FBD first-half losses down

Insurer FBD this morning posted what it called "strong" results for the first half of 2010, with operating profits of €11.3m for the six months to end June.

Insurer FBD this morning posted what it called "solid" results for the first half of 2010, with operating profits of €11.3m for the six months to end June.

Pre-tax losses were €7.9m, an improvement on the €21.8m losses for H1 2009.

The company said the results came against a background "of unprecedented weather related claims" and the difficult economic environment.

Gross premiums written increased by 1.4%, the first rise in premium income since 2007.

Operating earnings per share were 29.56 cent, compared to 34.95 cent for the same period in 2009. The company disclosed an interim dividend of 10.5 cent per share (2009: 10.0 cent).

“Despite some of the worst weather conditions experienced in this country for many years, FBD delivered a strong first half operating performance," CEO Andrew Langford said.

"After eight years of contraction, market revenue is likely to remain static or show a slight increase in 2010.

"FBD is well positioned to maximise the opportunities for profitable growth as they arise."