The parent company of Bermudian-based Qatar Re has reported $75 million net profit for the first quarter, an increase of $10 million, year-on-year.

Qatar Insurance Group’s earning per share were 21 cents, compared with 18 cents for the same period last year, while its gross written premiums remained stable at $969 million, down $7 million.

The Qatar-based group’s non-life combined ratio improved to 100.2 per cent, from 101.6 per cent.

Khalifa Abdulla Turki Al Subaey, group president and chief executive officer of QIC Group, said the first quarter was a period of stability and consolidation. He added: “As part of our de-risking effort, we have adopted a more selective approach to writing new business, rewarded by an improving technical performance. QIC remains firmly committed to shifting to lines of business with lower volatility where we see a more attractive risk-return potential.”

He also said: “In addition to underwriting, QIC’s investment prowess and commitment to operating efficiency continue to bear fruit and are essential to sustaining the Group’s overall profitability. Based on the strength and diversity of our performance engines, I remain confident in QIC’s future growth and profitability prospects, which should further benefit from what appears to be a slightly firming global re/insurance trading environment.”

QIC’s international carriers, which include Qatar Re, Antares, QIC Europe Limited and Gibraltar-based carriers, now account for 76 per cent of the group’s gross written premiums, an increase from 73 per cent a year ago.

In a statement, the group said its first quarter profit was driven by improving underwriting results and resilient investment income.

Last week, Qatar Re confirmed Michael van der Straaten as its new CEO. He succeeded Gunther Saacke, who announced in January that he was leaving the company.