Fortis has refused to rule out cutting its motor policy rates after its profits were hit in the first quarter of 2005.
Motor gross written premiums (GWP) dropped to £93m from £100m in the same period in 2004.
Fortis chief executive Barry Smith said the insurer would switch its focus to household and travel books for the remainder of the year.
Smith said the insurer did not intend to sacrifice profit streams in return for growth in its motor book. It would, he said, "fine-tune" the product.
The company's household lines showed year-on-year GWP growth of 9% to £26m in 2005 from £24m a year earlier.
"We are particularly encouraged by our growth in household," Smith said.
He said that through investing capital to evolve lines, profitability would grow.
"We are keen on investing to build our household, travel and commercial products," he said.
Despite a 1% decline in Fortis' overall GWP for the first quarter from £144m to £142.5m, Smith said it had been an encouraging start to the year for the company.
