In his address to the FBD AGM on Friday, chair Michael Berkery will tell shareholders that the insurer's profitability is improving due to favourable weather conditions and "strong underwriting action".

"We have maintained excellent levels of retention of key customer groups through our strong customer relationships and the level of service we provide," Berkery said in a statement before the AGM. "The hardening of insurance rates has continued into 2017, albeit at a more moderated level as we maintain our focus on underwriting discipline and profitability."

Public policy

He added that sustained public policy action is needed to improve the claims environment in Ireland.

"The injury claims environment remains uncertain and FBD welcomes the increased attention and action this is receiving from Government," Berkery said. "We note the progress to date on the recommendations from the Cost of Insurance Working Group.

"The group’s low-risk investment allocation has provided a return largely in line with expectations since the start of the year."

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