FBD’s pre-tax profits more than doubled to €38.7m for the first six months of 2019 compared to the same period last year.

The insurer reported a slight decrease in premiums to €190m as a result of increased competition.

FBD said the results reflect solid underlying profitability and disciplined underwriting.

It also said that the exceptionally benign winter resulted in fewer weather-related claims.

The European Commission is currently investigating whether Irish insurers are operating as a cartel.