Insurer FBD said it expects to record a profit before tax of at least €70m when its results for last year are published in March, significantly ahead of market expectations.
The figure is around twice what analysts had been expecting.
However, the company said strong underwriting results have been partially offset by a negative return on investments.
In a trading update the insurance company said its underwriting performance had benefited from low injury claims frequency.
It had also received a boost from benign weather throughout the year and positive prior year reserve development.
But it added that it had seen €10m loss in investment returns through its Income Statement and a €90m negative return through other comprehensive income as a consequence of market movement in its bond portfolios.
FBD will report its full year results for the 2022 financial year on March 10.
