Insurance group FBD saw its operating profits jump by 60 per cent to €64 million last year on the back of favourable weather conditions and a low level of large claims.
Despite the difficult economic conditions, the insurer said its pre-tax profits rose to €59.7 million in 2011 from a pre-tax loss of €3.08 million the previous year.
The company said it was proposing a final dividend of 23.25 cent per share bringing total dividend to 34.5 cent, an increase of 9.5 per cent.
The establishment of a property and leisure joint venture and the sale of its insurance brokering business last year helped the company focus on its core insurance underwriting business, it said.
It also entered into a joint venture, which now owns and manages its former property and leisure operations and it also sold its general insurance broking business.
FBD Holdings chief executive Andrew Langford said: "For the first year since 2007, the results have benefited from favourable weather conditions and a low level of large claims".
"The group has a strong capital base and balance sheet, a low-risk investment allocation and a prudent reserving strategy. It is well positioned to delivery sustainable profitable growth".
