Insurance group, FBD Holdings, reported profit before tax of €39m for the first six months of the year, compared to €3m during the same period last year.
Revenue at the group increased by 4.5% to €195m, and FBD plans a special dividend for investors of 100 cent per ordinary share.
Gross written premium was up over 7% to over €206m.
The group's estimate for business interruption arising from the pandemic has reduced by €15m to €27m following the final judgement in a test case involving a small number of pubs.
Group Chief Executive Tomás Ó Midheach, said, "We welcome the final Judgement on the Business Interruption test case. This ruling allows us to finalise all valid Covid 19 related claims and State subsidies."
The group's customer retention levels increased by 0.2% year on year, and average premium increased by 4.6% across the portfolio. FBD said average premium for motor insurance increased by 1.7%
Mr Ó Midheach said economic conditions remain challenging for businesses and customers alike. Inflation continues to be experienced in property and motor damage claims, he said, but injury claims experience has been benign and there were no significant weather events.
"The business remains strongly capitalised with a capital ratio above our stated risk appetite. As signalled earlier this year and following engagement with our stakeholders, a special dividend of 100c per ordinary share was approved by the Board."
The Group CEO said the firm is supportive of the steps the Government has taken on insurance reform to reduce claims costs and consequently insurance premiums. "The increased acceptance rates of awards from the Personal Injuries Resolution Board could indicate the Personal Injury Guidelines are being adopted, although their ultimate impact will not be known until the challenges make their way through the courts," said Mr Ó Midheach.
