Hibernian reports 21% profits rise to €150 million

HIBERNIAN Group has reported a 21% increase in operating profits to €150 million in the first six months of the year. The group covers life, pensions and general insurance and is the country’s largest insurer.

It said lower claims have pushed the cost of motor insurance down to 1999 levels at this stage for many motorists, a claim made recently by Axa which has been the dominant player in the Irish car insurance market.

The CSO said in July 2005 the overall cost of motor cover in the Irish market was still over 8% higher than in 1999, but confirmed the cost of cover has fallen significantly from its peak in 2003.