FBD reports strong first-half performance

FBD Holdings has announced continued profit growth for the period ended 30 June 2003, powered by strong sales figures and what the company termed "substantial savings" in pre-2003 injury claims.

A fall in accident frequency this year also had a positive effect, resulting in a turnaround in the underwriting result from a loss of €4.3m in the first half of 2002 to a profit of €32.2m in 2003.

FBD also claimed to have reduced car and home insurance premiums by 10% in recent months while reducing by 7.5% the property rates for shops, pubs and other retail outlets.

Its Property and Leisure businesses were described as "most satisfactory" while the contribution from FBD's Financial Services businesses also increased.

Commenting on the interim results, Chief Executive, Philip Fitzsimons, said: "Turnover at the group increased by over 26% for the first six months while operating profit was €61.8m compared to €17.3m for the same period last year.

"Each of the group's business divisions - Insurance Underwriting, Financial Services and Property/Leisure - contributed to this performance," he added.

An increase of 16.5% in the interim dividend has been declared.