The ordinary general assembly of the Doha Insurance Group agreed during the meeting that was held yesterday, on the agenda and adopted the distribution of cash dividends to shareholders by 17.5 % of the nominal value per share at 0.175 riyals per share.
The Board of Directors report confirmed that the group continued its tireless endeavors to preserve its distinguished position, which was assumed during 2023, and during the year 2024, it was able to raise its share of the local market and achieve a growing growth lineage of a way to build good and long -standing relationships that enable it A balanced insurance, which enhances its location and its position as the best ally for its customers, and recorded an advanced achievement in the year 2024 by entering it as a major teaching in the international reinsurance market for the energy sector covering the Arab and regional regions. Where she succeeded in winning insurance coverage of three major projects in the field of liquefied natural gas construction associated with the North Field expansion project in Qatar, which enhances the group’s presence in the global energy securing market and supports its vision in the effective contribution to achieving the development goals and economic growth of the State of Qatar.
Sheikh Nawwaf bin Nasser bin Khalid Al Thani-Chairman of the Board of Directors said during his speech that the insurance premiums of the fiscal year 2024 exceeded the barrier of 2 billion riyals, an increase of 36% over the previous year. While the net profits reached 190.4 million riyals compared to 150.7 in the previous year, with a growth rate of 26%, which confirms the continued growth of the competitive capabilities of the group and the integrity of the technical foundations pursued in addition to its strong operational performance and the management of institutional risks.
He added: «In the context of its ambitious strategic vision of regional and international expansion, the group obtained the initial approval of the Qatar Central Bank to open the branch of an international insurance office in the International Financial Technology City in Gift City in the Republic of India to practice the reinsurance activity. And that the group’s establishment of this step comes as a continuation of the series of successes that it has achieved in its other centers, as these branches had clear contributions to strengthening the group’s revenues and supplying its insurance portfolio in order to allow it to seize a greater amount of installments and improve the returns of technical profits ».
The group also announced during the last quarter of the year 2024 the signing of a memorandum of understanding with the Bupa Global Company with the aim of entering a strategic partnership to provide products and solutions to international health insurance in the Qatari market in an effort towards benefiting from the experiences of the joint parties in the local and international health insurance markets and providing distinct options that meet the needs of our customers in this field inside and outside the State of Qatar. Note that the Buba Company is headquartered in the United Kingdom and it provides international health insurance for individuals and companies and provides international coverage of the first -class health insurance products and services. We expect to obtain the approval of the Qatar Central Bank on this product and circulate it during the first quarter of this year.
Sheikh Nawwaf bin Nasser bin Khalid Al Thani stressed that during the year 2024 the group maintained its credit rating at the degree (A-) with the remaining outlook remaining stable, as announced by the Global Credit Classification Agency Standard and Poor’s, and the group will continue its endeavor during the coming period to raise its credit rating in a manner that is appropriate to its achievements and the development of its positive and escalating results.
And on the most important financial results achieved during the year 2024, the Chairman of the Board of Directors of the Doha Insurance Group said that the assigned insurance premiums amounted to 2,085 billion riyals compared to 1,534 billion riyals in the year 2023, while the results of the insurance service and net financial results for insurance amounted to 128.7 million riyals compared to 103.3 million riyals in the year 2023.
As for the return on investment in local shares, benefits for banks and other revenues, it amounted to 80.5 million riyals compared to 62.3 million riyals in the year 2023. The group also achieved net profits of 190.4 million riyals compared to 150.7 million riyals in the year 2023.
The total shareholders ’rights amounted to 1,295 billion riyals, compared to 1,213 billion riyals in the year 2023, and the return on the stock was 0.38 riyals for the year 2024 compared to 0.30 riyals in the year 2023.
As for the total assets, it amounted to 3,288 billion riyals for the year 2024 compared to 2,786 billion riyals in the year 2023.
The future plan
The future plan for the Doha Insurance Group includes the transfer of Doha Takaful Company from a limited liability company wholly owned by the group into a private joint stock company in preparation for converting it in the future to a public joint stock company based on the requirements of Law No. (13) of 2012 to issue the Qatar Central Bank and Financial Institutions Law, knowing that the approval of the Qatar Central Bank has been taken to change the name of the Doha Takaful Company to a new name (Doha Islamic Insurance) “Comprehensive”) This new name will be adopted after completing the necessary legal steps, including publicity in the Official Gazette.
In addition to the opening of a new branch in India to achieve more expansion and spread and enter into regional and international alliances in which the group supplies its insurance and other investment portfolios, which enhances the continuity and development of profitability and development.
And continuing to invest in the development of computer capabilities, and the group has successfully completed during the year 2024 the unification of all its internal programs through a unified program that includes all its companies and branches, including insurance and reinsurance programs.