Reinsurer Qatar Re has announced 2014 results with gross written premiums having increased by 60 percent to USD536 million, net income came in at USD16 million, up from USD0.5 million, and investment income grew by 40 percent to USD27 million.

The net underwriting result came in at USD27 million, compared with USD11 million in the previous year. The technical margin on its net premiums written, after significant intra- group cessions, increased from eight percent in 2013 to 15 percent during the reporting period. Furthermore the portfolio’s diversification continued to improve. The combined share of the three largest classes—motor/casualty, property and agriculture—decreased from 75 to 61 percent.

In the past year, Qatar Re’s North American business has grown considerably as the Company’s Bermuda branch became fully operational. The Americas now account for 24 percent of the total portfolio, up from 14 percent. By contrast European business decreased in share from 52 to 48 percent.

The investment result of USD27 million, representing return on investment of 9.6 percent, contributed favourably to Qatar Re’s results. Total investments amounted to USD415 million, as compared to USD385 million in 2013. Total available for sale financial assets increased from USD179 million in 2013 to USD285 million in 2014.