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LONDON (Alliance News) - Irish insurance firm FBD Holdings PLC on Wednesday reported a significant increase in profit for the first half of 2018, driven by a strong underwriting performance.
For the six months to June, FBD's pretax profit came in at EUR18.4 million from EUR11.9 million a year before. Underwriting profit rose to EUR18.9 million from EUR11.1 million.
Gross written premiums rose to EUR192.0 million from EUR189.7 million, with its loss ratio standing at 63% from 71%, expense ratio at 25% from 23%, and combined operating ratio 89% from 93%. The lower the combined operating ratio the more profitable FBD's underwriting.
All main channels managed to increase premiums, the company said, while new business volumes rose 16% year-on-year and 21% half-on-half.
FBD said the strong performance came despite very poor weather in Ireland during and just before the period, including a major storm in October and significant snowfall in March, with its reinsurance business "responding well".
FBD said it is in a strong position, with its good combined operating ratio a direct result of underwriting discipline and improved rate adequacy, though it said Brexit still continues to bring uncertainty.
Shares were untraded on Wednesday, last quoted at a price of EUR10.15 each.
