Hibernian report 17% rise in profits

Hibernian Group today announced financial results for the half year to June 30.

Hibernian Group operating profit including life achieved operating profit was €127.1m, representing an increase of 17% on the corresponding period in 2003 (€108.4m).

The profits broke down to €26.1m in Life & Pensions and €101m in General Insurance.

Life & Pensions new business on an APE basis grew by 13% to €64.1m while General Insurance gross written premium was down for the corresponding period to €450m.

Funds under management were €8.1bn.

Commenting on the Interim Results, Bryan Jenkins, chief executive of Hibernian Group said: “Overall the half year performance was good with positive underlying performance across our businesses.

Restating the Group’s commitment to Government-led initiatives to control costs Mr Jenkins said: “It is early days, but the success of initiatives like the newly operational PIAB together with more stringent enforcement of road safety legislation have the potential to lead to further reductions in claims and associated costs for our customers.

"Already, we have seen premiums for motor business fall to levels last seen in 1999.”

"Hibernian’s continuing strategy in General Insurance is to reward responsible customers through the provision of lower premium costs.”