Net written premiums also rose from $933m to $1.2bn
Despite profits being down, Qatar insurance Company Group (QIC) has seen a 20% increase in gross premium for the first nine months of 2015.
Gross Written Premium (GWP) rose from $1.23bn in the first nine months of 2014 to $1.48bn in the first nine months of 2015.
The market capitalisation of QIC is approaching $5bn.
Qatar Re is the parent company for Qatar Re and Antares.
QIC Group president and chief executive Mr. Khalifa Al Subaey stated: “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.”
He continued: “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.”