*At the annual general meeting, QIC shareholders endorsed the recommended distribution of 15% cash dividend payout for 2019
Qatar Insurance Company (QIC) will continue to execute on its strategy of enhancing its focus on lower volatility and higher frequency risks, which are expected to provide it with a more stable and predictable return on capital, according to QIC’s board of directors’ report.
“As such, our shareholders and policyholders will see further digitisation and streamlining of our processes and an expansion of our highly-successful direct insurance business,” the report said.
The report stated that the insurance market in the region is expected to grow along with GDP as the rising population and improving awareness, as well as mandatory insurance schemes, improved regulation, and infrastructure investments generate greater demand.
“Going into 2020, we are slightly more bullish. Global financial markets will stay volatile as we enter the year of the US presidential elections. Although the Phase One Trade Deal between the US and China was regarded as a major success, difficult issues remain unresolved. These could weigh on the global economy and the capital markets. Unconventional monetary policy and negative yields are here to stay, as central banks will continue their highly accommodative policy stance.
“However, Qatar and the Mena region are expected to benefit from economic diversification and reduced dependence on hydrocarbon exports. Qatar is poised to benefit from ongoing investments for the upcoming FIFA World Cup 2022 and continued population growth,” continued the report, which was delivered by deputy chairman Abdulla bin Khalifa al-Attiyah, who chaired QIC Group’s annual general meeting Tuesday.
During the meeting, the shareholders discussed the group’s annual performance and endorsed the recommended distribution of cash dividend payout of 15% for the year ended December 31, 2019.
The meeting also approved QIC Group’s consolidated financial statements, independent auditor’s report, board of directors and corporate governance reports for 2019.
During the AGM, the shareholders also finalised the appointment of the auditors for 2020. The members of the board of directors for the period 2020-2022 were also elected during the meeting.
The following members in the category of non-independent member won by acclamation: Sheikh Khalid bin Mohamed bin Ali al-Thani, Sheikh Saoud bin Khalid bin Hamad al-Thani, Hussein Ibrahim Alfardan (representing Alfardan Investment Company) and Sheikh Faisal bin Thani bin Faisal al-Thani (representing Broog Trading Company), Ali Youssef Hussein Kamal (representing Al Kamal International Group), Jassim Mohamed Ibrahim Jaidah (representing Al Jaidah Motors and Trading Company), Sheikh Jassim bin Hamad bin Jassim Jabor al-Thani (representing Al-Mirqab Capital Company), and Khalaf Ahmed al-Mannai – by appointment of the General Retirement and Social pension Authority (Social Pension Fund).
Abdullah bin Khalifa al-Attiyah, Sheikh Abdul Rahman bin Saud bin Fahd al-Thani and Sheikh Hamad bin Faisal bin Thani al-Thani won the membership for the independent category, and Hassan bin Hassan al-Mulla al-Jafiri came as a standby member.
Group president Khalifa Abdulla Turki al-Subaey said, “Despite global repercussion, which has massively influenced major sectors in the region, QIC Group has witnessed strong business momentum and has performed in line with our expectations.
“For 2020, our outlook remains cautiously positive. We shall focus on consolidation and enhance our operational efficiency. With renewed focus on achieving bottom-line driven growth, we will continue to maximise value for our shareholders, our trusted business partners and customers while supporting development of the sector and the economy.”