Qatar General Insurance and Reinsurance hit by huge leap in losses

Qatar General Insurance and Reinsurance hit by huge leap in losses | Insurance Business New Zealand

Reinsurance

Firm also announces its list of nominees for the board

Reinsurance

By
Kenneth Araullo

Qatar General Insurance and Reinsurance Company has reported an increase in unrealized losses, totaling QR1.6 billion for the fiscal year 2023.

In total, the firm posted a net loss of nearly QR1.465 billion, an increase from the QR 532.113 million net loss recorded in the corresponding period of the previous year.

The company’s loss per share also saw an uptick, rising to QR1.675 in 2023 from QR0.608 during the same timeframe in 2022. Qatar General Insurance and Reinsurance shares are currently listed at QR72.81 a share on NASDAQ under AGRI.

HE Sheikh Khalifa bin Jassim Al-Thani, chairman of Qatar General Insurance and Reinsurance, attributed the downturn to unrealized losses stemming from the revaluation of investment properties and the reclassification of the group’s investments in Algeria. These investments moved from being classified as investment in associates to financial assets valued at fair value through other comprehensive income.

Despite these challenges, the chairman highlighted the company’s continued focus on enhancing operational efficiency and executing its strategic plan. Qatar General Insurance and Reinsurance saw a 9% increase in insurance premiums and an improvement in insurance underwriting results, which climbed to QR153 million.

In light of the financial outcomes for 2023, the board of directors has proposed not to distribute dividends for the year.

Board nominees

Alongside its annual results, nominees for Qatar General Insurance and Reinsurance’s board were also announced by the firm for the term spanning from 2024 to 2026, following endorsement by the Qatar Central Bank.

The list comprises a mix of non-independent and independent nominees. Non-independent nominees include representatives from influential entities and individuals in Qatar’s business and financial sectors:

Middle East Business Development Company, represented by Sheikh Khalifa Jassim M J Al-Thani
Sheikh Meshaal Fahad A M Al-Thani
Waqf of Sheikh Mohammad Bin Jassim Al-Thani, represented by Mohammed Jaber A KH Al-Sulaiti
Sheikh Ali Jassim M J Al-Thani
Nasser Sulaiman H. M. Alhaidar

The slate also features independent nominees, including:

Mohd Ahmad M A Alobaidly
Abdulla Ahmad A A Al-Jehani
Saleh Hamad J Sh Al-Marri
Ibrahim Yousuf A A Al-Fakhroo

The announcement also sets up the general assembly meeting for the company, the date of which will be set following the receipt of necessary regulatory approvals.

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