Insurance company Quinn Direct has reported pre-tax profits of €52 million for the first half of this year as opposed to €33 million for 2002.
The insurance group - owned by Fermanagh entrepreneur Mr Sean Quinn - said the results reflected a drop in the number of accidents on the roads and in the workplace, combined with a recent recovery in stock markets.
In a statement the company said its rates were cut by an average of 14 per cent in the period, adding that it was "confident" further reductions would be come before the end of the year.
The company said it is on target for a 40 per cent increase in turnover for the full year, although overall growth in the insurance market will be negligible.
Premium income for the six months came to €178 million, with investment gains up to €16 million - from a full year loss of €18 million in 2002.
Quinn Direct has around 130,000 policyholders, with a 9 per cent share of the Irish insurance market and 6 per cent of the Northern Ireland market.