Qatar Islamic Insurance has reported more than 1% year-on-year rise in gross written contribution (premium) of QR316.6mn in 2017.
The insurer, which reported a shareholders’ profit of QR61.9mn, has recommended 35% cash dividend to be approved by shareholders at the annual general assembly meeting.
The company’s earnings-per-share was QR4.13 compared to QR4.23 a year ago. The policyholders’ surplus registered more than 100% growth to QR16.2mn in 2017 compared to QR7.9mn in the previous year.
Sheikh Abdulla bin Thani al-Thani, chairman of Qatar Islamic Insurance, said the company would distribute, for the eighth consecutive year, 20% surplus to all the eligible policyholders for 2017. He said the board appreciated the management’s efforts in achieving these results despite a very challenging environment in 2017 due to negative impact of low oil prices on national economy.
The management’s prudent underwriting and risk management policies generated good technical results that supported overall results in 2017 when investment returns were falling, according to Ali Ibrahim al-Abdulghani, chief executive of Qatar Islamic Insurance.