Hibernian Insurance said today operating profit rose 24 per cent in 2002 despite weak investment markets and increased claims for storm damage.
Combined operating profit rose to €192.2 million from its life and pensions, general insurance and investment businesses.
Commenting on the results, Mr Bryan Jenkins, Hibernian's chief executive said he was pleased with the results when set against the background of weak equity markets and the popularity of SSIAs which affected demand for investment products.
The high level of court awards of personal injury claims and increasing frequency of storms and freak weather also dragged on profits.
In Hibernian Life and Pensions, operating profit was €119 million, including a margin on new business slightly up on 2001 at 28.5 per cent. New pension sales rose 21 per cent over the year.
Hibernian said it welcomed the establishment of the Personal Injuries Assessment Board as well as recent initiatives aimed at improving road safety. Hibernian said "It is to be hoped that these developments will have a sustained beneficial impact on the cost of court awards and the frequency and severity of road accidents."
Hibernian's parent group, Aviva today announced a dividend of 20.78 cents per share. The payment date of the dividend will be May 16th 2003 and the record date will be March 28th 2003.