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(Alliance News) - Irish insurer FBD Holdings PLC doubled its pretax profit during the first half of 2019 with underwriting profit also rising during the period.
In the six months to June 30, pretax profit rose to EUR38.7 million, up from EUR18.4 million a year before. Underwriting profit rose 54% year-on-year to EUR29.2 million from EUR18.9 million.
Gross written premiums fell slightly to EUR189.7 million from EUR192.0 million with the loss ratio standing at 56% down from 63%.
The combined operating ratio was 83% down from 89%. The lower this ratio the more profitable is an insurer's underwriting.
Revenue fell by 1.1% to EUR202.1 million from EUR204.3 million, but new business volumes rose 5% on the first half of 2018.
The company said: "The half year results for 2019 are strong driven by disciplined underwriting, a rebound in investment markets, a good winter and prior year reserve releases. Despite new business growth, overall premium levels are down modestly reflecting a difficult competitive environment including aggressive competition and sustained price pressure.
"The group has a clear strategy that will deliver sustainable growth in book value through a customer centred approach, underwriting discipline and careful risk selection. The combined operating ratio of 83% reflects that underwriting discipline."
Looking ahead, FBD is targetting a full-year combined operating ratio inside the low 90s and a low double-digit return on equity. In 2018, return on equity stood at 15%.
A hard Brexit, it said, could badly hurt Ireland's farm and agriculture industry, so as a result, FBD is planning for "some limited operational impacts".
Shares in the company were untraded in London on Thursday afternoon, last closing at EUR9.18.