FBD Holdings sees €70m rise in pre-tax profits

Insurance group FBD has reported pre-tax profits of €185m for 2005.

The previous year's figure stood at €115m.

Strong new business volumes boosted the figures despite reductions in premiums during the year, according to the firm.

The group's total income climbed to €404.5m last year, up from €355m in 2004.

FBD's total written premiums rose to €389.5m last year, up from €351.5m.

The company's Chief Executive Philip Fitzsimons said he anticipates further premium reductions in certain areas if claims and pricing trends continue.