Qatar Insurance Company (QIC) Group has reported a net profit of US$75 million for the first quarter of 2019, up 15% year-on-year.

In a statement by the Doha-headquartered insurer, it said that gross written premiums remained relatively stable at US$969 million in the first quarter of 2019, compared to US$976 million during the same period last year. QIC’s international operations grew in select low-volatility segments and now account for 76% of its total portfolio, while its combined ratio improved by 1.4 percentage points to 100.2%.

For the first quarter of 2019, QIC said that it adopted a more restrictive and selective approach to new business generation, reflecting its continued focus on de-risking its book and placing more emphasis on low-volatility segments. Its net underwriting result improved by 45% to US$46 million compared to US$32 million for the same period last year.

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“For QIC, the first quarter was a period of stability and consolidation. 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.

“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.“

In the first quarter, QIC also made several management changes. In January, Gunther Saacke, CEO of Qatar Re, announced his decision to leave QIC Group, while Michael van der Straaten, chief underwriting officer for long tail and specialty classes, was confirmed as his successor.

In the following month, Antares appointed active underwriter Jonathan (Joe) Battle as CEO, replacing Stephen Redmond, who assumed the newly created role of group transformation officer.