Qatar Insurance Group, the leading insurance company in Qatar and the Middle East and North Africa, held a regular general assembly meeting yesterday at the Ritz -Carlton Hotel in Doha. The meeting was chaired by His Excellency Sheikh Hamad bin Faisal bin Thani Jassim Al Thani, Chairman of the Board of Directors, in the presence of members of the executive management, shareholders and representatives of the regulators. The company submitted its annual report, which highlighted the excellent financial performance and strategic growth of the company.
The company’s future plan
During the meeting, the report of the Board of Directors was heard on the company’s activity and financial position during 2024, and the future plan of the company and approved it. The auditors report was also heard on the company’s financial statements, discussing the company’s budget and calculating profits and losses for the year 2024 AD, and approved them, and the proposed distribution of profits was approved by (10 %) ten percent of the nominal value of the share by (10) ten dirhams per share and the date of its disbursement.
The members of the Board of Directors (subject to the approval of the Qatar Central Bank) were also discharged, the adoption of the policy of rewards and parties related to the company for the year 2025 AD and the governance report for the year 2024 AD, and the appointment of KBMG auditors for the company’s accounts for the year 2025 and determining their fees.
Adapting to challenges
His Excellency Sheikh Hamad bin Faisal bin Thani Jassim Al Thani stressed in the report of the Board of Directors that in 2024: “The net profit of the Qatar Insurance Group for this year reached 735 million Qatari riyals, an increase of 19 % compared to last year, which reflects the company’s great ability to adapt to the challenges imposed by the global market.”
He said that this growth is the result of successfully applying our strategies. We have focused on profitable regional growth, especially through individuals and health insurance sectors, which led to a significant increase in the total assigned premiums locally and regional by 39 % to reach 4.8 billion Qatari riyals. This shift, as well as our exit from the international markets with weak performance and high risk, contributed to strengthening the status of the Qatar Insurance Group as the largest insurance group in the region.
He stressed that the results of 2024 are a testimony to our ability to adapt and implement our strategic goals. With a strong capital base, renewable wallet, and a clear focus on the sectors of high margins and low fluctuations, the Qatar Insurance Group is in an excellent location to achieve sustainable growth during the next decade. We are confident that our continuous focus on innovation, including insurance solutions supported by artificial intelligence and digital transformation, will contribute to preserving our leadership in the Middle East, North Africa and beyond.
Enhancing our position in the market
“The year 2024 was a transformation of the Qatar Insurance Group,” said Mr. Salem Al -Mannai, CEO of Qatar Insurance Group. Where we successfully restructured our business, we went out of the internationally performance and focused on the high -growing markets of the Middle East and North Africa. This strategic shift has greatly contributed to enhancing the stability and profitability of our business, which allowed us to record an increase in net profits by 19 % and enhance our position in the market. Our investments in digital platforms and artificial intelligence technologies, such as launching our new electronic jump and personal mobile application, guarantees the continuation of the Qatar Insurance Group in the Insurance Market, which is characterized by increased competitiveness.
He added: With our entry into 2025, the Qatar Insurance Group is in an excellent location to take advantage of emerging opportunities in the Middle East and North Africa, with a focus on insurance on individuals and health, as well as taking advantage of our advanced technologies to enhance customer experience.
He explained that our performance and strategy for the coming year will enable us to fully benefit from the positive economic horizon, especially with regard to alleviating inflationary pressures and expectations of low interest rates.
The outstanding points for the performance of the Qatar Insurance Group in 2024
• Qatar Insurance Group recorded a net profit of 735 million Qatari riyals, an increase of 19 % compared to last year.
Regional growth: Local and regional control premiums increased by 39 % to 4.8 billion Qatari riyals, with strong growth in the United Arab Emirates and Oman.
• International restructuring: The Qatar Insurance Group has succeeded in getting out of international operations with weak and low -sideline performance, with business focus on profitable activities through its Antaris company in Lloyds in London.
• Flexibility of Investment Income: Despite the global economic challenges, the company Epicure Management, affiliated to the Qatar Insurance Group, achieved a clear investment income of 973 million Qatari riyals.
• Excellence in digital transformation: Qatar Insurance Group has won a number of awards in appreciation of its digital developments, including “Best Business for Digital Insurance in Qatar” and “Best Cars Insurance Apply in Qatar”, which enhances its leadership position in the field of digital innovation.
The future outlook for the year 2025: Confidence in continuous growth
Qatar Insurance Group enters 2025 with renewed confidence, after the completion of the restructuring of its strategy and focus on regional markets, with strong interest in digital innovation and insurance solutions backed by artificial intelligence. The company remains in a strong location to take advantage of growth opportunities in the Middle East and North Africa, and it is optimistic about the improvement of the total economic environment, especially with the decline in inflationary pressures and expectations of low interest rates.
In conclusion, His Excellency Sheikh Hamad bin Faisal bin Thani Jassim Al Thani said: “While we celebrate the passage of 60 years of success, we are ready to continue our leadership in the regional insurance market. With the preservation of our strategy that focuses on profitable business and our investment in digital transformation, it will allow the Qatar Insurance Group to maintain its leadership in the Middle East and North Africa region while adapting to global developments in the insurance industry.
Qatar Insurance Company is a public joint stock company listed in the stock market in the State of Qatar. The company has a 60 -year performance and history of the global insurance market. The company was established in 1964, and it was the first national insurance companies in the State of Qatar. Today, Qatar Insurance Company is one of the pioneers of the insurance sector in the State of Qatar and the first and best digital insurance company. Thanks to the total assigned premiums and total assets, Qatar Insurance Company is the largest insurance companies in the Middle East and North Africa. It is listed in the stock market in Qatar with a total market value exceeding 7 billion Qatari riyals.