Mubasher: Doha Insurance Group (DIG) on Wednesday announced that it has received final approval from Qatar Central Bank (QCB) to open a representative office in Beirut, Lebanon.
The new office was named “Mena Re Life”, according to the company’s statement to the Qatar Stock Exchange (QSE).
The company aims at extending the group’s reinsurance reach in the International market.
This step comes along with the DIG’s strategy to open new markets and build on its strong credit and financial rating, the statement showed.
The Qatari group has completed all the formal procedures of establishing the office in accordance with the laws of the Lebanese Republic.
It is worth noting that DIG’s profits rose 1.8% to QAR 28 million for the first quarter of 2018, from QAR 27.5 million in Q1-17.
For the full-year 2017, the group’s profits slid 41.7% to QAR 42.16 million, against QAR 72.25 million in 2016.
By 10:19 am Qatar time, DIG’s stock levelled up 0.38% at QAR 13.01.
