Qatar Islamic Insurance Company (QIIC) yesterday announced its financials for the year 2016, and the Company’s board has recommended distributing a cash dividend of 35 percent to the shareholders from the share nominal value equivalent to QR3.5 per share, noting that return on a share is QR4.23 compared to QR5.47 for the year 2015.
The decision was announced yesterday at QIIC’s General Assembly Meeting, chaired Sheikh Abdulla bin Thani Al Thani, Chairman of the Board of Directors. The total gained profits of the shareholders after calculating the impairment loss is QR63.50m compared to QR81.98m for year 2015, adding that although the negative changes in the international economy resulted from the drop in oil prices and its negative impact on growth ratios of both local economy and international economy as well but the QIIC realised 7 percent growth in the underwritten insurance contributions (premiums) for QR313.04m compared to QR293.10m for the year 2015.
Ali Ibrahim Al Abdulghani (pictured), CEO of Qatar Islamic Insurance Company explained that the drop in the general performance of the Company for the Year 2016 is due to negative reflection of the movement of the international economy which has led to deflation in the investment process, on the contrary, the growth realised in the operational sector considered as a good indicator of the Company's successful underwriting policy and the technical risk management adopted by QIIC.
