Bermudian-based Qatar Re is playing a significant role in the growth of its parent company, Qatar Insurance Company, according to the company’s half-year earnings report.

Doha-based QIC said its international carriers, the largest of which is Qatar Re, accounted for 74 per cent of the parent’s total gross written premiums, up from 71 per cent in the first half of 2017.

The international carriers saw a 9 per cent increase in gross premiums written to $1.3 billion. They include UK-based Antares and Malta-based QIC Europe Ltd, as well as Qatar Re, which is based in offices on Pitts Bay Road.

QIC said premiums at its Middle East and North African business remained stable.

QIC reported net profit of $106 million for the first half of the year, down from $139 million for the corresponding period in 2017, while the non-life combined ratio improved to 100.5 per cent from 101.5 per cent a year earlier.