Qatar General Insurance and Reinsurance Company Reports Substantial Increase in Losses

55

Qatar General Insurance and Reinsurance Company has disclosed a significant surge in unrealized losses, amounting to QR1.6 billion for the fiscal year 2023. The company reported a net loss of nearly QR1.465 billion, marking a notable escalation from the QR 532.113 million net loss recorded in the corresponding period of the previous year.

Moreover, the loss per share witnessed an increase, rising to QR1.675 in 2023 from QR0.608 during the same timeframe in 2022. Qatar General Insurance and Reinsurance shares are presently 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 transitioned from being classified as investment in associates to financial assets valued at fair value through other comprehensive income.

Despite encountering these challenges, the chairman underscored the company’s unwavering commitment to enhancing operational efficiency and executing its strategic plan. Qatar General Insurance and Reinsurance witnessed a 9% increase in insurance premiums and an improvement in insurance underwriting results, which surged to QR153 million.

In light of the financial outcomes for 2023, the board of directors has proposed to abstain from distributing dividends for the year.