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FBD said profits this year will be higher than previously expected after the company was boosted by its underwriting business.
In an interim management statement for the period since the start of July, FBD said it has “continued to perform strongly, building on its first half to deliver strong earnings and profit after taxation in the second half of 2012 to date”.
“The group has performed ahead of market guidance, primarily due to the continuation of the first-half claims performance in the underwriting business,” it added.
As a result of what it described as an “excellent performance” in the year so far, it now expected to post earnings per share of between 155c and 165c. That is 10pc higher than had been previously flagged to the market.
The growth came despite the fact that policy volumes were down marginally in the second half of the year so far. FBD said that prices in the market for some insurance products have continued to fall, which it said was due in part to reducing risk as economic activity declines.
