Irish insurer FBD Holdings says that it has remained profitable so far in the second half of 2010 even though trading conditions have been difficult. Trading has been modestly ahead of expectations thanks to a better underwriting performance. Management believes that the insurer is on course to report 2010 operating earnings of €1.05 to €1.10 per share. Premiums are hardening in the Irish insurance market. Policy volumes have stopped declining. Insurable risks and values are reducing as the economy declines. Management is pleased that Ireland has introduced a nationwide network of speed cameras because it thinks that this will help to reduce motor claims. FBD's property and leisure businesses in Ireland and Spain are profitable in the second half. FBD believes that the write-downs it has made on its property portfolios mean that there is limited further downside. Irish property remains a concern, though.