Bermuda-based Qatar Re now accounts for half of the Qatar Insurance Company’s (QIC) total premium income after its reinsurance premiums rose 116 per cent during 2015.

Announcing its full year results, QIC reported a consolidated net profit of $292 million, which was $10 million higher year-on-year.

The Doha-headquartered group grew its premiums by 49 per cent to $2.3 billion. Its return on equity remained stable at 18.1 per cent, while earnings per share rose from $1.49 to $1.55.

The group’s reinsurance subsidiary, Qatar Re, redomiciled from Qatar to Bermuda last year and was granted a Class 4 licence last month. The company also has branch offices in Dubai and Zurich.

In a statement, parent company QIC said Qatar Re had strengthened its market position by moving to Bermuda, “benefiting from the jurisdiction’s Solvency II equivalency, a closer proximity to the US, the world’s largest insurance market, and improved capital efficiency”.

Meanwhile QIC, reporting its full-year financial results, explained that profit growth fell short of premium growth as a result of “regional economic and investment headwinds due to lower oil prices and continued softening of global reinsurance and speciality insurance markets”.

Antares, the Bermuda-based specialist Lloyd’s insurance and reinsurance group which QIC acquired in 2014, established a platform at Lloyd’s Asia in Singapore. And during the past year Antares Lloyd’s Syndicate 1274 launched a new property direct and facultative division.

Last year was a challenging one for Middle Eastern and other global investment markets, said Khalifa Al Subaey, group president and chief executive officer of QIC.

“On the back of our excellent geographical product diversification with sustained profitability of our insurance and reinsurance book, we have proven our resilience, successfully navigating the turbulent waters in 2015,” he said.

“Buoyant personal lines markets in the Middle East and a rapid expansion into global speciality (re)insurance markets in particular have offset the impact of the increased volatility in equity and fixed-income markets.”

QIC has a market capitalisations of about $3.9 billion, and shareholder equity of $1.65 billion, up from $1.63 billion.

Sheikh Khalid bin Mohammed bin Ali Al-Thani, chairman of the board and managing director of QIC, said: “We are cautiously optimistic about our outlook for 2016. With renewed focus on international expansion in areas of high potential, we aspire to be ranked among the global top 50 insurance groups by 2030.”