DOHA: International ratings agency Moody's has rated Qatar Islamic Insurance Company (QIIC) as one of the best Islamic insurers in the world for the second consecutive year in 2009.
Net profits of the company totalled QR51m in the year (2009). The shareholders of the company approved its 2009 financials at the annual general meeting (AGM) here yesterday.
Of the total net profits of QR51m, policy holders' profits amounted to QR17m, while the remaining QR34m went to the shareholders' account, representing earnings per share (EpS) of QR2.27. Insurance premiums collected last year amounted to QR159m, whereas total Assets amounted to QR586.75m as compared to QR584.511m in 2008.
The AGM also approved the recommendation of the company's board of directors to distribute cash dividend of 25 percent (of the nominal value of a share), that is QR2.5 per share.
The AGM endorsed the remunerations for the board members too, totaling QR1.395m, or QR155,000 for each member, for the year under review.
Sheikh Abdullah bin Thani Al Thani, Chairman of the Board, told the shareholders while tabling the 2009 financials that the company was able to post robust results in the year.
He said Moody's, the global ratings agency, for the second consecutive year running has rated the QIIC as one of the best Islamic Insurance companies with regard to capital adequacy and financial strength in the world.
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