(MENAFN- The Peninsula) The Peninsula
DOHA: Qatar Islamic Insurance Company (QIIC)has booked a Gross Written Contribution (Premium) of QR316.6m for the year 2017, up from 313m posted in 2016.
The shareholders' profit stood at QR61.9m compared to QR 63.5m recorded a year ago. The Earnings per share stood at QR4.13 compared to QR 4.23. The policyholders' Surplus registered more than 100 percent growth and increased to QR16.2m in 2017 compared to QR7.9m in 2016.
The company disclosed the financial results for the year in the Board meeting, chaired by the Board of Directors Chairman Sheikh Abdullah bin Thani Al Thani.
Sheikh Abdullah 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 Board recommended the General Assembly to declare 35 percent cash dividend on nominal share value i.e. QR 3.5 per share, he said.
He also announced that the company shall distribute, for the eighth consecutive year, 20 percent surplus to all the eligible policyholders for 2017 yet again demonstrating the attraction of the Sharia Compliant Insurance system (Takaful) that rewards both shareholders as well as policyholders.
Ali Ibrahim Al Abdulghani, CEO of Qatar Islamic Insurance, commented that the management's prudent underwriting and risk management policies generated good technical results that supported overall results in 2017 when investment returns were falling. He also thanked all Company staff for their team-efforts, dedication and loyalty in making Qatar Islamic Insurance a role model in Takaful industry world-wide.
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