By Mohammad Shoeb DOHA: Qatar Islamic Insurance Company (QIIC) yesterday held its Annual General Meeting (AGM) and the shareholders approved all the agenda, including the Board’s proposal to distribute cash dividends of 40 percent of the paid-up capital (QR4 per share) for the last financial year ended December 31, 2015. The Peninsula 
The Company succeeded in exceeding its business and operational goals and targets in 2015 by generating gross premium of about QR293.10m, and aggregate net profit of about QR88.16m, of which net policyholders’ surplus amounted to about QR6.17m and shareholders’ profit reached about QR81.99m, constituting Earnings per Share (EPS) of QR5.47.
The Board of Directors of QIIC, in co-ordination with the Shariah’ Supervisory Board, has decided to reimburse policyholders with cash surplus equaling 20 percent of the premiums written in 2015, which is the highest so far.
Sheikh Abdulla bin Thani Al Thani, Chairman of the Board, who presided over yesterday’s AGM, said: “As for the future, the Board will pursue, with unwavering determination, the Company’s strategic plans for the years (2015-17) to ensure its continued growth and prosperity. Our approved three year strategic plan and goals will permit us to increase our share of insurance business in Qatar, maximise our insurance underwriting capacities, retention and profit efficiency, re-engineer our motor insurance operations, maximize the efficiency of our investment assets diversification and profitability, rise in the Qatarisation percentage.”
“Although we recognise that 2016 will pose a real challenge to the Qatari private sector and, especially the Qatari joint stock companies, given the current global economic turmoil and the unprecedented competitive environment dominating the domestic insurance market, we are confident that we will consolidate our market position, create new business opportunities in Qatar and abroad and ensure QIIC’s continued success in 2016 and beyond”, added the Chairman.
Later in the Extraordinary General Assembly the shareholders ratified all the agenda of the meeting, including an amendment to the Statute of the company according to regulatory requirements in accordance with the Commercial Companies Law No. 11 for the year 2015, and authorised the Board to complete all the necessary procedures for it and authorised the Chairman / Vice Chairman to sign the amended Statute of the company.
QIIC shareholders also approved to the proposal of the Board of Directors to amend the Article (17) The Company shall be managed by a board consisting of seven members ‘instead of 11 members’ elected by the Ordinary General Assembly by secret ballot, (that is to be applied in the coming Assembly elections in 2017).
