WHILE motorists insured with Guardian PMPA will benefit from lower premiums, those with the Hibernian Group will have to wait a while longer. Announcing annual results this week, Hibernian considers that the increase in motor accidents and fatalities in the Republic during the first two months of this year left little scope for premiums' reductions.

Despite intense competition, Hibernian Group managed a 9 per cent rise in annual profits to £26.8 million. Slower sales of life and motor policies last year were offset by a 6 per cent growth in investment income to £35.5 million and improved underwriting business in the Republic.

Hibernian, the second biggest motor insurer after Guardian PMPA, has 14 per cent of the market. Chief executive Adrian Daly says the group has earmarked £4.5 million for a promotional, administrative and "repositioning " strategy to increase sales over the next 18 months.