FBD performs ahead of estimates

INSURANCE group FBD Holdings said earnings in 2006 are on course to beat last year’s figures.

The company yesterday updated the market on trading in the first six months of the year, saying profits will be boosted by the sale of property in Spain for €120 million in cash, though this gain will be offset to some extent by the recent hit to world stock markets.

The company said in the trading update ahead of interim results this September that the first-half insurance underwriting performance is somewhat ahead of budget, but policy growth has continued to be strong and premium income levels are also ahead of its internal estimates. Claims and other costs are running at anticipated levels.