financial statement for 2019 after a meeting of its board of directors in Doha recently.
Net profit for 2019 stood at QR48.9mn compared to QR60mn in the previous year.
Earnings per share amounted to Dh10 for 2019 compared to Dh12 in the previous year.
The board of directors has also decided to submit a proposal to the general assembly in its upcoming meeting, to ratify a proposal for distribution of cash dividends equal to 8% of the share par value, i.e., QR0.08 (eight dirham) for each share.
In an interview with Gulf Times, Doha Insurance CEO Jassim al-Moftah said, “We have definitely surpassed all our targets and 2019 numbers in terms of technical profit and insurance growth. We are looking to do the same in 2020, God willing.”
On the Group’s focus areas in this decade, al-Moftah said, “Besides the traditional lines of business, I think every insurance company needs to up their game in terms of IT development and offering new technological services and making sure all the insurance platforms are available electronically to our clients. I think we are definitely a trendsetter in that field.”
“We have had tremendous success with regard to our automation…we have robotic automation that can perform regular tasks like employees here. And obviously, through the IT company we own - Barzan Technology Solutions - we have managed to do a lot of development on that.”
Al-Moftah said the company is “extremely proud” of its medical and life divisions, whether in a direct insurer or reinsurer capacity.
“In the medical and life products, we are extremely dedicated. We already have three centres that offer strong services – one in Doha Insurance, one in Doha Takaful, our Islamic subsidiary, and one in Beirut (MenaRe Life).”
Asked whether national insurers benefit from the renewed push to the Qatari projects market, the Doha Insurance CEO said, “Absolutely, we will benefit. But we (national insurance companies) are here to support any national project. In the past decades, the national insurance companies that are under the Qatar Central Bank have proven themselves, offering support and top notch service to national projects.
“And being an ‘A-‘ rated company by Standard & Poor’s, Doha Insurance already has a strong track record in the national projects arena and in the LNG and energy arenas as well. We look forward to continuing that effort in the years to come.”
Asked whether he was satisfied with what Doha Insurance Group achieved in 2019, al-Moftah said, “We have done well in 2019, given all the circumstances. We have done extremely well, thanks to our strong Board of Directors and the strong team.”
On where he wished to see the Doha Insurance Group in the next five years, the CEO said, “We want to establish a much stronger presence abroad in addition to the national market. We already have three centres abroad. We look forward to strengthening those centres.”