Qatar Insurance Company group, the parent of Bermudian-based Qatar Re, saw its nine-month profit increase from $130 million to $137 million.

The group’s combined ratio edged slightly lower to 101.5 per cent, compared to 102 per cent for the same nine months last year, while excluding the impact of reserve developments as a result of changes to the Ogden discount rate in the UK, the underlying combined ratio was 99.3 per cent.

A number of metrics increased year-on-year for the nine-month period, with gross written premiums up 3 per cent to $2.7 billion, and net underwriting premiums 11 per cent higher at $115 million.

Khalifa Abdulla Turki AlSubaey, group president and chief executive officer, said: “We continue to execute on our strategic shift towards lower volatility segments of the international markets. QIC’s stable underwriting profitability testifies to the attractive economics of this business, with relatively stable and predictable margins.”

He added: “The group’s near-term outlook remains cautiously optimistic. Our exposure to the geopolitical situation in the Middle East and the vagaries of global re/insurance pricing is relatively moderate. As QIC does not underwrite the market but focuses on bespoke, innovative and expertise-based transactions we continue to be shielded from a number of major risk scenarios presented by the political and economic environment.”

QIC’s earning per share for the nine months was 3.6 cents, compared with 3.1 cents year-on-year.

The group’s international carriers namely Qatar Re, Antares, QIC Europe Limited and its Gibraltar-based carriers account for approximately 76 per cent of the group’s total gross written premiums.

In April, Michael van der Straaten became CEO of Qatar Re, succeeding Gunter Saacke, who stepped down in March. Qatar Re has office on Pitts Bay Road.

During the nine-month reporting period, the QIC group said it improved its operational efficiency. In the first nine months of 2019 the administrative expense ratio for its core operations came in at 6.8 per cent.

QIC said it continues to reap the benefits from its ongoing endeavour towards process efficiencies and automation as well as the integration of back office operations.