Profits at Qatar Inusrance Company fell $24 million to $196 million during the first nine months of this year.

However, the parent company of Bermuda-based Antares Reinsurance Ltd has reported strong underwriting results.

New written premiums jumped by one-third to $1.2 billion between January and the end of September. That is up from the $933 million reported during the same period last year. Net underwriting totalled $175 million, a rise of 25 per cent.

The company said its international reinsurance operations with Qatar Re and Antares were key drivers in the improved figures.

Gross written premiums were up 20 per cent at $1.48 billion, while return on equity was 16.2 per cent.

Qatar Insurance Company’s investments took a hit, dipping from the $218 million achieved in the first nine months of 2014, to $161 million during the same period this year.

This was attributed to a “softening” of global trading conditions, coupled with the effect of lower oil prices on investments and regional economics.

Khalifa Al Subaey, president and chief executive officer of Qatar Insurance Company, said: “The group’s financial results reflect increasingly competitive global (re)insurance market conditions, compounded by increased financial market volatility and the impact of falling oil prices on the Middle Eastern economies.

“Despite prevailing volatility, our domestic, regional and global insurance operations have continued to perform in line with expectations.

“In particular, we have witnessed increased buoyancy in our personal lines business in the region. The outlook for personal lines including motor, medical and life insurance business seems to be positive and is an area for further focused growth.”

In a statement, Mr Al Subaey noted that Qatar Re is now ranked among the global top 50 reinsurers.

“In accordance with our business plans and our continued focus on niche and specialty opportunities, we will further grow and expand its global franchise through capital injections and efficient capital management,” he said.

“Our Lloyd’s platform Antares also demonstrated sustained premium growth whilst remaining committed to prudent underwriting and risk selection.”

Qatar Re, which already has an office in Bermuda, is in the process of redomiciling to the Island, a move that is expected to be completed by the end of this year. Antares is to be merged with Qatar Re, creating a Class 4 reinsurer with a capital base of approximately $500 million.

Last month Qatar Re reported half-year profits of $13.4 million, down $1.5 million year-on-year.