Beema records solid full year net profit for 2018

Damaan Islamic Insurance Company (Beema) reported solid financial results for the full year 2018. The Company’s total amount of  contributions reached QR332m, as the surplus insurance operations reached QR20m. The shareholders portfolio posted a net profit of QR42m.

Beema has succeeded in achieving the results that reflect the outstanding performance, despite the difficult economic situation and the competition between insurance companies operating in the country, by upgrading the level of its services, developing its products by launching different insurance programs, that suits all categories, and by developing its electronic systems to keep up with modern technical standards, the company said in a statement yesterday.

The current difficulties facing the insurance sector have not affected the company’s credit or its financial position that had been one of the most success factors, and established a basis for its strategy based on increasing production, developing operating mechanisms and staff training to enhance their technical and administrative capacities and seek to upgrade the company’s credit rating, currently it’s (BAA1), according to Moody’s agency.

Growth and success achieved by Beema were made despite the increased level of competition in insurance sector, either between national companies working under the umbrella of the Ministry of Commerce & Industry or Qatar Financial Centre. This success makes Beema looks forward to the future at a steady pace to achieve more successes in its quest to reveal its ability to lead Qatar’s Takaful insurance sector on the local market level.

In light of such good results, the General Assembly of the Company approved a distribution of  7 percent in surplus to policyholders, who had no claim records in 2018, and approved distribution of dividends to the shareholders with a rate of 10 percent.

The Board of Directors expressed its sincere gratitude and appreciation to His Highness, the Amir of the State of Qatar, and H E the Prime Minister, for their support and encouragement to the company. The Board also extend its sincere thanks to the employees of the Ministry of Commerce & Industry and the Qatar Central Bank for their sincere cooperation, Sharia’ Supervisory Board of the company for its generous guidance, shareholders and the customers, policyholders, for their precious trust and continuous support, and to company’s management and its employees for their dedication and hard work.

Source from: The Peninsula