Insurance group FBD said today first-half operating profit fell 13 per cent to €75.7 million but beat its target thanks to a better-than-expected underwriting performance.
FBD reported operating earnings per share, based on a longer rate of investment return, of 173.11 cents in the six months to the end of June, down from 192.07 cents in the same period last year.
In June, FBD said it was on course to achieve its operating profit target for the six months to June 30th and was comfortable with market expectations for full-year operating earnings.
"The group is on schedule to deliver a performance for the year which we are confident will fulfil expectations," FBD said in today's statement.
The group said it was still exploring all options for best using its capital, including opportunities to invest in its primary insurance underwriting business or related financial service activities.
"As in the past, other options for use of capital are not ruled out if deemed to be in the best interests of shareholders," it added.