Profits at Qatar Insurance Company rose to $90 million during the first quarter of the year, a 7 per cent increase year-on-year.

And the company’s Bermudian-based reinsurer, Qatar Re, accounted for $307 million, or about 41 per cent of the group’s total gross written premiums.

QIC saw a significant increase in written premiums, which totalled $741 million; that is 41 per cent higher than the same period last year.

Against what it describes as “renewed volatility in global and regional markets”, the Doha-headquartered group saw its investment income improve to $51 million, up $2 million. However, the return on investment slipped from 7.6 per cent to 6.5 per cent.

Khalifa Al Subaey, QIC’s chief executive officer, said the group was continuing its drive towards growth and diversification.

In a statement, the group noted the key role played in its success by Qatar Re, which has offices in Pitts Bay Road.

The reinsurer redomiciled from Qatar to Bermuda last year. Reasons given for the move were the island’s international reputation, its proximity to the US market, and the anticipation of achieving the EU’s Solvency II equivalence. Bermuda’s Solvency II equivalence was confirmed last month.

In releasing its first-quarter results, the group reported a 5 per cent drop in administrative and general expenses to $41 million.

“The expense ratio improved from 15 per cent to 9 per cent, testifying to the group’s operational efficiency,” QIC stated.

Mr Al Subaey said: “We believe that our financial performance for the first quarter of 2016 testifies to our growing resilience against the regional and global volatility in economic and insurance and reinsurance market conditions.

“Going forward we will continue to expand our global presence and grow our portfolio exploring further opportunities across personal and commercial lines of insurance as well as in reinsurance.”

QIC, which is listed on the Qatar Exchange, has a market capitalisation of about $4.6 billion.