Qatar General Insurance and Reinsurance has announced its 2023 financial results reporting a net loss of nearly QR 1.465bn, compared to a loss of QR 532.113mn in 2022.
The Qatar-based company also reported unrealized losses of QR 1.6bn, compared to QR 527.260mn in the same period last year.
The loss per share amounted to QR 1.675 in 2023 versus the QR 0.608 loss per share the firm reported for the same period in 2022.
Sheikh Khalifa bin Jassim Al-Thani, HE Chairman of Qatar General Insurance and Reinsurance, stated that the financial results came from “unrealized losses due to the revaluation of investment properties and the reclassification of the Group’s investments in Algeria from investment in associates to financial assets at fair value through other comprehensive income.”
He noted that “the company continued improving its operational efficiency and implementation of the Group’s strategic plan. Insurance premiums increased by 9%, and insurance underwriting results rose to QR 153mn.”
The Board of Directors proposed not to distribute dividends.
As part of its financial results, Qatar General Insurance and Reinsurance also reported QR 768.212mn in insurance revenues 768.212mn, as well a loss of QR 332.472mn in net expenses from reinsurance contracts and a total loss revenue of QR 516.712mn.
