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The FBD group has said that it has achieved revenue levels on par with last year despite a contraction of the Irish insurance market so far this year.

FBD desrobed the market as 'very competitive' as evidenced by the level of advertising spend and the pricing of business insurance risks.

The group says it has mantained revenue with growth in policy volume despite a reduction in the average revenue per policy.

Benign weather experienced in the first quarter and reduction in miles driven by Irish motorists, also contributed positively and helped deliver an improved loss ratio fro the company.

In a statement FBD said it expected Irish domestic demand to reduce further, albeit at a diminishing rate, with premiums set to fall in line with the broader economy.