Insurance company Quinn Direct has reported pre-tax profits of €52m for the first half of this year.
It says its premium rates were cut by an average of 14% in the period, adding that it is 'confident' of further reductions before the end of the year.
Quinn Direct says it is on target for a 40% increase in turnover for the full year, though it adds that overall growth in the insurance market will be negligible.
General manager Kevin Lunney said that while the recent recovery in stock markets had contributed to the strong first half profits, the underlying underwriting performance had also continued to strengthen.
He attributed this to fewer accidents on the roads and in the workplace and a proactive approach to claims management.
Quinn's figures follow a number of other improved profit figures from insurance companies in the Irish market.
