DOHA — Damaan Islamic Insurance Company (Beema) has reported a jump in net profit to $3.73 million for the first quarter of 2023 as against $3.72 million during the same period in the previous year.
In a statement posted on the Qatar Stock Exchange, Beema reported an Earnings Per Share (EPS) of QR 0.068 as of March 31, 2023, while the EPS for the same period in 2022 was QR 0.068.
Earlier this year, Beema revealed that it achieved gross written premiums (GWPs) of $108 million in 2022, marking a 6.8% increase from 2021. The company also recorded a total policyholders’ surplus of $12.25 million in 2022.
Beema emphasized its strong financial performance in 2022, reporting a total shareholders’ income of $28.46 million and a total shareholders’ profit of $15.54 million, representing a 13% and 11.4% increase, respectively, compared to the previous financial year. Additionally, the earnings per share rose from QR 0.25 in 2021 to QR 0.28 in 2022.
Beema attributed its sustained strong financial performance to its prudent strategy, robust risk management framework, and efficient operating model.
Despite challenging conditions in the insurance sector, the company continued to drive growth. Beema maintained a strong solvency ratio of 299.6%, exceeding regulatory minimum limits, and secured an A3 credit rating from Moody’s, demonstrating financial strength and resilience.
In 2022, Beema achieved a significant milestone by converting into a Qatari public Shareholding company and successfully listing its shares on the Qatar Stock Exchange in January.
Based on the strong results achieved, Beema’s board of directors, in consultation with the company’s Sharia Supervisory Board, recommended distributing 7% of the total policyholders’ surplus to policyholders. The board of directors also proposed an annual dividend to shareholders equivalent to 16% of Beema’s issued and paid-up share capital, totaling $9 million (QR 0.16 per share).
Nasser al-Misnad, CEO of Beema, commented on the 2022 financial results, expressing confidence in the company’s consistent and sustainable growth.
He highlighted Beema’s commitment to generating value for policyholders and shareholders, particularly after the successful direct listing on the Qatar Stock Exchange, which welcomed new shareholders to the company.