Doha, Qatar — Qatar General Insurance and Reinsurance Company (QGIRCO) announced unrealized losses amounting to QR 1.6 billion ($439 million) in 2023.
In a statement on Qatar Stock Exchange website, the company recorded a net loss of nearly QR 1.465 billion in comparison to a net loss of QR 532.113 million for the same period of the previous year.
The loss per share amounted to QR 1.675 in 2023 versus loss per share of QR 0.608 for the same period in 2022.
Chairman of Qatar General Insurance and Reinsurance Sheikh Khalifa bin Jassim Al-Thani 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 percent, and insurance underwriting results rose to QR 153 million.
The Board of Directors proposed not to distribute dividends, the company said.