Insurance group FBD Holdings this morning reported pre-tax profits of €14.1m for the first half of the year, up more than €6 million on the same period last year.
Operating profits rose by 34 per cent to €17 and earnings per share grew by 39 per cent to 35 cent. A 12 per cent higher interim dividend of 9.1 cent was declared. Last year the dividend was 8.1 cent.
While the chief executive, Mr Paul O'Callaghan welcomed today’s results, he expressed his concern at the escalating level of claims costs and the consequent impact on the cost of insurance.
He said the process of introducing the 10 measures recommended in the recent Motor Insurance Advisory Board report relating specifically to the Insurance industry was "well underway" and called on the Government to implement the remaining 57 recommendations "at the earliest possible date as insurance premium reductions will ultimately depend on the national measures taken".
FBD's net premiums earned are up 24.2 per cent to just over €114.6m, while the technical insurance result was also on an upward curve, rising from €5.3m to €9m.
Profits from FBD’s financial services businesses dropped to €1.5m as a result of declining equity markets.